Stephen Ross said that employees might return to work if there is a recession.
"Employers have been hesitant because they didn't want to lose their employees, but I think as you go into a recession and people fear that they might not have a job, that will bring people back to the office."
In May, the US had an unemployment rate of 3.6%. There are now fears of a recession after the Federal Reserve hiked interest rates.
"As we go into a recession, the employees will know that they have to do what it takes to keep their job and earn a living," Ross said.
The founder and chairman of Related Companies is Ross. According to the billionaires index, he has a net worth of over $8 billion.
Corporate America is debating whether to bring the workforce back to the office after two years of remote work.
Every executive knows that people need to work together. You have to educate your workforce and train them. You work as a team.
Employees are not returning to work. According to data from the office security firm, the US Office Occupancy Rate was 42% as of June 8. That's the highest rate since the beginning of the Pandemic, but still far from the attendance rate before it began.
Corporate leaders are trying to get the remote workforce back to the office. The CEO of Starbucks said last week that he was doing everything he could to get staff to come back to the office, but that they weren't returning at the level he wanted. In order to get employees back to the office, Musk told executive staff to either return to the office or leave.
On the other side of the spectrum, Brian Chesky said in April that his company is allowing employees to live and work from anywhere forever. Chesky said in an interview with Time that offices are from a pre-digital age. There is still a need for offices, but they have to be more than a home set-up can be.
Chesky said that people will still go to offices, but it will be for different purposes.
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