Goldman Sachs, one of the largest investment banks in the world, is paring back the size of its planned office campus in Dallas. The firm had previously said that the three buildings it is developing just north of the city’s downtown area that make up the new campus would range in height from 9 to 15 floors. But new documents filed with the city’s plan commission shows the towers will now rise 13, 10, and 8 stories tall, the Dallas Morning News reported. The company said earlier this year it was trimming the square footage of its new North Texas hub to about 815,000 square feet from the originally planned 900,000 square feet. The news came after Goldman Sachs announced it was cutting thousands of jobs due to worsening economic conditions. The $500 million Dallas project is planned to house around 5,000 employees once completed and will be the largest Goldman Sachs office aside from the company’s headquarters in Manhattan.
Major companies like Goldman Sachs scaling back office space is nothing new. Over the past several months, a number of firms with large office footprints began to reduce the amount of space they lease, including tech firms like TikTok, Meta, and Salesforce. More recently, about half of the world’s largest corporate employers said they are planning to cut their office space within the next few years, according to a Knight Frank survey. Many companies have cited remote work and economic factors as reasons behind the space trimming. At the same time, this year has seen companies beef up their return-to-office campaigns and get tough on remote work, calling workers back to the office more days of the week with more consequences for not following through. We’re just about halfway through the year, but if this year’s trends continue to play out, we’ll likely continue to see more office footprints scaled back and more companies clamp down on remote work.