The Denver Post ran a story last week on the exploding popularity of backyard sheds and extended mountain stays. Aldo Svaldi said, “About one in five employers expects to have 40% or more of their staff at a remote location come next spring, according to a survey in July from The Conference Board. Before Covid-19 hit, only 3% were that open to out-of-office work arrangements. “ WOW!!!!
So, how is this impacting real estate? First, Studio Shed in Louisville who makes pre-fabricated sheds has seen their sales increase by 500% since the pandemic hit. And they say 95% of their buyers are using their sheds interior finishes as home offices or work studios. These sheds/home offices start at about $20k.
Second, the big home builders are starting to build new homes with dedicated offices and not your traditional home office. Instead their new offices feature built-in cabinets, shelves, and countertops that serve as desk space. Plus they are adding extra USB jacks, data connection points, and electrical outlets to mimic what a traditional office has. Plus, they are adding soundproofing.
Third, vacation home rental demand has soared in Colorado and some other states since June. According to High Rocky Homes which manages over 50 vacation properties reported that more and more guests are now asking for desks in their rooms to allow them to work while staying at this vacation home. Guesty, their property management service has seen a 117% increase in reservations of 90 days or more. This means people are working away from home and office in resort locations around the country.
Finally, I have been reading nationally of how builders are starting to create house plans with more than 1 home office since many families contain two-income earners. Plus, they may be adding a school zone for their kids too. And I bet finished basement space demand will SOAR too as people will want fitness gyms installed in their homes too as they are afraid of visiting their traditional fitness gym.