Austin - Tech Sector: Remote Work 2021/22 & RE impacts?
I decided to make a post that specifically focused on the long term effects of remote work (wfh) in Austin [particularly from the tech sector]...
Questions to discuss:
- Since this is being talked about all across the country, what do you think will happen here in Austin in 2021 and beyond? And how will this affect the real estate market here?
- Will many of the tech companies move to permanent WFH? And if so, people looking for homes may no longer feel the need to be in Austin itself (maybe cedar park, round rock, leander instead)
- Or will more people move INTO Austin since they are moving out of NYC and SF?
- What about other businesses like music venues around downtown that are permanently closing? I assume eventually another similar business will eventually open up in their place? Or will they move as well?
My overall guess at this point is that it will be somewhere in the middle. Their will be more options for WFH but it won't be 100% of the time for 100% of employees. Maybe they will have to come in once a week or once a month for important meetings? Although large majority of meetings can be done online. Will it be enough that people move out of the city? I'm not sure, maybe not.
Research I've done:
Most of the information I have found is about tech companies in general, but not specific to Austin. For example: Article from July 2020: ( https://www.cnbc.com/2020/07/2...
I have also tried looking on job sites like Glassdoor and Indeed. I found an array of options listed, including:
- Some fully remote (although some companies are not even in Austin)
- Some part time
- Some remote for some people
- Some have office but can be remote
Article from July 2020: ( https://www.bizjournals.com/au... .)
Current Knowledge:
INDEED: WFH till July 2021
Guesses:
APPLE: I figure Apple, since they are spending $1 Billion on the new campus will want employees to come into the office :).
Facebook, Google, Amazon, IBM, and PayPal all have offices in Austin, so perhaps their global policies will be the same in Austin as well?
Article from May 2020: ( https://techstartups.com/2020/... .)
Article from May 2020: https://news.crunchbase.com/ne... )
CNBC from June 9th: "Why Coronavirus may change how Big Tech works": https://www.youtube.com/watch?v=RoN2nGMltfw
And many others...