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IPFS News Link • Business/ Commerce

"This Is The First Domino":

• by Tyler Durden

The major exodus by U.S. corporations out of U.S. cities continues. 

The latest example is now Amazon, who is - for only the second time in Seattle - allowing one of its major office leases to expire, according to the Seattle Times. The e-commerce giant is set to move workers out of its offices in Port 99 on Eight Avenue, the report says.

The lease expires in April, according to a company spokesperson. Amazon will move "about 2,000" of its employees to office space across from its Puget Sound headquarters, the report noted.

Amazon had just announced layoffs that would affect 18,000 employees companywide and, specifically, 2,300 employees near Puget Sound.

But the company says that the lease expiration decision had little to do with the layoffs and more to do with "the ongoing shift to remote and hybrid work after the COVID-19 pandemic". As the Seattle Times notes, the number of office workers in downtown Seattle is down 42% from prior to the pandemic.