Before the pandemic only 3.6% of American workers worked full-time from home according to the U.S. Census Bureau. In mid-April a Gallup survey found that 51% of American workers were working remotely full-time and another 18% were working remotely some days each week as only 31% of workers were NOT working remotely in mid-April.
Kate Lister, president of Global Workplace Analytics stated, "Our best estimate is that 25% to 30% of the workforce will be working from home multiple days a week by the end of 2021." This would be a 600%-800% increase!!!
Why do I tell you this? This will have a HUGE impact on real estate including office, restaurants and retail near office buildings. But, it will also have a HUGE impact on residential housing, including both rentals and owner-occupied homes. Tens of millions of households will need at least 1 home office and most of them will need 2 home offices or additional bedrooms. Plus, they may still need space for their kids to attend school on-line.
Thus, I expect larger homes with 4 or more bedrooms will be in greater demand and home builders will start building larger homes again possibly with 2 home offices. I also expect that 3 bedroom apartments and condos will become more sought after and valuable as the renters will have additional space to work from home.