Real Estate Development

Dropbox takes $400 million charge on real estate as it goes virtual

Drew Houston, Dropbox Co-Founder and CEO, speaking at CNBC’s @Perform conference in San Francisco on November 4, 2019.

Arun Nevader | CNBC

Dropbox on Thursday noted a $398.two million one particular-time cost in the fourth quarter to replicate the firm’s shift to remote do the job.

As the coronavirus emerged in the U.S. very last yr, companies shut offices and pushed their staff members to do the job from their houses. Some companies noticed that the remote do the job did not damage — and in some cases aided — productivity and worker pleasure, and sought to make it more everlasting. That can arrive at a price for companies with sizeable true-estate footprints.

Dropbox, which would make cloud-based storage and productivity computer software and is known for its lavish business office house in San Francisco’s South of Market community, announced its “digital initial” remote-do the job program in Oct.


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