For those operating commercial cleaning companies, have you seen headwinds from vacant offices / remote work trends?

For those searching and evaluating these companies, has it come up in diligence?

Steady drumbeat of headlines in the news about office vacancies, just curious if that has had downstream consequences on commercial vendors, and how that story might be varying by region.

Distress in Office Market Spreads to High-End Buildings > https://www.wsj.com/articles/distress-in-office-market-spreads-to-high-end-buildings-c1adad48?st=uekwelso8dk19gp&reflink=desktopwebshare_permalink

"Office buildings are only about 50% as full as before Covid-19 across 10 major metro areas, according to keycard tracking by Kastle Systems, a building-security company. Federal transit data show public-transportation ridership at less than 70% of pre-Covid levels in major metro areas." > https://www.wsj.com/articles/cities-real-estate-bonds-taxes-c6736f8b?st=sufyts47popk02c&reflink=desktopwebshare_permalink

"Pain from the anemic return to the office is spilling over into architecture, construction, cleaning, brokerage, furniture and other industries that depend on thriving downtowns." .... "While the office sector may be down, there’s a lot of growth elsewhere that’s offsetting it." > https://www.wsj.com/articles/woe-in-office-market-from-remote-work-spreads-to-multibillion-dollar-ecosystem-d195809e?st=hjin9ryyqwai3gm&reflink=desktopwebshare_permalink

Above links to WSJ are gift links so no paywall for those interested in reading a sample - thanks all!


Last post on this topic was from Jan 2022: https://www.searchfunder.com/post/commercial-cleaning-and-janitorial-companies