The COVID-19 pandemic ushered in an era of unprecedented change, transforming the way we live, work, and interact with the world around us. One of the most significant shifts was the widespread adoption of work-from-home arrangements, as companies scrambled to protect their employees and maintain business continuity amidst lockdowns and social distancing restrictions.
For many, working from home offered a welcome respite from the daily commute and the rigid structure of office life. Employees savored the flexibility to manage their schedules around personal commitments, the comfort of working in their own space, and the potential savings on commuting costs.
This newfound lifestyle led to a crush of home buyer demand out in the suburbs of the greater Seattle areas. All the cute and secret neighborhood enclaves I knew about for my buyers were suddenly flooded with a whole new type of buyer, looking for a quiet space to do their best work from the comfort of their couch.
However, as the pandemic waned and restrictions eased, companies began to contemplate a return to pre-pandemic normalcy. Many employers, accustomed to the oversight and camaraderie of an office setting, expressed concerns about maintaining productivity and fostering a cohesive company culture in a remote environment.
This aligns with my advice at the time to all of my buyers... “This work from home thing is mostly temporary!” If you can imagine, there will always be those workers who want to move up in the company and take on more responsibility. I predicted many folks would eventually leave the comfort of their home office and return to the cubicle for one reason - getting promotions! There’s something about being in the same work space with your company’s leadership that makes it easier to be seen. Um, maybe it’s that you’re literally being seen? So the home values in the deeper suburbs will not appreciate as rapidly, and there may even be a bit of price deflation, compared to those near employment hubs.
Sure enough, the debate over work from home has become a contentious one, with employees valuing the flexibility and autonomy they gained during the pandemic, while companies prioritize the benefits of in-person collaboration and company culture. The result has been a patchwork of policies, with some companies mandating a full return to the office, others opting for a hybrid approach, and a few maintaining fully remote work arrangements.
So, I think we will see a little bit of the air coming out of our region’s race to the suburbs.