The awesome Taylor Lorenz reports this on Mastadon. Highly recommend to follow her if you like these updates about what’s going on.
Companies like this very rarely own property. They rent space from the property management companies that bought the land and constructed the buildings.
In general it’s a safe bet that if it’s an office building it’s rented space.
Yup. If you own a building, you need to pay someone to maintain it. If you rent a building, you get all of that in the contract and it’s one less thing to manage.
Also, you can relatively change buildings if you need more space, whereas if you own it, you need to sell it first.
Most of those IT platform companies only rent their premises as it helps improve the balance sheet and quarterly results by moving “capital expenses” into “operational costs”
Well that, and the fact it costs huge amounts of money to own land in cities.