Are Tech Layoffs Going to Be a Headache for Alexandria Real Estate Equities?
Despite a relatively tight labor market, we are starting to see big tech companies announce layoffs. Elon Musk's acquisition of social media site Twitter garnered a lot of press, but we are seeing an uptick in announcements from companies like Meta Platforms and Amazon.com. With layoffs and people working from home, are office real estate investment trusts (REITs) like Alexandria Real Estate Equities (NYSE: ARE) in trouble?
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Alexandria Real Estate Equities is an office REIT that focuses on life sciences and tech space. The company owns about 74.5 million square feet of office space in Boston, the San Francisco Bay Area, New York City, San Diego, and other locations. The company is known primarily for catering to the life sciences industry, which includes pharmaceuticals, agtech, and biotech.
Source Fool.com
