The Daily Valet. - 3/9/23, Thursday
✔️ A Lure Back to Work
Thursday, March 9th Edition
By Cory Ohlendorf, Valet. Editor
Wherever you start your workday today, I hope it's a productive one for you.
Today’s Big Story
A Lure Back to Work
To entice employees to RTO, some companies are getting bigger, better workspaces
Are you back at the office? A few days a week? Full-time? Not at all? As workers throughout Europe and Asia are nearly back to regularly working from the office, a lot of American employees are still working from home.Even as people got vaccinated and Covid restrictions eased over the years, U.S. office occupancy remains stagnant around 40% to 60% of pre-pandemic levels, reports CNBC. Average office attendance in 10 major U.S. metros only recently reached 50% for the first time since the pandemic hit. (Attendance varies widely by city, from 66% in Austin to 41% in San Jose).Why? Well, Americans are more likely (than, say, those in Europe and Asia) to live in the suburbs and have bigger homes—making it more appealing to work remotely. And once you get a taste of the freedom WFH provides, it's hard to give it up, right? Which is why even in the midst of layoffs, employees have been pushing back on RTO mandates.Rather than fight it, companies are trying to lure workers back with bigger and better workspaces. Along with classy new digs, come luxury amenities like in-house catering from celebrity chefs, available to be noshed on from swanky rooftop terraces.A return is not just good for companies, but for cities as well. For example, in New York City, a 10% increase in office occupancy could represent a potential return of 100,000-200,000 workers to the city's office districts—each spending around $6,000 a year on everything from clothes to chopped salads, according to data cited by the Real Estate Board of New York.
FYI:
What employees mean when they say they want flexibility is that they want agency, trust and accountability, one human resources exec told Forbes.
Why Battle of Bakhmut Matters
The contested city has seen some of the most intense fighting of the war
On Wednesday, NATO Secretary General Jens Stoltenberg warned that Bakhmut may soon fall to Russian forces. For more than seven long months, this small industrial city in eastern Ukraine has been pounded by Russian forces. The head of the Western military alliance, which backs Ukraine, insisted “it's important to highlight that this does not necessarily reflect any turning point of the war … it just highlights that we shouldn't underestimate Russia.”Late last night, Ukraine's military said its forces had managed to push back intense attacks on Bakhmut, despite a Russian claim of control of its eastern half. So why, exactly, are they fighting so hard for this city? Military analysts tell the BBC that Bakhmut has little strategic value. It's not a garrison town or a transport hub. Before the invasion, it was known for its salt and gypsum mines and a winery. It holds no particular geographic importance.But the Kremlin needs a victory, however symbolic. It's been a long time since the summer when Russian forces seized cities like Severodonetsk and Lysychansk. And what territorial gains they have made since have been incremental and slow. However, Ukraine's President Zelensky warned on Wednesday that if Moscow takes Bakhmut, Russian forces would gain an “open road” for offensive action deeper in Ukraine.
FYI:
Russia unleashed a missile barrage targeting energy infrastructure across Ukraine early Thursday, hitting residential buildings and killing civilians.
The percentage of Americans who listened to an audiobook in the last year rose to 35% of the U.S. population—up from 28% a year earlier—or about 100 million people.”
- Billboard on Streaming’s Growth Potential
Biden to Propose 25% Billionaire Tax
Similar “tax the rich” efforts are sparking A debate over how much the Ultra-Wealthy should pay
President Biden is proposing a series of new tax increases on billionaires, rich investors and corporations in his latest proposal for how Congress should prioritize taxes and spending, Bloomberg reports.The new budget request, which is to be released today, includes a 25% minimum tax on the richest 0.01% of Americans. It would close a loophole that allows some wealthy investors with “passthrough businesses” to avoid paying tax on their investments. It'd also increase the top tax rate for Americans making $400,000 a year to 39.6% from 37%—reversing a Trump-era tax bill.The budget aims to cut the U.S. deficit by nearly $3 trillion in the next 10 years, the White House said Wednesday. Of course, now the real challenge comes. Even though the president has been pushing for higher taxes for ultra-wealthy households for the past year, the move is likely to face serious opposition from Republicans, who control the House of Representatives. Biden had been unable to pass tax hikes when Democrats held sway over both chambers.
Dig Deeper:
From lowering drug prices and cracking down on fraud and wasteful spending, the Wall Street Journal has a closer look at Biden's proposal.
A New Travel Bucket List Locale
A 3D-printed campground hotel is coming to Marfa
El Cosmico, with its teepees, yurts and vintage trailers, has long been a spot on the outskirts of Marfa that the style set liked to hit up when visiting the art mecca in rural West Texas. But there's about to be a new, much more modern option. Hotelier Liz Lambert plans to relocate El Cosmico to a nearby site three times the size—and double the number of existing units to 120 sleeping accommodations, many in 3D-printed structures.Danish studio BIG and 3D-construction firm ICON are designing and building the streamlined desert oasis. Using ICON's 3D-printing construction technology, the team designed structures informed by both the desert landscape and BIG's work with NASA for moon-based structures.El Cosmico will have a series of parabolic hut-like structures printed from a concrete mix which takes pigment that matches that of the desert. Also planned are 3D-printed houses for sale. The simple two- to four-bedroom “Sunday homes” are a nod to ranching culture when cowboys could enjoy a dignified reprieve on weekends after long weeks working the range. The curvy lodgings will no doubt look like pieces of art themselves.
Meanwhile:
A similar 3D-printed amphitheater inspired by the new El Cosmico is being built in Austin, just in time for SXSW.
In Other News
Many turn to hourly jobs or those that don’t require degrees.
Have you heard about ...
A Weekend Challenge
Pick up a statement plant for your place
We're talking about a big plant—the type of plant that people walk into a room and say “woah” when they see it. “Plants used to be more of a table top accessory but not anymore,” says Brianne Bird, the General Manager of Rolling Greens in Los Angeles, a home and garden brand that considers plants to be living art instead of something that simply occupies space. “People are using plants as a major part of their home decor and are planning out the rest of the design of the room around plantscaping.” As so they should.
Get Started:
Shopping
What We’re Buying
Loose workwear pants
We're seeing more and more workwear pants lately. But if you're not ready to fully jump onto the trend and spend a lot, you can try these. Abercrombie makes an impressive pair with all the details you want. They're cut from a stretch-enhanced canvas and ripstop fabric with a relaxed fit, that's been washed for extra softness. And they feature carpenter-style details like a hammer loop, wider belt loops, a button fly and generous back patch pockets.
Get It:
$90 / $76.50 by Abercrombie & Fitch
Morning Motto
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