Page 1 of 1
Centene's East Coast Headquarters in Charlotte
Posted: Sat Aug 20, 2022 7:26 pm
by missingkc
Good news for St. Louis. This has been dumped. IMHO, it was just a matter of time before Charlotte would become the headquarters and St. Louis an outpost.
https://www.charlotteobserver.com/news/ ... 78699.html
Re: Centene's East Coast Headquarters in Charlotte
Posted: Sat Aug 20, 2022 7:36 pm
by kboish
This article suggests otherwise.
The company already said it was no longer going to finish its $770 million headquarters expansion in Clayton that would have added nearly 1 million square feet of office space, hundreds of apartments or condos, retail shops, a 1,000-seat civic auditorium and a hotel near South Hanley Road and Forsyth Boulevard.
And Centene has vacated nearly its entire real estate footprint here — approximately 1 million square feet of office space — according to marketing materials shopping those properties for lease or sublease:
https://www.stltoday.com/business/local ... 7dc2e.html
Re: Centene's East Coast Headquarters in Charlotte
Posted: Sun Aug 21, 2022 9:33 am
by missingkc
Failure to carry through with the project in SL is, of course, bad news for the city. But I don't see how abandoning the Charlotte office project can be anything but good news for SL.
Re: Centene's East Coast Headquarters in Charlotte
Posted: Sun Aug 21, 2022 11:01 am
by normalthings
missingkc wrote: ↑Sun Aug 21, 2022 9:33 am
Failure to carry through with the project in SL is, of course, bad news for the city. But I don't see how abandoning the Charlotte office project can be anything but good news for SL.
I guess the “why” is what is bad for STL. If the firm is going almost entirely remote, there is little that prevents the executive office from moving to a low tax state. There is also the subleasing of all of their space.
Re: Centene's East Coast Headquarters in Charlotte
Posted: Sun Aug 21, 2022 11:19 am
by kboish
The article said they arent just stopping their expansion in Charlotte, but also backed out of their Clayton expansion AND vacated over 1 million sq ft of office space in StL. So the Charlotte decision on its own is good, but the overall state of the company leading to that Charlotte decision is going to have ‘disastrous consequences’ for the StL office market. So id say thats not much of a win for StL.
Re: Centene's East Coast Headquarters in Charlotte
Posted: Sun Aug 21, 2022 1:05 pm
by shinatoo
They are a Medicade/care manager and publicly stated they didn't want to be HQed in a state that was hostile to Medicade expansion.
Re: Centene's East Coast Headquarters in Charlotte
Posted: Sun Aug 21, 2022 1:47 pm
by earthling
The level of local impact may depend on how they define 'remote' working policy. If remote means 'work from home within STL market' then potentially not as bad economically as truly 'work from anywhere' (Cerner leans more of the latter). Either way clearly not good for the office market - and they've reduced space nationally as well.
How many office jobs in STL? I found about 8K employed in MO but not clear how many are in STL area.
Re: Centene's East Coast Headquarters in Charlotte
Posted: Fri Aug 26, 2022 1:34 pm
by normalthings
earthling wrote: ↑Sun Aug 21, 2022 1:47 pm
The level of local impact may depend on how they define 'remote' working policy. If remote means 'work from home within STL market' then potentially not as bad economically as truly 'work from anywhere' (Cerner leans more of the latter). Either way clearly not good for the office market - and they've reduced space nationally as well.
How many office jobs in STL? I found about 8K employed in MO but not clear how many are in STL area.
They are giving up ALL* space in STL. It’s fully remote for much of the staff.
Centennial had long complained about an inability to recruit to STL. I’m certain the result will be fewer not more local staff.
* not truly all but close to it
Re: Centene's East Coast Headquarters in Charlotte
Posted: Fri Aug 26, 2022 1:57 pm
by earthling
Yeah after posting I looked at a bit more and found possibly biggest chunk of employees now in Tampa area and has most job postings. Dumping the NC plans might help STL some but between Tampa growth and STL offices mostly gone, STL could see gradual employee loss over years through attrition or local employees moving to work remotely.
STL really needs to figure out how to keep people, which is the core problem. All those good schools and many if not most don't stay.