by Wolf Richter
Wolf Street
Bubble mentality collapses into tough business decision making.
The rumored second round of layoffs at Twitter – which in 2011 was granted by the befuddled city of San Francisco the “Twitter tax break” on employment taxes – comes at a very inopportune moment for the glory of commercial real estate. These layoffs would amount to 8% to Twitter’s workforce, or about 300 people, according to Bloomberg.
Already, Twitter has thrown 183,642 square feet of vacant office space at its two-building Mid-Market headquarters on the sublease market, thus bringing it to 1.51 million square feet (msf).