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Dimon: Chase Will “Significantly Reduce” Office Requirements, But Committed to Building New Headquarters

JPMorgan Chase plans to “significantly reduce” its global office requirements while reconfiguring layouts, chairman and CEO Jamie Dimon wrote Wednesday in his annual shareholders’ letter. However, the bank—New York City’s largest private-sector office tenant—nonetheless intends to build its new Midtown Manhattan headquarters, which will house 12,000 to 14,000 employees.

With up to 10% of its employees shifting to remote work permanently, “Remote work will change how we manage our real estate,” Dimon wrote. “We will quickly move to a more ‘open seating’ arrangement, in which digital tools will help manage seating arrangements, as well as needed amenities, such as conference room space.”

Dimon’s letter, issued as part of the bank’s annual report, followed published reports last month that Chase was looking to sublease large blocks of space in Manhattan, totaling nearly 800,000 square feet.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).