In the last 2 years almost, every industry got affected by COVID-19 which also left a significant impact on our personal and professional life. One of the major changes in the real estate sector brought about by the breakout is the rise in the currently common Work-From-Home. In this blog, we know some information about The Work from Home-Effect on Real Estate Industry.
Currently, many companies are still working remotely from home, and it doesn’t look like it might change anytime soon. But the COVID-19 pandemic has helped the world adapt to remote working quicker than anything has in the past.
Now, real estate industry pricing and development depend on 2 things. The first thing is where people work and people live. The second thing, commercial and residential real estate are thoroughly intertwined in that one has an effect on the development of the other.
Now here we describe The Work of Home-Effect on the Real Estate Industry.
Without kind of doubt, now remote work is changing the real estate industry. As a result, the demand for homes with separate office areas has increased.
Remote jobs also influence the cost and value of homes based on their location. The demand for remote work is causing a ‘Shift’ of people who previously felt compelled to live near the expensive central city. The employees who work in remote locations can live even farther away from their space of employment. The result is urban areas’ prices may slow and suburban home costs may rise.
Commercial real estate appears to be the one market segment that may be severely impacted by the transition to WFH. All employers will be more probable to forego luxurious office spaces as workers become less strapped down to their offices, often performing their tasks with near zero-human contact.
The ways in which people conduct their business and how they live their lives are changing. It does not automatically spell doom for the future of real estate. This is an opportunity for the real estate industry to adapt and evolve to cater to the needs of the employees and the market.
If you are looking to invest in any residential or commercial space in Kolkata, Magnolia Infrastructure is the best choice for you. The 2 and 3 BHK flats in Kolkata are spacious enough to house an office set-up.
Written By- Moon Sarkar
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