Reply To: COVID and Office rentals for Acquisitions

#113059

Gina Miele
Participant

The company I work for is a laboratory with a an aggressive growth plan through acquisitions. The original laboratory site is currently our corporate headquarters, but we were deep into lease negotiations for corporate office space when COVID-19 hit (we had quickly outgrown our office space at the lab). At this time, everyone that was not required for laboratory operations was ordered to work from home. COVID has created a paradigm shift in our corporate culture. Pre-COVID, no one was allowed to work from home for fear of jealousy among staff members required for lab operations. Now, there is no plan to finish lease signing on the corporate office. If we do eventually move in that direction, the office that is leased will be significantly smaller in size, as many people that were asked to work remotely at the beginning of COVID will stay remote in the future.

Had we leased the office space prior to COVID, this would have most likely slowed our growth plan, as it would have negatively influenced our bottom line without good justification/usage of space.

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