COVID-19 has had quite a significant impact on almost every industry in the world. Consequences that will proceed to have an impact on life and work long after the pandemic has passed. The real estate industry will be no exception and one of the major changes that were brought about by the outbreak is the rise in popularity of work-from-home.
The effect of work-from-home mobility on the property market is a significant side effect. When remote work became the standard, two things happened: Some folks realised they needed more space quickly and tried to rush to buy a new house. Others realised they could work from anywhere, prompting some workers to relocate closer to family members who were often spread across the country.
Let us understand more about how working from home has resulted in a massive shift in the trend!
Changing Real Estate Trends Owing To WFH
#1. Increased demand for home offices
Without a doubt, remote work is altering the real estate market. As a result, the demand for homes with separate office space has increased.
2. Change in the choice of location
Remote work is also influencing the cost and value of homes based on their location. The popularity of remote work is causing a “shift” of people who previously felt compelled to live near costly city centers. People who work in remote locations can live even farther away from their places of employment. As a result, while urban home prices may slow, suburban home costs may rise.
#3. Impact on commercial real estate
Corporate real estate appears to be the one market segment that may be severely impacted by the transition to work from home. Employers will be more probable to forego expensive or luxurious office buildings as workers become less strapped down to their offices, often performing their tasks with near-zero human contact. Furthermore, the emphasis will be on spaces that ensure that when workers return to work, they do not miss the comfort that they have grown accustomed to. Disruptive innovations such as private working pods or comfortable seating options would become more prevalent.
Will things ever go back to how they were?
As previously stated, as the significance of being able to walk to work diminishes, it is plausible to anticipate increased interest in real estate outside of major cities. This could have a real effect on urban property markets. Having said that, we do not anticipate cities becoming desolate. Not by any means. Cities have infrastructure facilities that have been constructed over time. These are nearly impossible to replicate in sprawling suburbia. Not to mention the numerous recreational activities available only in cities.
Hence, while we might see the sudden popularity of the WFH situation and its impact on the residential as well as commercial real estate market, volatility and change are very common in this sector. It might not be long when we see the trend shifting again to experience the comforts of city life and the hustle of travelling to work.
If you are looking to invest in any upcoming residential projects in Hyderabad, Aurobindo Realty is the best option for you. The 3 BHK luxury apartments in Hyderabad are spacious enough to house an office setup with ease, plus its proximity to major IT parks leaves you open to the possibility of going back to work, whenever you feel like it!