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Another signal for office REITs - LivePerson dumps its offices and moves its 1,300 workers to remote working

Jul. 03, 2020 9:22 AM ETLivePerson, Inc. (LPSN) StockLPSN, KRC, SLG, VNO, HIW, BXP, ESRTBy: David Jackson, SA News Editor83 Comments
  • Israeli financial news publisher Calcalist reports that LivePerson (NASDAQ:LPSN) has sent letters to its employees to tell them to remove their personal belongings from its Seattle, Washington, and Ra'anana, Israel offices, as the company is moving to 100% remote working. LivePerson employs 1,300 people.
  • The decision follows an internal survey which LivePerson conducted, which found that 70% of employees prefer to work from home until a COVID-19 vaccine is found.
  • The company set up a task force to determine the best mode of working after the virus. It has recommended that employees should work from home, and be given a budget to rent space in a shared office. Workers have already been given an average of $300 each for home office purchases.
  • LivePerson's Ra'anana Israel office is 6,300 square meters. It will save 5 million shekels annually, or $1.45 million at current exchange rates. The company has pledged to use the savings to increase payments to employees for home office purchases, provide budgets for employees who want to work in co-located office space, and will maintain subsidies for car leasing.
  • This news may reinforce investor concern that the pandemic will prompt companies to move some of their employees permanently to work from home. The largest office REITs, such as BXP, SLG, VNO, KRC, HIW and ESRT "have been pummeled during the coronavirus pandemic amid mounting questions over the long-term demand outlook as businesses become increasingly more comfortable with “remote work” environments", according to Office REITs: Coronavirus Killed Corporate Culture.
  • LivePerson's switch to remote working follows announcements by other tech companies. See: Facebook shifting more permanently to remote work and 'Forever' work from home a reality now at Twitter.

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