Office Space Real Estate After Pandemic?
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If you are in your 20’s versus 40’s you may have a completely different point of view.
I feel very very sad for kids in their 20’s whose lives have been completely upended while us older folk with our houses and retirement aspirations sit back and pontificate about the virtues of nesting and cacooning in bubbles.
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Unless people move out of the city, since they no longer have to go to the office.
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Maybe the growth for demand tapers off.
The story of the American city right now is construction stagnation.
There’s wayyy more demand to be in cities than appetite to build. Cities are seen as desirable places to live, and will continue to be so unless the next generation swings the pendulum towards wide open spaces or something.
Even folks like me who want space want to be city adjacent.
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Yea, I'm not sure I'd be investing in commercial office space right now. The jury is out on how businesses are going to handle this going forward.
My wife has been working from home for 2 months now and it's working out fine according to her and her employer. Remains to be seen what route they go when the state reopens.
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It might depend also on how long all this lasts ('all this' = your average white collar office working remotely). The longer it goes on the more of it will stay permanent. I don't necessarily mean everyone permanently at home, but home several days per week or having the option to be home many days.
I think I saw that Twitter Inc. announced they're staying virtual after this, for most employees at least.
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@Copper said in Office Space Real Estate After Pandemic?:
Since people have to sit further apart the need for space will go up.
Yep. That's what I have been thinking. It will make up for the drop, or nearly so.
These are good things I think. I have worked at home a lot since 1986 when I got a dialup modem so I could do support from home. Then by 91 we had the IBM network which was great for mainframe work. Sine then it just exploded. I would say I worked remote 65% of my career.
Being able to watch people is an illusion. I can sit right next to you all day long, do absolutely nothing productive and you will never know it.
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Xenon: "Even folks like me who want space want to be city adjacent."
You can also live in a small city near a large city. If you do your homework, you can have the great medical care, great education, shopping, restaurants, live theater and music, fresh foods, recreation, affordable housing, etc., etc. It's available, and if your work can't come with you, we have jobs here, too, all kinds from tech to trades.
This is the option more people will begin to seek.
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@jon-nyc said in Office Space Real Estate After Pandemic?:
It might depend also on how long all this lasts ('all this' = your average white collar office working remotely). The longer it goes on the more of it will stay permanent. I don't necessarily mean everyone permanently at home, but home several days per week or having the option to be home many days.
I think I saw that Twitter Inc. announced they're staying virtual after this, for most employees at least.
@jon-nyc said in Office Space Real Estate After Pandemic?:
It might depend also on how long all this lasts ('all this' = your average white collar office working remotely). The longer it goes on the more of it will stay permanent. I don't necessarily mean everyone permanently at home, but home several days per week or having the option to be home many days.
I think I saw that Twitter Inc. announced they're staying virtual after this, for most employees at least.
I think you are right and this was already happening.
On the other hand Harari in Sapiens talks about myths and the the corporation is a myth. Hard to build a strong myth without lots of connection.
As it is employees are barely loyal to companies anymore and often it is the corporation knowlingly or unknowingly doing that. 100% remote only ups the odds. Whether the isolation and job flipping is good for someone is a good debate.
