It’s a given that “working from home” because of the pandemic can have an impact on the real estate market and now that the return to normalcy is starting to happen, the question is: “How long will that continue?”
Two surveys might provide a little insight.
According to Statistics Canada, more than 80 per cent of the participants want to spend at least half their work time at home after the pandemic is over. The survey was done in April.
A study of a large American technology company examined the relationship between remote work and career success, as measured by promotions and salary increases. The study was concluded before COVID-19, over six years, and its conclusion was that there was no appreciable difference in promotions between office workers and telecommuters, but that remote workers suffered a “real penalty” in salary advancement.
What do you think that study would show now, after the pandemic forced employers to allow employees to work from home? Is there less of a stigma attached to WFH employees? Do employers feel any differently about giving their employees that option?
The answers could have an impact on real estate.