The rise in the convenience and availability of remote working has changed a lot in the lives of working professionals, which has led to a change in where these individuals want to live and what types of real estate they are looking for. Larger accommodations with room for a home office are becoming more popular, young professionals are centering their desired neighborhoods around access to entertainment rather than their commute, and growing families are looking past suburbia for their dream home.
Fitting a home office into a studio or one-bedroom apartment is difficult, especially if you do not live alone. This is why apartment complexes like Steven Taylor Los Angeles holdings see more demand for larger living spaces. Stores offering organizational or office products are also affected by this trend, centering blog posts about making the most of your space and what furniture you should have in your new work-from-home office. Complexes are being built or renovated to offer offices or even nooks conveniently designed for all your office needs.
Even before the spike in popularity of working remotely, landlords like Steven Taylor LA saw a rise in young professionals choosing apartments close to social hubs such as shopping centers and restaurants. Now that many have eliminated a daily commute to work, that trend is predicted to keep growing. More apartment complexes are being built with ground-floor storefronts and closer to restaurant districts than office buildings. Offering amenities such as on-site gyms, pools, and restaurants is a good way to give prospective tenants the convenience of quick food delivery and less crowded exercise spaces.
For growing families, remote working is leaving more of a budget for buying a home instead of paying for transportation into the office. Many are looking past suburban areas for their homes, however, because not needing to factor a commute means they can relocate into a less crowded and lower-taxed rural area. The shifting of remote workers to more rural areas leaves homes and apartments available in cities and suburban areas for workers who are unable or unwilling to work remotely and create a seller’s market.
As more companies reduce overhead by shifting to a remote workforce, trends in the real estate market will continue to reflect the needs of these workers. This means bigger apartments and houses for a home office, prime real estate being closer to entertainment sectors than office buildings, and growing families pushing past suburbia for more space and lower taxes.