Back in July, I sent out a narrative on one of the coolest buildings I have ever seen being built. The REI headquarters promised to be on-brand and in keeping with their ethos. It blended outdoor and indoor space to create a building that perfectly aligned with the company mission.
Well, if you want an example of some fallout from the coronavirus, look no further. REI is now planning to sell the building/asset.
Take a look below. We will all read more about this type of loss and cost savings in 2021. This is just the start.
If you have excess space or are thinking about selling your offices. Give me a shout. This is what we do every day.
REI Makes Plans to Sell Corporate Campus It Just Built
By Neal Freyman
August 12, 2020
You know when you put the final brick on a Lego build and then your baby cousin comes in and Hulk smashes it to pieces? That’s what the pandemic did to REI’s HQ.
Yesterday, the outdoor retail cooperative announced plans to sell the lavish corporate campus it had just finished building near Seattle. Execs said employees were able to collaborate remotely better the company initially expected…so a massive physical HQ just wasn’t worth the cost.
The backstory: In 2016, REI set out to create the corporate version of Pandora from Avatar, installing outdoor stairs and bridges, firepits, and rooftop terraces on an eight-acre campus. The goal was to move most corporate workers in by July.
But then the coronavirus arrived, REI employees began filling up their Hydro Flasks from home, and the company projected a 30% decline in 2020 revenue. “The dramatic events of 2020 have challenged us to reexamine and rethink every aspect of our business and many of the assumptions of the past,” CEO Eric Artz told employees.
Bottom line: Companies are quickly going from HQ2 to HQ0.