Amazon has halted the construction of its highly anticipated
second headquarters, known as HQ2, in Arlington, VA. The company has put an
indefinite hold on breaking ground for PenPlace, a swanky office park that was
set to encompass three 22-story towers and a sleek helix-shaped building. The
first part of the project, Metropolitan Park, is still on track for a ribbon
cutting this summer. While Amazon plans to eventually build PenPlace and reach
its goal of bringing 25,000 jobs to the region, the company is currently
reducing its physical footprint. Its employees still work from home even after
a recent companywide mandate required them to return to the office three days a
week. This pause on Amazon's Northern Virginia expansion reflects a larger
trend among Big Tech companies such as Meta and Twitter, which have also
slimmed down their real estate footprint to save money. The move is also an
ominous sign for the commercial real estate market, as people no longer go into
the office every workday.
Reference: SK. (2022, March 3). Amazon pauses construction
of Arlington HQ2. The Hustle. https://thehustle.co/amazon-pauses-construction-of-arlington-hq2/.
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