Working from home could wipe $800 billion from office values globally
Working from home could wipe $800 billion from office values globally
Remote work risks wiping $800 billion from the value of office buildings in major cities worldwide by 2030 as the post-pandemic trend pushes up office vacancy rates and drives down rents, according to a new report.
McKinsey said cities could adapt to the declining demand for office space by “taking a hybrid approach themselves,” developing multi-use office and retail space and constructing buildings that can be easily adapted to serve different purposes.
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Ok so for the pros of working from home that's:
- lower demand for prime real estate downtown
- less environmental impact due to daily commutes
- less employee time wasted due to daily commutes
- more comfortable and familiar work environments
- less business overhead associated with running a permanent office
- more reasons to do company events or retreats in interesting environments
- better accesses to a broader pool of talent
- more/cheaper housing options for people to live outside of cities
- less traffic and traffic accidents, with lower demand for cars and parking in city centers
But let's not forget the big cons of work from home too!
- your inferiority complex-having superviser/boss/manager doesn't get to feel powerful and important by performing workplace theater while breathing down your neck constantly or counting your keystrokes.
- you don't have to pretend to like the people you work with every day, but only some days.
There are pros for working in the office. They don't outweigh the cons, but let's not pretend there are 0 benefits.
I could see a day-a-week thing being positive, but why the hell would we pay for the real estate? Just can't see it working out for a net positive.
Maybe shared office space that's network/security agnostic? We had a thing going like that in Seattle for a bit. Not sure how it worked on the ground, wasn't there.
There are coworking spaces that facilitate this quite well and they could absolutely be scaled up for mid to large organizations.
I do 3 days a week in the office, 2 from home which works pretty well for me. I do enjoy going to the office because it gives me an excuse to leave my miserable apartment. They also have snacks and such, and it's easier to plan with colleagues over coffee than setting up a virtual meeting.
But then I still get the benefits of wfh two days a week
Another con to add to your last paragraph. Acting skills will dip, dashing the hopes of some Apple employees that wanted a part to the snuff film.. Rust 2.