Amazon has stopped building its fancy new headquarters, called HQ2, in Arlington, Virginia. The company was going to build a cool-looking office park called PenPlace with three 22-story towers and a sleek helix-shaped building. But now they're putting it on hold.
Amazon had promised to bring 25,000 jobs to Virginia and help the local economy in exchange for $800 million in tax benefits and infrastructure improvements. However, the company is not short on office space right now. Many of their employees still work from home, even though they're supposed to come to the office three days a week.
This is part of a larger trend among tech companies, like Twitter and Meta, who are also shrinking their real estate footprint to save money. This is bad news for the commercial real estate market since people aren't going to the office every day anymore.
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