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The Bad News Report


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On 8/12/2022 at 12:49 PM, SoDoSoPa said:

I really dislike this train of thought, trying to improve a place isn't bad thing.  NC has changed a LOT in the past 10 years for the better.  This type of thinking is why other southern states continue to lag behind the rest of the nation in almost every QoL metric.

NC's come a long way since the Bathroom Bill fiasco IMO. 

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2 hours ago, elrodvt said:

Yes, I bet almost every state has a good helping of these idiots.

I wonder why 2 people are confused by my post? You confused it's bad? You confused it's maga people? Speak up. Or don't you want your persona associated with your views on this matter?

Based on the stats from the Jerusalem Post from 2019...of course they do not break it down in terms of political affiliation but it conceivably could be those that identified as MAGA, https://www.jpost.com/diaspora/antisemitism/nypd-33-percent-arrested-for-antisemitic-crimes-in-2019-were-black-60-percent-white-612779

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Dang that hurts…. I wonder who’s going to take all that space…

The permanent CLT FC HQ? Is this location better @InSouthPark ?

But in seriousness I wonder who’d be in the market for a world class HQ campus. This is a huge blow for University City. South End was already sucking away all the economic dev momentum as it was. Losing this centerpiece HQ isn’t gonna help with corporate recruitment.
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This is terrible economic news Centene cancelled their Charlotte office.

""Fortune 50 health-care giant Centene Corp. (NYSE: CNC) is canceling plans for an East Coast headquarters and campus in Charlotte.  Centene’s 800,000-square-foot office building that’s been under construction in University City for the past two years is expected to be completed in the coming weeks — but it will not be occupied by the Clayton, Missouri-based company, Brent Layton, president and chief operating officer, told Charlotte Business Journal.""

https://www.bizjournals.com/triangle/news/2022/08/18/centene-east-coast-campus-university-city-canceled.html

""Centene employs about 700 in Charlotte today and 1,700 across North Carolina. The company is looking to hire another 200 locally, Layton said. He confirmed the elimination of the East Coast headquarters plan will not lead to layoffs here.  Layton said, with its current hiring plans, Centene will eventually employ more than 1,900 across the state and 900-plus in Charlotte. But the original 3,237-job target touted in 2020 is no longer being pursued.""

""When asked whether the company would lease or sell its real estate — both the office building wrapping up construction and the undeveloped land it owns — Layton said Centene has begun conversations with the state of North Carolina and city and county leaders to find another company to occupy the building.  “We really want to find the right fit for all our governmental partners,” he said. “It's a first-class building, and we're proud of it. We want to make sure that it works for all parties.”  Nationally, Centene works with Cushman & Wakefield on its real estate portfolio and will work with that brokerage in marketing the lease or sale of the Charlotte campus, a company spokesperson said.""

 

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Centene recently backed out of a rather large expansion in their home in St Louis. They also started to divest some of their European businesses as well. When I saw those things, I started to wonder what may happen here. Something about this company just reeks to me now.. but sucks for sure... At least there will be brand spanking new large office space for someone else to come in and grab.  

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But they own this real estate and it is completed.  Not sure why they would not occupy some of it in the meantime and market the space.  It could take years or maybe not.  Sealed Air is still headquartered here and they did split the company but the other company Diversy or something like that is based in Fort Mill.   The CEO make the decision and that current one was not sold on office.  I did think they would consolidate other offices here but alas that won't happen.  Insurance is going largely remote as you said.  State Farm built 3 huge buildings in Dunwoody in Atlanta and subleased one entire building out.  However our Charlotte Regional Business Alliance better be on top of this and start marketing this space.   One thing in economic development is that having space to show is very important.  

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12 minutes ago, kermit said:

Having space is good for ED. But how many companies are looking for Class A suburban campus space at the moment? I suspect most firms which would consider this sort of space have gone remote.

Not as many as in the past but brand new office space in a market like Charlotte can be good for the market and some company already thinking about relocating may now include this site on their list.  But I would not count out someone already here thinking about their office space needs or expansion that may want a single tenant campus like this.  

