This could well be a new long term trend. And it could help the local economies of some economically struggling areas, if they experience an influx of new residents. A certain number of people will move to Wheeling, buy that house for half the price it would cost elsewhere, and benefit financially.
How many people love living in New York or other big cities? If you don’t need to live in New York or its suburbs to be in commuting distance of the office, and work is structured so you don’t need to go into the office 5 days a week, that’s a fundamental transformation.
Places like Wheeling could benefit—but only if they have local officials with zero tolerance for crime.
Safety in your home and neighborhood is priceless.
“that’s a fundamental transformation.”
Yes, it was Obama who wanted to do just that. However, it was COVID that achieved it.
My daughter no longer goes into the office. Her husband only does in a couple days a week.
For many people that work on a computer over the internet there is no reason to go into the office anymore.
It saves them on commuting expense. My daughter now puts more mileage on her vehicle on the weekend than during the week.
Now that Elon is providing high speed internet to anywhere through Starlink you do not need to be even in a suburb of a major city.
I know a guy who has worked for Goldman Sacks for years. He owns a house in CT. He used to take the train everyday into Grand Central Station and walk to the office in Manhattan.
He now works from his house on Nantucket. He is selling the house in CT.
This has been the trend now for two years. With the difficulty employers have retaining employees companies have to be more flexible. That means working from home is not going to change.
So, what does that mean to us? The prospect for commercial office space in big cities is not good. It probably will not get better soon.
Neither..
I’ll let you in on a secret...
When a “trend” hits Pittsburgh, its about run its course...
bubble will be deflating soon and it won’t be a controlled decent.