From Time Fortune Media:

Bank of America has been downsizing office space for 15 years, CEO Brian Moynihan revealing it has let go of nearly 40 million square feet during an interview with CNBC. It currently holds about 60 million square feet, which works for a hybrid work structure. Other banks subsequently shed office space.

Fannie Mae is letting go of 713,500 square feet of space in Washington, D.C. Wells Fargo announced it would vacate its 29-story, 550,538 square foot tower in Raleigh, North Carolina, with employees moved to other locations. Duke University economics professor Connel Fullenkamp explains that companies are consolidating space due to overbuilding, plus remote work.



Read more: Bank of America CEO Brian Moynihan on commercial real estate, office space’s ‘slow burn of change’