Updated over 5 years ago on . Most recent reply
Work-at-home Forever? Office Space Real Estate outlook?
Back March 31 2020, I wrote about a futuristic possibility of a "Convenience Revolution" similar to the Industrial Revolution, where employment and industries might experience a massive shift in employment sectors with the entire COVID pandemic.
It appears to be in full swing.
In fact, many companies have turned to having entire staff working remotely long term.
Recently, Twitter announced that all staff are "allowed to work from home permanently, even after the coronavirus pandemic lockdown passes."
Google and Facebook followed suit announcing all employees will or can work remotely until the end of 2020.
This has prompted other companies to set up permanent systems for security and longer term W@H scenarios.
Although I don't think we are there yet, the real implications for real estate appear to be regarding Commercial Real Estate with regards to office leasing and office real estate space.
Will office commercial space be next to see discounted prices as demand drops? Will large office leases be carved up into smaller spaces for different types of buyers?
What are the thoughts on this growing trend spurred by the pandemic but quickly becoming a longer-term decision?