Those empty spaces are now part of the metro area’s abundantly supplied sublease market, company representatives said Wednesday. “It’s not about us saying, ‘Hey, how do we save money?’ ” CEO Oisin Hanrahan said of shrinking Angi’s physical footprint. “It’s about saying, ‘Hey, if people aren’t using it, it’s kind of irresponsible for us to keep it and heat it and light it and take care of it,’ and what we would rather do is take that capital and invest it in other things and other ways for us to build relationships across the team.”
Hanrahan was in Denver this week to meet with members of the company’s Colorado leadership in person for the first time since the COVID-19 pandemic began. He said the real estate haircut will not be limited to the Denver area with many employees across the roughly 4,500-person company being given the option to work remotely. The company continued to grow during the pandemic. It employs roughly 600 more people today than it did when it moved its headquarters into the Hub in the River North Art District in 2019. About 1,600 employees work in Colorado. Of that number, Hanrahan predicted between 500 and 600 will primarily work from home once offices reopen.
The real estate decision was informed by nearly a year an half of working remotely during the pandemic, something Hanrahan said provided leadership with a lot of real-time exposure to people’s lives. The company is in the process of redesigning its existing spaces to provide more areas for social interaction and more dedicated rooms for video conferencing among teams.
In addition to Denver, Angi has corporate headquarters spaces in New York City and Indianapolis, as well as smaller spaces for sales and care teams scattered across the country. Workers who do want to come back to offices when the company opens them up again in mid July will be asked to commit to three days a week in the building to reserve a dedicated desk, Hanrahan said. Those who don’t want to work in the office three days a week will have access to communal desk space when they come in.
“It’s not like we’re making irreversible decisions. If people want to come back, we’ll always lease more space,” Hanrahan said. “I think we are constantly growing the business, constantly growing the team, investing in, I think, a very thoughtful way in what we want Angi to become. And as we do that, as we make changes, we’ll adjust up and down the real estate footprint based on what the team needs.” That said, Angi’s office real estate picture could change.
Source In addition to rebranding to just Angi earlier this year, a move to de-emphasize the HomeAdvisor brand that absorbed competitor Angie’s List in 2017, the company also launched a host of new offerings including pre-priced services, app-based messaging, app-based payment options and financing options. Its stock price closed Wednesday at $13.78, up 6.25% year to date.
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