Lyft Inc. said on Tuesday it will sublet nearly half of its office space in corporate offices in four cities as many of its employees have flexible work arrangements.
The ride-hailing company will put 275,000 square feet on the 615,000-square-foot San Francisco headquarters and subleasing markets in New York City, Nashville and Seattle, a spokesperson said, confirming news reported earlier. Bloomberg.
A Lyft spokeswoman said the company will begin subletting work with brokers this week. As demand changes, she said , Lyft will continue to adjust its real estate strategy.
Like other big companies recently, Lyft has been in cost-cutting mode. In May, when its stock price was hovering near all-time lows, the company announced Will cut budgets and slow hiring. It has also been under pressure to turn a profit and has emphasized to investors that discipline on costs is one way it plans to do so.
As of now , Lyft’s stock has fallen 64% YTD, and the S&P 500 SPX
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