Dropbox Inc. co-founder Drew Houston expects Dropbox (DBX) to be listed for the company’s initial public offering (IPO) at the Nasdaq market site in New York, United States, March 23, 2018.
Lucas Jackson | Reuters
Dropbox, based in San Francisco, announced on Tuesday that it will stop asking employees to enter its offices and instead do remote work the standard practice, even after the coronavirus pandemic ends.
“Remote working (outside of an office) will be the primary experience for all employees and the default setting for individual work,”
For employees who need to meet or work together in person, the company is setting up “Dropbox Studios” in San Francisco, Seattle, Austin and Dublin when it is safe to do so. The company extended its mandatory work from home policy until June 2021.
“We will have studios in all the locations where we currently have offices, whether it be dedicated spaces in locations where we currently have long-term leases and a high concentration of employees (San Francisco, Seattle, Austin and Dublin to start. ) or -send spaces to other geographic areas, “the company said.
Dropbox had more than 2,800 employees as of December 31, according to its latest 8K.
More and more companies are starting to consider remote working as a more permanent option due to the Covid-19 pandemic. Twitter and Square allow employees to work from home “forever,” while Microsoft said workers will have more flexibility to work from home. Facebook CEO Mark Zuckerberg predicted in May that 50% of employees will be working remotely within the next decade.
Without the pressure of walking into an office every day, some people have chosen to relocate from Silicon Valley and seek out cheaper, broader options. This has pushed down the cost of rental housing in San Francisco, historically the most expensive place to live in the area.
For example, the average rent for a one-bedroom apartment in San Francisco fell more than 20% from a year ago, to $ 2,830, according to a report by real estate start-up Zumper. This is the largest decline recorded by the company.