Part 4/12:
Hybrid work arrangements, now normalized across two-thirds of U.S. companies, continue to weigh heavily on downtown office occupancy. Large employers, including tech giants like Microsoft, are reducing their physical footprints. Recent layoffs at Microsoft, affecting roughly 9,000 workers, exemplify this trend. The tech sector, crucial to Seattle’s economy, is experiencing seismic shifts, with companies downsizing in response to artificial intelligence advancements and market pressures.