Many companies, including mine, will allow long term telecommuting irrespective of the current conditions.
A lot of engineering companies are putting certain staff working at home for good. They will utilize smaller office space and shared desk areas when workers need to come to work.
I think we've discussed this before, but commercial real estate is going to take a beating.
But...residental real estate in these areas will be booming as well as business real estate as more local business will be need based on consumer demand.....A no-brainer.
Good....urban areas are over-crowded and it will certainly help with the climate by keeping vehicles off the roads and think of the energy savings with all those office buildings going dark...a big win-win for the environment.
Agree. There will be some short term, temporary shocks that will cause real harm to people, but overall this will be a net good.
I have a couple of friends that are commercial real estate brokers in NYC, and they said there is no way the market comes back for that in NYC or anywhere else really. They are getting paid bonuses now to renew leases even if someone downsizes. Once they go through all their lease renewals, they may need to look for another line of work.
I live 4 hours from NYC and Boston and home real estate sales in my area are batshit crazy right now with those two urban centers fleeing.
I live 8.5 and 12 hours away from NYC and Boston and real estate is batshit crazy. Been trying to get a beach home and they don't stay on the GD market long enough to even schedule a viewing. Money is free out there.
And all those service people who work security, janitorial and maintanance in those buildings will lose their jobs. That will be a lot of lower middle class workers displaced.
3 homes in my neighborhood went on the market since Jan. 2 sold in 1 day. The 3rd took a whole week because it was for sale by owner and his listing took a little longer to circulate without a realtor.
My wife and I were discussing selling ours, but the problem then becomes buying in the same crazy market.
It would be a good time to be a DIY flipper. I would do it if I had the time to put into it.
Bigtime. We’re retiring in 5 years and hoping dust settles by then. But we are zillowing homes in potential towns and it’s unnerving. I’ll see a house on Zillow, bookmark it, try to pull it up an hour later for my wife and poof,it’s gone.
It all depends on what you're talking about. Those moving from Brooklyn and Manhattan aren't all moving that far away. Some are moving to NC, FL, etc, but a lot are moving 10 miles away to Westchester, Long Island, etc. They want a yard, but still need to get into the city a couple of days a week and still want access to events in the city.
New cobstruction is crazy in Morgantown. I dont know where all these peiple come from but there are new builds everywhere. Single family, condos and apartments everywhere.
I work in one of the nicer buildings in Charleston. We probably pay in the upper 10% of rent for our space in town but I dont know the particulars. Since the pandemic hit the building security is about half. The janitorial service is about half and I am not aure about bldg management because I dont go there much. Bottom line is even still about half the offices i the building are working from home some or all the time so there isnt much work to do to manage space since most offices are juat sitting there dark.
I moved to NYC when I was single. I had no interest in a yard. I just wanted to work, party and get laid. Younger people will continue to move to NYC and other cities for that reason. I moved after having our first kid. There is no way I'd raise kids in a 2-3 BR condo in the city, but a lot of people do. I bet that is the group of people moving now and may not come back. Just about everyone that moves to my town had kids and needed more room and a yard. That won't change.
Its not really stopped here. Ive been in Morgantown since 2004 and I never remember a slowdown. I have no clue where the people living in these places come from. We built a big house. Probably 2500 sf with another 400 unfinished space and most the new construction is our size or larger.