Stephen Ross is a billionaire (worth roughly $8.4 billion) who made his fortune in real estate. He is the developer of Grade A New York City gems Hudson Yards and Time Warner Center.
If you’re thinking to yourself, hmmm, his name sounds familiar, well, he’s been in the headlines because he’s also the owner of the Miami Dolphins, who is being sued by his former head coach.
While that case works itself out, Ross made some comments to Bloomberg about what might finally get employees to box up their sweats and jammies and get back to the office.
“Employers have been somewhat hesitant because they didn’t want to lose their employees, but I think as you go into a recession and people fear that they might not have a job, that will bring people back to the office.”
He has a good point. Employees are riding a wave of unprecedented clout, especially workers at the more woke corporations and businesses. Some execs have seemed to acquiesce to nearly any demands made by their workforce, with many of those employees scared and hesitant to return to the office.
The employment rate in the U.S. was 3.6% in May, which signals a still strong labor market, but if things change, having a good job will be something that should not be taken for granted.
Here’s more from Ross.
“The employees will recognize as we go into a recession, or as things get a little tighter, that you have to do what it takes to keep your job and to earn a living,”
Ross also warned about what this odd new trend of refusing to go to the office could eventually do.
”Every executive recognizes that people need to work together. You have to train your workforce and educate them and you work as a team. You don’t work as individuals.”
Before the pandemic, the office occupancy rate, according to Kastle Systems, was nearly 100%. On June 8, that number in the US was 44%.