+91-22-20872233

jobs with zero human interaction, remote work is the future, working impact, work from home real estate

How Work From Home will Impact the Future of Real Estate

Apr , 29
How Work From Home will Impact the Future of Real Estate

COVID-19 has had a marked effect on just about every industry in the world. Effects that will continue to influence life and work well after the pandemic has blown over. The real estate industry is no exception and one of the significant changes that have been brought about by the outbreak is the rising popularity of working from home. While this practice is currently a necessity due to the restrictions inherent to this pandemic, work from home is here to stay. Even before the coronavirus, workforces were starting to slowly move towards work from home. The lockdowns and quarantines only accelerated a trend that already existed.

One of the clear consequences of more work from home would be a shift in preference from expensive city centres to more luxurious suburban areas. As the value of being able to walk to work decreases, it is reasonable to expect an increased interest in real estate outside of the major cities. This may have a real working impact on the urban property markets. Having said that, we do not expect cities to become desolate. Not by a long shot. Cities have infrastructure and facilities that have been built up over decades. These are nearly impossible to replicate in suburban sprawl. Not to mention the many leisure activities that only cities can provide.

Focusing on residential real estate, there would be a rise in demand for well-designed home offices. Renovations or rent turnabouts might need to consider as more and more workers turn their homes into workspaces. A large, well-lit and comfortable home office will be far more enjoyable than a stark and dim one. In the absence of a home office, computer bars or communal workspaces, possibly at a dedicated floor might be advisable.

As this past year has proven, a large number of activities involved in real estate can be performed over the internet without direct contact. Everything from giving tours of the property to collecting rent can be done online now. It seems likely that remote work is the future. However, there is still much scope for such online services to be brought to the mainstream. Therefore, we expect an influx of property management applications as more and more people look for convenient online management solutions.

Corporate real estate seems to be the one niche that may be affected quite acutely by shifting to work from home. As workers become less tethered to their offices, often performing their jobs with near-zero human interaction, employers will be more likely to forgo expensive or luxurious offices. This was foreshadowed to some extent before COVID with companies like WeWork. Also, the transition to working from home has been a largely painless one in developed areas because technologies like video conferences and cloud shared work files already existed beforehand. While there may be some scope for office spaces to be reopened or reused in more than one fashion, the scope of this sub-field might be reduced noticeably even post COVID.

It is as yet unclear how the work from home trend will change the status quo in some fields. For instance, education. While we may reasonably expect high schools and universities to open back up after the pandemic, (given their practical aspects of study) the same cannot be said about lower grades of school. Further information will need to be collected to check how/if working from home has affected children’s academic progress.

As work from home becomes more prevalent, companies will be able to employ talent from further and further away. This may lead to significantly higher interest in non-major cities with high standards of living. The suburban equivalent to tier 1 cities.

In conclusion, work from home is unlikely to go away after this pandemic passes and real estate will adapt to the changes that will bring about. While the precise nature of those changes may be beyond our reach, we can certainly make an educated guess and use past data to decide how best to proceed as we move ahead. 

Post a comment

Your email address will not be published. Required fields are marked *

AI IN REAL ESTATE Artificial Intelligence benefits of rental property best degree for real estate investing best places to invest in navi mumbai buy commercial property buy corporate office space buy office spaces buying a new home calculate square foot of house cement sector challenges facing in cement sector in 2021 co-operative housing societies laws commercial property commercial property for sale commercial real estate commercial real estate for sale commercial real estate in Navi Mumbai commercial real estate in Vashi commercial rental property commercial space for sale commercial workplaces corporate office space corporate office space in Navi Mumbai corporate office space in Vashi corporate park in navi mumbai corporate park in vashi Covid-19 impact on Indian Real Estate customized villa in khandala customized villa in lonavala Cyber works Greenscape Group CYBERCODE Greenscape Group digital real estate investment platform Eternia Greenscape Group factors affecting real estate market factors affecting real estate market in India future of digital real estate future of real estate greenscape developers greenscape group Greenscape Group Meraki greenscape navi mumbai Greenscape Realty greenscape vashi GS Royale Greenscape Group hedge fund collapse 2021 homeowners association rules housing societies impact of technology in real estate India real estate market India real estate market 2020 Indian Real Estate Market 2021 La Vista Greenscape Group legal documents for property luxurious office spaces of Navi Mumbai luxury property luxury villas Maharashtra Rent Control Act measuring tips for square feet of a house most expensive house in india office space for sale office space in navi mumbai office space in vashi open concept house design post pandemic Real Estate Investment premium Indian home buyers premium real estate company property investment property listings in real estate portals property sells real estate company real estate company in navi mumbai real estate company in vashi real estate growth in India real estate india real estate institution real estate investment schemes real estate investment tips Real Estate Investments real estate market Real Estate news real estate portals real estate project real estate projects real estate properties for sale real estate property real estate property in Navi Mumbai real estate property in Vashi real estate statistics in india real estate to invest in 2021 Real estate Trends Real Estate updates rent control act rental property investment residential property investment rules and regulations for rental property screen tenants for rental properties Stamp duty and registration charges in Navi Mumbai Technocity Greenscape Group technology template The Affaires Greenscape Group The Residence Greenscape Group The Springs Greenscape Group title trends in real estate market twitter v villa for sale work from home