Moran Stanley with the note:
We disagree with investors who argue that work from home is temporary, Office REITs have room to run, and the cycle has peaked for Tech. Our AlphaWise work suggests the opposite: The new workplace creates divergent cycles — shorter/lower for Office, longer/higherf or Tech. Adjusting ratings, PTs.
The REITs, Networking Equipment, and IT Hardware teams recently collaborated with AlphaWise on an employer future-of-work survey. Our premise was that after a year of remote work, employers can better evaluate their post-pandemic office and tech-nology needs. While many surveys indicate that employees want a more flexible work environment, few employer surveys quantify the impacts to office real estate and, in turn, office networking/IT hard-ware investments. In March 2021, we surveyed 100 corporates head-quartered in the US across a range of revenue levels and industries.
