I believe demographics are going to drive our property markets moving forward and that demographic changes, how many of us there are, how we want to live, and where we want to live are going to be more important over the long term than the short-term fluctuations caused by rising interest rates or government interference.
That's why I enjoy my monthly chats with leading demographer Simon Kuenstenmacher.
Today we’re going to spend some time navigating the new normal as we talk about emerging property trends in the age of remote work.
How remote work is affecting property trends
We all know there have been some significant changes that will affect the way we live after the Covid 19 pandemic.
One of the biggest is work from home phenomenon.
Today, I’d to discuss a fascinating article: "How the Property Landscape Has Forever Been Changed by Working from Home which I read in The Australian, with its author, leading demographer Simon Kuestenmacher.
The article delves into the seismic shifts in the property landscape brought about by the rise of remote work in the wake of the pandemic.
As cities continue to grow and the nature of work evolves, the property market is undergoing transformations that are likely to have lasting impacts.
The landscape is shifting from the migration of young families to the urban fringes in search of affordable housing, to the changing dynamics of commercial properties in city centres.
- How Simon came to write the article
- The significant shifts in the urban environment due to the rise of remote work
- What to do with empty commercial property
- Migration trends, specifically of the 35-44 age group, from city centres to the urban fringe
- The potential effects on cities and on the commercial and residential property markets due to these shifts
- The influence of AI on work culture and the strain of population growth on existing city infrastructures
- Changing your tactics to match the evolution of work patterns
- What’s likely to happen to infrastructure in the face of changing cities and work environments
- The difficulty of building 20-minute neighbourhoods in the urban fringes
- How Millennials seeking larger accommodations are moving due to affordability issues
- The difficulty of measuring productivity and what that means for working from home
Links and Resources:
Simon Kuestenmacher - Director of The Demographics Group
Some of our favorite quotes from the show:
“In the old days we talked about the city becoming a doughnut when people left it. Is the same going to happen again this time?” – Michael Yardney
“As the nature of how we work evolved, the type of office we require has evolved.” – Michael Yardney
“The point I'm trying to make here, maybe not so well, is that if you want to be a successful property investor or business personal entrepreneur, you're going to have to think differently to most other people.” – Michael Yardney
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