As of March 2000, the phrase “work from home” has become part of our everyday nomenclature. In fact, the virtual workspace has likely been the single biggest impact that the COVID-19 pandemic has had on the real estate market throughout South Florida, as well as many other parts of the country. For more on this, click here. The end result of this has been termed “The Great Reshuffling”. Rising home prices along with flexible work from home environments being adopted by many employers has led to many Americans reconsidering their living arrangements. Early on during the pandemic this resulted in many Americans fleeing the big cities in favor of the additional space and privacy offered by larger homes in the suburbs. However, we have now once again seen more Americans returning to the big cities.
Long-term impacts
Not only has the work from home environment been the biggest impact to the South Florida real estate market, it has changed how business is conducted around the world for many companies. As a result, many organizations have reevaluated how they conduct business and realized that they may be equally or more productive with a virtual workforce. In addition to this allowing companies to find talent throughout the country (or world), the end result can be significant cost savings that benefit profit margins.
As for employees working from home, recent research indicates that 84% of those surveyed said they would like to work remotely at least a few days each month. Forty-four percent want to work 100% from home. In many cases, companies that have required their workforce to return to the office have had to deal with significant turnover rates. Lastly, with fuel prices at all-time highs, many of these employees that moved further away from the office to the suburbs, do not want to incur the additional transportation costs of commuting to an office.
The South Florida real estate market
Perhaps no other real estate market has seen as significant of an impact from the work from home environment as the South Florida market. Long known as a retirement destination for many years, this has now changed dramatically. Throughout the South Florida market, it is not uncommon to find working-aged Americans relocating to paradise to enjoy the tropical climate and favorable tax environment while still working for their employer located in another state. In fact, South Florida has consistently been the top destination spot for Americans looking to move out of their current state. Needless to say, the result has been an insatiable demand for South Florida real estate.
Summary
Although the real estate market is certainly cooling off some now throughout the country, we still expect the work from home environment to continue to create demand for South Florida housing. In addition to this, we are also seeing more companies opting to relocate to the South Florida market. As a result, The Sunshine State has benefited from a thriving economy that is not only dependent on travel and tourism. In the end, the virtual workspace is here to stay and perhaps no real estate market throughout the country will benefit more than the South Florida market.
Are you working remotely and looking to relocate to South Florida? We can help! Contact Natasha today at Live South Florida Realty, Inc. today! In addition, be sure to download our free Florida Home Search App to begin searching right on your mobile device.
