As economies slowly reopen across the country, companies are considering real estate options in the suburbs that offer flexible leases.
With physical distancing requirements, mass transit usage will be extremely limited particularly for densely populated cities. Therefore, the move towards a more spread out workforce will likely see a big boost in the next few years.
“We’re seeing a higher percentage of people who want more shorter-term leases,” said Jonathan Wasserstrum, founder and CEO of New York-based SquareFoot. “In times of uncertainty you want flexibility.”
Cities dependent on public transportation will need to rethink their strategy or put workers at risk when coming into the workplace. That is why some cities, particularly in European countries, are encouraging people to bike to work.
Still, some experts disagree that a move back to suburbia will happen. Instead, one broker said that companies will de-densify their crowded offices and implement new protocols that make a safer work environment.
“It is all hearsay at the moment,” said the broker, who declined to be named. “There are no stats to support it until spaces are listed and leases are signed.”