Yahoo Finance Microsoft Abandons Plans for New Office in London
(Bloomberg) -- Microsoft Corp. is abandoning plans for a new office complex in London, the company said Tuesday, showing how plans to trim 10,000 workers this year will affect its real estate needs.
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“We are committed to the UK and have facilities across the country,” the company said in an emailed statement, without elaborating on its plans. “We regularly review our portfolio to make sure it meets the needs of our people and our long-term business.”
The Redmond, Washington-based company in January said it would cut its workforce by 5% this year, part of a broader tech pullback. Industry job cuts and the popularity of remote work is putting a strain on office real estate demand.
Microsoft office leases in Reading, England, expire in 2026 and were meant to have been replaced by the new London office, according to React News, which reported the office plan changes earlier.
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