German central bank scales back HQ revamp, citing costs and home working

BERLIN (AP) — Germany’s central bank is scaling back plans to revamp its Frankfurt headquarters, citing a sharp rise in construction costs and the fact that many of its employees want to continue working from home. The Bundesbank started work on modernizing its 50-year-old main building in 2022. It said Wednesday that it is “recalibrating” plans to create more room for employees, and will now add only one new building, an office block with about 5,000 square meters or nearly 54,000 square feet of space. It said that, starting in June, it will allow staff to work up to 60% of their working hours from home. The reduces the need for office space at the bank itself by about 40%.