JPMorgan Chase is the country’s largest bank as well as one of the largest occupiers of office space. Across the globe, the bank has a total office portfolio of about 75 million square feet in its portfolio. However, that number is set to shrink considerably over the next several years, as the firm expects its need for office space to decrease in light of remote and hybrid work. Nearly three years after COVID-19 forever changed the workplace ecosystem, the banking giant has a new Manhattan headquarters in the works, and a new office space strategy it hopes will pay off for many years to come.
Manhattan has served as JPMorgan’s headquarters for more than two decades, ever since Chase Manhattan Bank and JPMorgan merged in 2000. By 2021, after vaccines had been introduced and companies were beginning to configure their return-to-office plans, JP Morgan Chase Chairman & CEO Jamie Dimon was one of the first business leaders of a major company to call for employees to return to the office. In a move that was thought to be a signal for other Wall Street firms to follow suit, Dimon told U.S. employees to start going back to the office on a part-time basis by July. The decision seemed to make an impact: just a couple weeks later, private equity giant Blackstone told its employees to return to the office by June and more companies followed.
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Since then, Dimon has
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