Meta, Microsoft vacate office buildings as remote work, layoffs happen: Report

CALIFORNIA: In the latest sign of change in the tech sector — and softness in the office market here — Facebook parent Meta and Microsoft are separately vacating office buildings in Seattle and Bellevue in Washington, according to the Seattle Times.

Facebook confirmed on Friday plans to sublease its offices at the six-story Arbor Block 333 in downtown Seattle, and in the 11-story Block 6 of the Spring District in Bellevue, the Seattle Times reported.

The Menlo Park, California-based social media giant said it is also reviewing leases for other Seattle-area office buildings. A soft market is a phase in the economic cycle characterized by more sellers than buyers and low prices.