that Amazon has halted the construction of its HQ2, which was set to be developed in Arlington, Virginia. The project was planned to consist of three 22-story office buildings.The action is the most recent example of Amazon’s cautious approach to growth after a decade of rapid growth. After overexpansion caused a decline in business, the company was forced to slow down hiring and growth at its warehouses. In recent months, it has also18,000 corporate workers.
A significant portion of Amazon’s expansion plans for the area included the PenPlace project, the second phase of HQ2. There were plans for three towers and over 3 million square feet of office space at the location, which was close to the Pentagon. The company has now decided to put the project on hold indefinitely, spelling trouble for Arlington’s office market which has taken a major hit recently due to record-high vacancy rates.
Area officials insist that the millions of dollars they promised to Amazon are still worthwhile despite the delay. Christian Dorsey, chairman of the Arlington County Board, stated: “We’re going to ultimately see all of the benefits that we envisioned at the beginning, it’s just going to take longer.”
Of the 25,000 employees Amazon planned to add in Arlington, more than 8,000 have already been hired. The company also plans to formally open Met Park, its first phase of construction in the county, in June. However, the PenPlace project’s delay serves as a reminder that the company’s formerly aggressive plans for commercial real estate in the nation should be seen as warning.
The construction pause is just a sign that Amazon is “adapting to current market conditions,” according to Terry Clower, director of the Center for Regional Analysis at George Mason University. Major construction projects are under pressure because the labor market in the construction sector is still tight and some supply chains are still constrained. He claimed that Amazon is waiting to see what the “new normal” in corporate demand will entail.
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Yeah……coronavirus!
Thank goodness..
They built a massive state of the art facility in Hamburg NY that never went live and has been sitting vacant for years now.
joke
VOTEBLUE TO SAVE DEMOCRACY!
Bwahahahahaha!!! BS. Their slow growth is in the wake of going WOKE. They had virtual monopoly during Rona. But, then it ended and yet they remained the biggest pushers of Branch Covidianism. As well as pushing all the gender-neutrality sickness.
mikeypistoles read this and see how many 666 and 33 references you find.....
Is that is such horseshit. Amazon did better than almost any other company during covid, maybe except Pfizer.
Slow growth? They blew up during covid.
You mean because of Joey Biden’s lack of leadership.
Lol Corona was a boom for Amazon, it's the Biden economy
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'We Were Right,' Says AOC as Amazon Suspends HQ2 Construction in VirginiaThe Democrat said those who opposed the company's project in Queens protected New Yorkers 'from a scam deal to drain public dollars from schools and infrastructure in exchange for empty promises' of jobs.
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