Global growth in real estate
The global real estate market will increase from $3386 billion to $3741 billion in 2022. Although the market remains in the shadow of COVID-19, there has been positive growth. Businesses adapted to the disruption of COVID-19 and embraced uncertainty. Shared co-working spaces and improved digital connectivity have changed the commercial real estate market.
Using Australia as an example, many businesses will not pay for costly long term office space and favour properties with short term rent or flexible co-working spaces.
Here are 3 reasons to get a home office.
1. Improved digital connectivity
With the pandemic, it has become easier to work from home. With more businesses increasing their online offerings and remote working, setting up a home office is not a bad idea. Being available online is a bonus for any business, moreso in this new era the pandemic threw us in. Take a leaf from retailers around the world, Aldi, let's say. While their physical shops are still available, you can find the Aldi catalogue online to help you shop from their website, social media and on their app. This digital connectivity has enhanced their customer reach and improved how they interact with their customers. You can imagine that they also have some of their staff who work from home manning online work. Working from home is a sure concept that works. It may also improve your work-life balance and health.
2. Commercial office spaces are costly.
The price of offices can be a long term investment that's heavy on your pocket. There is now a concept for co-working spaces and office sharing. As a result, businesses have been renegotiating their leases. However, because there is still an outlay for rentals, working from home has become an even better option. Working from home can be a way to save money for businesses that can work virtually. It is especially suitable for startups ans SMEs.
3. The rise of flexible working
More than 40% of employed people work from home, an increase of 30% from pre-pandemic levels. The ongoing pandemic has meant that businesses are slow to return to the central business district due to continuing uncertainty with COVID-19 restrictions. This has resulted in more flexible working arrangements. Working from home presents a great opportunity to share your work hours between the office and home.
The world commercial real estate market has gone through a challenging time since 2020 with the onset of the COVID-19 pandemic. Global restrictions such as lockdowns, social distancing and closure of the hospitality sector led to a drop in demand for office space and a move to home working. Now could be your time to get a home office. If you are renting office space, working from home will save you a lot of money that would have gone towards rental costs and levies. Experience the freedom of working in comfortable clothing and cutting out the dreadful commute.