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When the COVID War broke out in the winter of 2020, we had forecast that, with offices locked down and people working from home, the commercial real estate sector in big cities would be hit hard.
We have been updating that forecast continually, for example, in December 2020 we had assessed the implication on the commercial real estate market in our article, “NYC COMMERCIAL REAL ESTATE SUFFERS.”
The trend is global. In a report released yesterday by commercial brokerage CBRE Limited, office vacancies in downtown Toronto were up 10 percent, their highest point since 2008, as more people work from home and companies, wanting to cut back on expenses, shrink the workplace spaces.
In last week’s 22 June 2021 Trends Journal, “WORK-FROM-HOME: 21st CENTURY MEGA-TREND,” we noted that while many of the COVID-19 restrictions were being lifted and life was, in many ways, returning to the new ABnormal, workers who had made the transition to “working from home” were not returning to their offices, leaving vast swaths of office space unoccupied and unused.
We also noted that the Wall Street Gang and the Bankster Mob, which are invested in commercial real estate and hold large loans from commercial real estate firms, are bucking the trend, pushing their people to come back to work. Among them was NYC-based investment bank Morgan Stanley, whose CEO had issued a strong directive to employees that they were to be back at their desks at the company’s headquarters near Times Square by Labor Day.
And, as the Wall Street Journal reported, no vax, don’t come to work. Employees must show proof they got the shots before entering Morgan Stanley buildings in New York
Reaffirming our 1 June 2021 article, “NO JAB, NO JOB”, starting 12 July only those with proof of the Operation Warped Speed shot can enter Morgan Stanley buildings in New York City and Westchester County.
Other big NYC financial firms have similar plans and vaxx policies for bringing workers back to the office. Goldman Sachs Group has already brought back thousands, and is requiring them to report their vaccination status. Wells Fargo & Co. workers will be returning after Labor Day, and are being asked to voluntarily disclose if they’ve been vaccinated.
No Jab, No Job OK with EEOC
TRENDPOST: In the New ABnormal, freedom of choice is now considered, “non-essential.” The United States, once the Land of Free, had its bureaucratic agency, the Equal Employment Opportunity Commission, declare that employers, colleges, etc., have every right to impose forced vaxxed requirements. At this point, they do allow no-vax accommodations for those who have disability or religious reasons to remain unvaccinated.
As for those who work for Morgan Stanly that refuse the shot, the CEO said,”We’ll deal with that when we get there.”