Lyft Joins The Likes Of Amazon To Sublease Offices To Curb Costs: Report

Lyft, Inc LYFT looks to sublease a significant part of some of its most prominent U.S. offices, the Wall Street Journal reports.
The Uber Technologies, Inc UBER counterpart joined an array of companies aiming to shrink its real estate footprint to adjust to more remote working employees.
Lyft aims to rent out parts of its office space in San Francisco, New York City, Nashville, and Seattle.
Lyft will lease 45% of the combined 615,000 square feet across those four locations to other businesses, the report added.
Lyft plans to rent entire floors to others while maintaining separate entries for its staff and operations.
In March, Lyft said over 4,000 office employees could work remotely indefinitely.
Amazon.com Inc AMZN shared plans to sublet at least 10 million square feet of space and vacate even more by ending leases with landlords.
Contrastingly, Alphabet Inc GOOG GOOGL Google aimed to spend $1 billion buying real estate in central London. It shared plans to spend $7 billion on more space for its offices and data centers in the U.S.
Lyft and Uber explored ways to trim costs amid the challenging macroeconomic environment.
In July, Lyft laid off about 60 employees and folded its car-rental business for riders. In May, Uber paused hiring.
Price Action: LYFT shares closed lower by 1.1% at $15.35 on Tuesday.
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