In addition to overall better hygiene practices, the COVID-19 pandemic has taught us new ways to work remotely while still being productive. With the various stay-at-home orders throughout the country over the past 14 months or so, employers have had to adapt how they conduct business. As the economy continues to open back up for business, some of these remote working trends look to be here to stay.
Less is more
At the very least, the past year has demonstrated to many companies that they can be equally productive while having much of their workforce working remotely. This has led many organizations to rethink how they conduct their business and how much office space is needed. Although many employees still prefer to work at a physical office space, more and more hybrid formats has been adopted. With this said, many companies have quickly realized that they can significantly reduce their overhead in many cases. In fact, recent studies indicate that 60% of companies have implemented hybrid models to conduct their business.
Recent data from the Urban Land Institute projected that office vacancy rates would peak this year before a slight recovery in 2022 and 2023. The future for office space will likely result in smaller overall spaces. Furthermore, we expect the hybrid model to continue to grow in popularity.
Summary
The changing trends in office space has also had direct impacts on residential real estate. With more Americans having the flexibility to work from home, they are able to open up their home search to cover a larger area. In some cases, this even means moving to another state entirely. It appears as though the virtual office is here to stay and employers should certainly take note.
In recent months, we have assisted several clients relocating to South Florida due to their new remote working conditions. Are you looking to work remotely from paradise? We can help. Contact Live South Florida Realty, Inc. today!
