The COVID-19 outbreak in 2020 has ushered in a new world order in many ways. Terms like “social distancing” have defined new parameters for both formal and informal interactions. The global pandemic has significantly altered how we live, work, and interact.
Let’s take a reality check!
As the coronavirus took a steep toll on the economy, many people faced job insecurity, while others had to adapt to working from home for extended, indefinite periods. The concept of co-working spaces may never return to what it once was. Communal spaces and hot desks are being replaced with more sanitary but less economical private work areas. This shift will undoubtedly bring permanent changes to both commercial real estate and work culture worldwide. Consequently, the traditional office environment may never be the same again.
A Pre-Pandemic Trend, Accelerated
If we rewind a little, it’s evident that working from home was becoming a popular trend even before COVID-19 struck. Advancements in technology and evolving company cultures were already paving the way for remote work. Post-pandemic, many who embraced this model will likely continue with it, even as restrictions ease.
Here’s what business leaders have to say:
- “Any skepticism will go away because companies recognize that remote work does work.”
- “We don’t believe that we need more than 25% of our workforce at our facilities in order to be 100% productive,” says NG Subramaniam, COO of TCS.
- “Overall, working from home doesn’t change your day-to-day work; it just means you’ll be doing it from a different environment,” says Christie, who has promised to reimburse employees’ expenses for setting up home offices.
Post-Pandemic Trends in Real Estate
Once the lockdowns are lifted, businesses and corporations will resume operations, but with reduced physical presence at offices. Companies will continue encouraging employees to work from home, and many employees themselves will prefer this format due to lingering health concerns.
“As people are forced to work from home, personal space becomes an office. In a way, we’ve dramatically expanded the amount of office space we have,” observes Tim Savage from NYU’s Schack Institute.
This brings to light significant implications for the balance between residential and commercial real estate.
Residential Real Estate Needs a Redesign
Urban families, often with dual incomes, will face unique challenges. With children attending remote learning sessions, homes will need designated “work zones” to cater to every family member working or studying simultaneously. A residential property must accommodate these needs. A reliable property management company can help landlords and homeowners adapt their spaces to meet the increasing demand for remote work-friendly homes.
Residential properties will increasingly need features such as:
- Individual work zones with privacy and ergonomic setups.
- Enhanced lighting and high-speed Wi-Fi.
- Video conferencing-ready spaces with appropriate backdrops and soundproofing.
For those in Gurgaon, a property management company in Gurgaon can help ensure homes meet these evolving demands while offering effective solutions for seamless property operations. A focus on residential property management will allow property owners to upgrade and maintain their assets effectively.
Commercial Real Estate: A Shift in Focus
While commercial properties will continue to exist, their footprint in terms of square footage is expected to shrink. Businesses will adopt more compact office spaces, while the demand for larger homes grows. Startups and small businesses on the verge of launch may entirely forgo physical office spaces, opting for digital-first models.
This new work culture will significantly reduce demand for mid-sized commercial office spaces and shared coworking environments. Instead, businesses will invest in equipping employees for home offices, reducing costs on rent, infrastructure, and commuting. A real estate management company can help businesses repurpose or adapt commercial properties for this new era.
The Role of Property Management Services
The rise of the “Work from Home” culture brings opportunities for property management services to play a pivotal role in shaping both residential and commercial real estate. Property management companies can help reimagine spaces, ensuring they meet the changing demands of homeowners, renters, and businesses.
Whether it’s adapting spaces for remote work or optimizing real estate portfolios, these services will be instrumental in managing properties effectively. For instance, landlords can rely on a residential property management service to ensure their properties are appealing to remote workers seeking functional and comfortable homes.
In conclusion, as the world adapts to the new normal, both residential and commercial spaces will undergo significant transformations. From creating productive home offices to redesigning compact commercial spaces, the role of a real estate management company will be crucial in navigating these changes. Whether you’re in Gurgaon or elsewhere, partnering with a reliable property management service provider ensures your property stays ahead of the curve in this evolving landscape.
