This month, we look at the future of work, role of the office and implications for the real estate sector. According to Market Intelligence:
Overwhelmingly, our survey data shows employees want to work part of their week remotely.
- More than half in fact hope to work three or more days from home. Listen to podcast >
- How do those desires for workplace flexibility intersect with employee retention? Compensation tops the list of reasons for employees leaving their jobs. But, right after that comes the wish for autonomy around working styles. Read article >
And whatever the future the workplace, there are big implications for the real estate sector.
- Since employees began returning to offices, the commercial real estate market has split.
- The data shows that higher quality offices with modern amenities have lower vacancy and higher rent than older offices located in less desirable locations. Read article >
- Our economists at S&P Global Market Intelligence have also identified an employment trend away from the most expensive, large metro areas, while lower-cost, warm climate cities have benefited. Read article >
On a related topic, efforts to transition to cleaner fuel mean many of the offices and residential areas around large cities are moving away from natural gas heating.
- Los Angeles, Boston and Washington, D.C. are the latest U.S. cities to pursue all-electric construction mandates for new commercial and residential buildings. Something that New York and dozens of West Coast municipalities have already done.
- Residential and commercial gas use combine for 25% of U.S. demand, and states where gas bans are in place or under consideration account for a third of that total. Read article >
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