Conversely, a report in April from The New York Times found that the market value of office tower blocks in Manhattan alone had slumped by 25% during this period.
Asked whether WFH would eventually consign office space to history, he said: “It’s too hard to answer, because a lot of really smart people can make the argument both ways, but as an asset class, offices have been declining for a really long time – we’ve been taking smaller footprints per person for the last 20 years.
“I think that trend will continue because we’re trying to figure out what offices are, and if offices go back to becoming a shared workspace, we don’t need that many spaces,” he said.
Salmanson, who describes himself as the firm’s ‘maverick herder’, was a lot clearer about Cherre’s company culture, which trusts employees enough to give them a free rein to develop ideas, in much the same he allowed his own entrepreneurial spirit to roam unfettered all those years ago.
“At the top of the mountain, we’re all snow leopards – I don’t like generals. When we hire people, we’re often hiring mavericks (who are) exceptionally smart. And you don’t get to tell those types of people what to do, you point them in the right direction and they tend to perform really, really well,” he said.