Over the last decade, an increasing number of companies have adopted a remote work structure. From small start-ups to large corporations, technology has enabled employees to create a virtual workspace where they can collaborate with one another effectively.
Covid19 further accelerated this shift as organizations navigated how to best operate outside of the normal in-office parameters. As society continues to grapple with the pandemic, many believe that this remote shift will continue even when normal life one day resumes. However, the question remains: will remote working impact the real estate market? The answer is yes. Here is how:
The requirement of properties with home offices
To accomplish their day-to-day affairs, people are relocating from offices to their homes.For this reason, tenants are on the lookout for rentals and properties that have a space for home offices. Their houses need to offer a space for a shared workplace where individuals can work together for their respective companies.
In addition, property developers need to consider establishing a central home office in the rentals where tenants can share with each other. Even after the pandemic, the demand for property with remote workstations will continue to experience a surge.
High-speed internet and tech-ready rentals will be on demand
With remote work becoming the new norm, people want tech-ready rentals that can help them accomplish their assignments. A high-speed internet connection is one aspect that modern tenants are looking for when searching for rentals.
They also need to be equipped to properly support smart home devices. This means the booming rental home investment will be on smart properties. So, you need to ensure your rentals meet these conditions to win modern tenants.
Commercial and business office property demand will decrease
Remote work enables employees to collaborate with each other regardless of their location. Due to video conferencing and virtual meeting rooms., teams no longer need to commute to an office to hold meetings or discussions.
In addition to the diminishing need for physical offies, online stores are replacing brick and mortar businesses. As ecommerce overcomes in-person store experiences, investors will need to adjust their business models to align with these new trends.
Demand for suburban rentals
With the ability to work remotely, its no longer necessary for individuals to live near an urban center. With the right tech and internet connection, peoel are exploring surburban locations that are less expensive and away from the overcrowded city environment.
As remote work continues to impact the real estate industry, property investors must align their rentals with the current demands. From identifying opportunities to managing properties, its important to partner with a company like FYVE who can support needs of both the property and the people occupying it.
