Source: Forbes —
The remote work boom that was seen during the pandemic has undoubtedly changed how we work in a fundamental way. For instance, a survey conducted in 2021 found that over 75% of workers would gladly sacrifice a pay raise if they could work flexibly more often than before Covid.
Indeed, the recent Workmonitor from HR services provider Randstad found that the current macroeconomic circumstances are not changing employee demands which started during the pandemic: workers still want flexibility, value alignment, and a good work-life balance, with 61% of workers not accepting a job if it impacts work-life balance.
Impact on real estate
As this trend was unfolding there was considerable concern about its potential impact on cities, with people concerned that if we can work from anywhere then we might choose to leave the city and find somewhere cheaper and quieter to live. While I never really thought that was a realistic concern, not least as there is a lot more that draws us to cities than just work, the trend towards more remote work, or hybrid work is having an impact on corporate real estate.
“The pandemic and its aftershocks have changed the real estate investment landscape both for the short- and for the long-run,” the researcher explains. “One of the pandemic’s longest-lasting impacts will be wider adoption of remote work.”
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