Cryptocurrency exchange Coinbase has made a significant move in the real estate market by leasing 40,000 square feet of office space in Silicon Valley. This office space was formerly occupied by Meta, the parent company of Facebook. This decision by Coinbase aligns with the recent trend of tech firms shrinking their office space.
In addition to the Silicon Valley office space, Coinbase is also subletting 30,000 square feet in Hudson Yards, Manhattan. This move comes after Coinbase announced in February 2021 that it would downgrade its San Francisco headquarters to a normal office, as part of its plans for a decentralized and remote-first workplace.
The decision to lease office space in Silicon Valley goes against the recent trend of large tech companies offloading their offices in the area. However, it is worth noting that many remote-first companies, like Coinbase, are still leasing office spaces.
Coinbase’s move to lease office space in Silicon Valley and Manhattan demonstrates the company’s commitment to having a physical presence, despite the rise of remote work and the trend of tech firms reducing their office space. This decision may indicate Coinbase’s belief in the importance of having a centralized workspace for collaboration and innovation.