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While the bigger IT downturn continues, Amazon (AMZN) is slashing costs. Late last year and through 2023, it let go 18,000 employees, – 5% of its corporate personnel.
The groundbreaking of PenPlace, the second phase of the vast campus in northern Virginia, has been delayed, according to John Schoettler, Amazon’s head of real estate. This June, the Metropolitan Park portion of the site, which will house 8,000 workers, is anticipated to open on schedule. The news was first reported by Bloomberg.
The move coincides with actions taken by Amazon CEO Andy Jassy to reduce costs across the organization in response to declining sales and a bleak economic outlook. Because of this, business has announced the greatest round of layoffs in its history, affecting more than 18,000 workers. Also, Amazon is reviewing its real estate portfolio and retiring some of the projects.
Three 22-story office buildings make up PenPlace, along with more than 100,000 square feet of retail space and a 350-foot-tall tower known as “The Helix.” The construction is bigger than Metropolitan Park, which is located south of PenPlace, and contains two additional office towers with a combined height of 22 stories, as well as a mixed-use area with shops, restaurants, and greenery.
Amazon has stated that it sees investing in Northern Virginia as a long-term strategy and that it is still committed to the $2.5 billion project.
According to Amazon, HQ2 and the surrounding area will add about 25,000 employment over the course of the next ten years. Zach Goldsztejn, a spokesman for the company, stated that the promise has not altered.
Later this year, Amazon anticipates starting pre-construction on other HQ2 components.
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