Our homes have become our offices. For many, the commute through rush hour traffic is slowly becoming a distant memory. Instead, we are challenged with finding a quiet space in the house to attend a meeting via Zoom. According to a report by CBRE, the largest real estate firm in the world, the fluid work place is exactly what has changed the future of real estate.
Remote working was already on the rise, but Covid-19 has swiftly brought about the change. No longer are people fixed to a certain location for work. They are now free to find whatever space supports their creativity needs and ability to focus. Let’s take a look at some of the many ways remote working will reshape real estate:
Changes In City Living
Now that employees are no longer required to work in a fixed location, proximity to the office is no longer as important. Instead of living in the city to be close to the office, moving into the suburbs is a viable option. People may accept a longer commute if it only needs to be made a couple days a week.
These changes in living location trends could go beyond just moving into the suburbs. We could also see the trend of people moving away from work centers entirely. Cities such as San Francisco, New York, Miami, and Boston attract prospects because of their high job opportunities. However, if people no longer need to be close to the city at which their office is located, they may choose to remain in cities or towns further away with a higher quality of living, but less job opportunities.
The shift away from city living will also allow remote workers to save money. Cities charge more for rent because of the benefits people receive from living there. No longer tethered to the downtown office, people will save money. In turn, landlords may have to reduce their prices to compete with the less noisy options outside the city.
Changes In mobility rate
In 2019, 9.8 percent of Americans moved within the year whereas a fifth of the population moved each year in the 1950s. People are simply moving less often. With the aging population, there are more people moving into their final houses. And, many others may not want to move after purchasing their house with historically low interest rates. Another possibility includes remote working. If employees no longer have to be in certain proximity of their office, then there is no longer a need to move even if your job changes. This allows employers to also draw upon talent from around the country, no longer tethered by location either.
Changes In The Office Space
Because of the COVID-19, many people may be working from home for now but will slowly move back into office life once precautions start to lift. However, there are also those who may not want to go back to the commute and regular 9-5 work hours. Another option includes the hybrid model where employees only come in a couple days a week. And, the office days are staggered so that not everyone is in the office at once.
Office space, however, is expensive. If employees aren’t using it like they were before or aren’t using it at all, businesses may want to rethink how they are using the space to reduce costs. Landlords can prepare for this change by offering shorter leases. Another option includes the rise in development of co-work spaces large enough for social distancing and flex spaces that can be rented hourly, daily, or weekly.
Changes In Housing Features
Because of remote working, the home is also now an office space. A dedicated work space at home helps with productivity and the ability to focus. It also helps create a division between work and home life. With shorter commutes and less available activities outside the house, people are home and around their computers more often which has led to people working longer hours each day.
Remote workers moving into new homes may start looking for key features which are conducive to their productivity. However, a house is more likely to have an office space than an apartment. With the rise in remote working prior to the Covid-19, many apartment buildings already started incorporating lounge and office-like space equipped with WiFi access and charging ports where residents can co-work. We could also see the rise in a different design in apartment buildings which include a flex space that can be used as an office.
Brunswick Crossing offers beautiful, spacious houses that make remote working a breeze. And, our large community and variety of amenities allow you to step away from the office. View our virtual tours and see the opportunities available to you in a new home. Check out our available models below and schedule your tour: