Social media giant Meta has opted to scale back its presence in New York, as the company tries to reduce costs through a slowing online ad market.

The company revealed it will be subleasing a small portion of its facilities at a commercial tower at Hudson Yards.

A statement from the company says:

“The past few years have brought new possibilities around the role of the office, and we are prioritising making focused, balanced investments to support our most strategic long-term priorities and lead the way in creating the workplace of the future.”

In October, Meta issued a weaker-than-expected forecast for the fourth quarter and indicated revenue will drop for the period.

As well, the company revealed it was laying off over 11,000 workers, taking steps to become a leaner and more efficient company.