Wednesday 27 September 2023

*UKHotViewsExtra* Why Meta's property move may resonate with UK tech leaders

MetaGlobal technology giant Meta, the parent company of Facebook and Instagram, has paid around £150m to buy itself out of the lease of one of its flagship London offices, in a move that reflects one of the unresolved challenges of the post-pandemic world.

In 2021, Meta signed an eighteen-year lease on 1 Triton Square, a brand new state of the art office complex near Regent's Park, London, however the firm has never occupied the building. The amount paid to exit the contract is understood to be equivalent to around seven year’s rent, meaning that Meta was willing to fork out this large amount to avoid having to pay for the subsequent eleven years.

Meta has been looking to reduce its costs of late and the firm recently announced job cuts affecting around 11k of its 80k staff in response to the challenging economic environment (see: Thousands of job cuts planned). Meta’s latest move is however indicative of more than just straitened times and is something likely to resonate with the leadership of many other organisations in the UK.

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Posted by Jon C Davies at '08:47'

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