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1 hour ago, CLT2014 said:

We've seen time and time again that the pet project by one CEO to move a company to Charlotte (Chiquita, Sealed Air, Centene, et.) rarely is met with as much excitement by the next CEO who comes in and is like "WTF did we do this?!?!? What a waste of time and money! This isn't the solution to our problems."

The writing was on the wall that Centene was committed to remote work since COVID... But our arrogance had us thinking we were the exception to moves they and their industry have been making to shed real estate. We thought we were likely to become the HQ rather than actually thinking about the behavior of this firm, their new CEO, and industry away from in person work. They won't meet hiring projections cause they can recruit a developer from anywhere in the country now.... Not just NC. And that's exactly what many developers want. The whole insurance industry is going largely remote.

A lot of companies are offshoring to India now. I worked for a Indian company and you wouldn't believe the business pipelines they have. Hopefully onshoring comes back and produces jobs for the area. 

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13 hours ago, norm21499 said:

it is interesting to me how some companies are going all in on remote/hybrid work, such as the insurance industry, while other industries are trying to go in office/hybrid. I wonder why the difference?

Its largely a matter of the type of information that they need to process. Companies dealing with easily interpretable information (insurance is really just numbers on a page and clearcut legalese) can pull off WFH without much difficulty. Companies that rely on creating new things and quickly untangling uncertainty (including much of finance) gain a bunch from in person work which allows for f2f discussion, brainstorming, and getting intangibles (a sense of what is most important)communicated quickly.

The social networks that are necessary for innovation can survive for a short time when only connected remotely, but peer review work has shown that those networks become stagnant and the rate of innovation declines quickly when remote work is the dominant mode. This paper looking at software production at Microsoft just after lockdowns does a nice job of measuring declining productivity in a creative industry.

https://www.nature.com/articles/s41562-021-01196-4?

 

Edited by kermit
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54 minutes ago, norm21499 said:

it is interesting to me how some companies are going all in on remote/hybrid work, such as the insurance industry, while other industries are trying to go in office/hybrid. I wonder why the difference?

Remote work always had it's risks. You can set someone up in India with a laptop and their company charges the american company a significantly less rate than a American. The indian's I worked with were working from home too, which probably saved the american company more money on top of that. Some American workers are even taking a pay rate cut, but still charge more more than India. 

Edited by urbanlover568
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3 hours ago, kermit said:

Its largely a matter of the type of information that they need to process. Companies dealing with easily interpretable information (insurance is really just numbers on a page) can pull off WFH. Companies that rely on creating new things and quickly untangling uncertainty (including much of finance) gain a bunch from in person work.

The social networks that are necessary for innovation can survive for a short time when only connected remotely, but peer review work has shown that those networks become stagnant quickly and the rate of innovation declines quickly when remote work is the dominant mode. This paper looking at software production at Microsoft just after lockdowns does a nice job of measuring that rate of change.

https://www.nature.com/articles/s41562-021-01196-4?

 

https://www.axios.com/2022/02/22/unequal-return-office-hybrid-women-people-of-color

Something to think about and who is rapidly becoming the future of the workforce 

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WFH works for some industries and for others more obviously not. Personally I think it’s a shift (or at least it should be) to give much more flexibility to employees since the US really has terrible job benefits when it comes to vacations/parental/sick leave WFH model can be a solution to those woes and in the end flexibility makes sense like this. Full remote work is possible for some industries where Covid has proven it to be possible but companies may also see this as an opportunity to outsource as some of you have mentioned to save costs. Also not sure about the viability of long term productivity specifically in family households where work and personal lives are more likely to clash. Though I haven’t yet explored any studies concluding lowered productivity as of yet, but I have heard of increased productivity? Could be due to inefficiencies or issues in the office that affected minorities in the office environment as in that article stated removing stress form those groups. I also need to read (if there exist any) on if there was a productivity increase and is it sustainable at some point or evidence of a decrease. Very curious about this.

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