Like me, I’m sure most of you have been working from home during the pandemic. As cities begin to reopen I’m starting to assess how the big societal shifts that occurred will impact the residential real estate buyer and seller.
One shift that I believe will have an immediate impact going forward is the remote work trend, it seems to me that this trend is here to stay.
Below are my key takeaways on this trend going forward.
Workspace Not Parking Space
With the shift to remote work, there will be much less driving.
Developers will take this into consideration and begin rethinking how they design intown developments. There will be a larger focus on personal and shared space.
Specifically, the shared workspace will become part of development plans going forward. Additionally, I believe designers will start accounting for where work stations can be set up in each unit as a selling point to prospective buyers.
Some of this extra space could come at the expense of parking space. If you’re working remotely in an area like Midtown, everything is either a walk, MARTA ride, or uber ride away, will there be a need for cars or multiple cars?
If you’re a forward-thinking buyer, I highly recommend finding a property that has a good shared remote workspace or an individual set up in the unit.
High Speed Connections
Besides the workspace, there is going to be a need for higher internet speed and bandwidth.
Zoom calls, google hangouts, etc. plus what seems like constant streaming of all types of media from webinars to music to Netflix will all need to be supported with proper highspeed internet capabilities.
As you know, increasing internet speed can become costly, therefore, I believe developers will start taking this into account and offering super highspeed internet as a featured amenity, perhaps rolled into HOA costs.
If you’re a buyer you should absolutely be asking the seller about internet wiring and if the building or condo is wired for high-speed internet.
For example, at the Mayfair Tower, one of my favorite Midtown condo buildings just updated there entire building with highspeed internet. This was a win for both buyers and sellers.
Lastly, contrary to what many analysts have said, I believe that people will still find much value living in urban centers like Midtown and surrounding areas.
While many analysts predict that there will be a large exodus back to the suburbs, I have taken a different perspective.
I don’t believe that people will want to be more isolated. I believe that from being isolated people are seeing the value of community and social connections derived from living in an urban environment.
Therefore, I believe buyers will be seeking out places that are close proximity to friends and family as well as provide easy ways to meet up and spend time in the community.
So if you’re a seller, be sure to highlight the proximity of community and common spaces like parks, restaurants, and coffee shops for social interaction.
So What Will Take a Hit?
Commercial real estate could take a big hit as the need for office space dwindles.
However, savvy developers could look to turn office space into residential mixed-use developments. It will be interesting to see how this plays out.
Are you in the market to buy or sell a property? If so please contact me and I will help you navigate these post-pandemic changes in the residential real estate market.