An Exodus to the Exurbs is Coming

Zillow ran a story recently on how the labor market and real estate markets will be impacted for years to come by the virus. Two weeks ago the Harris Poll found 75% of Americans working from home due to Covid-19 say they would prefer to continue that at least half the time, if given the option, after the pandemic subsides. Further 66% of those surveyed said that are at least somewhat likely to consider moving if they had the flexibility to work from home as often as they want.

If employees are allowed to work from home after the Pandemic this will be a seismic shift for commercial real estate including office space and the retail stores and restaurants that surround these big office buildings.

 Second if people have to commute to the office only once or twice a week why live so close to the office where housing is more expensive? Instead, it's expected people will move further out to the exurbs or even to the country to work. Why? Housing is cheaper further out. And larger homes with more rooms including offices would be highly sought after.

 Third, Walkability may become much less important as people look to move further away from their neighbors. And Walkability could have a new definition as people seek to buy homes with acreage possibly and now they could walk their own property for leisure purposes.