While the residential real estate market is still floundering, the commercial sector is, by some accounts, suffering even greater hardships.
Corporate cost cutting measures are forcing layoffs and the freeing up tens of thousands of square feet of office space; space that is now sitting stagnant on the market. One would assume that once the economy bounces back (fingers crossed) the space would become occupied again; however, a trend is emerging that could dispel that theory.
As an alternative to layoffs, and the subsequent loss of production, companies are realizing they can cut costs by having employees work from home; thereby eliminating costly office space. While the concept is nothing new, technological advances have made working from home a far more viable option.
It is estimated that close to 40% (50 million) of the working population could work from home, at least part-time. A 2008 survey revealed that over 17 million employees avoid the daily commute to the office. In this economic climate, that number will surely grow.
What Does this Mean for Residential Real Estate?
Will this sway in commercial trends affect how people search for homes? Will the demand for suitable home office space prove to be a challenge for Realtors? Will the size of newly built houses have to increase to accommodate separate work areas?
Please weigh in with your thoughts on this.
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