Remote Work is Changing How We Evaluate Real Estate Markets
Sep 22, 2021When we analyzed real estate markets in the past, we would look at what companies and jobs were available in the metro. But things are changing with the rise of remote work. Markets that seemed less desirable in the past because of the existing workforce may be different today due to the accessibility of jobs and working from home...
Watch the full episode, here: https://youtu.be/lHJQ1BVdPBk
Steve Olson
Is what you would use to evaluate the employment base of a market permanently changing?
And I'll cap it off with this headline from flexjobs.com that we're going to talk about more today: "30 Companies Switching to Long-Term Remote Work"
To name a few of them here: Adobe, Amazon Atlassian, Capital One Coin Base, Dropbox.
Let's say you're gonna build some product, you're gonna rent it out. You're worried? Is it growing? Are there jobs? Do the tenants have a place to work? And in the past, we would say that economy is one-dimensional. It's not really growing.
With COVID, accelerating this remote work thing. Does this matter anymore?
Sherida Zenger
No, I think it changes dramatically. I had cousins that just recently moved from the California bay area to Utah of all places, which was kind of random. But both of them work remotely as well. And so I had asked them, hey, why did you move here? And they said, Well if we could live in where we wanted to and still have the same employer, why wouldn't
Why would we stay in California, we want to move we want to get out of here. So I think people are starting to say, See, or understand the Hey, I don't necessarily have to live where the headquarters are. But there are some pros and cons to that, that we'll get into a little bit later that we talked about yesterday at lunch as well. But I think it's a huge shift in how we think, going forward.
Steve Olson
In the past, you've looked at I want to build here, I want to move into this market. What are the big companies, who are hiring, where are these jobs? What's the employment base?
We're saying that might not be enough anymore. You might be getting not the whole story on a market, for good or for bad.
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