Home Office and Outdoor Oasis
Written by: William Hall and Marko Ilic
Covid-19 has left a dent on work-life so large that researchers see a shift to a hybrid-work plan. The transformation to a more virtual workplace has changed home trends vastly, with many people experiencing a greater desire to dish out increased funds for home purposes, whether it be a renovation, a home office conversion, a hot tub, or a Peloton bike. People are fleeing small apartments of urban centers in favor of new options, specifically smaller metros and suburbs, which provide more space and quieter atmospheres in the work-at-home era.
A New Workplace
Companies around the world are leaning into the new evolution of work-life, triggered by Covid-19’s disruption of everyday life. The industries most affected include airlines, hospitality, and auto components, leading to widespread inefficiency and supply chain woes. While certain sectors of business will revert to conventional policies, with some even seeing the changes incurred by the pandemic as a benefit, namely e-commerce, many are preparing for a permanent change towards a virtually-centered work life. The McKinsey Global Institute estimates that 20-25% of the workforce could find themselves working remotely 3 to 5 days of the week. Much of the workforce has embraced the shift, with a McKinsey survey showing that 52% of workers prefer a hybrid work plan, a 22% jump from pre-Covid levels. It is clear that the adoption of remote work has, in one way or another, improved employees’ daily lives, whether it be from the elimination of daily commutes or more flexible work times. The progression from a professional workspace to home settings has exponentially changed the dynamics of home necessities, as many workers are making it a point to install and seek out in-home office space.
Home Office
With the imminent shift to hybrid work plans, many workers are seeking new essentials while home searching. Employees are finding themselves at their homes more often, which has led to an accelerated want for more home space, privacy, and most importantly, home offices. Higher-end options in highly populated metros are proving to be expensive, cramped, and lacking privacy. Following a common trend experienced since 2014, while being accelerated by Covid-19, prospective home buyers are seeking developing metro areas and suburbs. The introduction of hybrid and remote work plans has allowed workers to explore more non-urban options due to a decreasing need for long commutes and asynchronous responsibilities. Suburbia provides more open space and privacy in opposition to bustling, expensive cities, and opens up the possibility for more reasonably priced home renovation and building. If homes are not equipped with developed offices, many workers are taking it upon themselves to add these workspaces. My first home office was a closet in our family room. That soon expanded to a large bedroom converted to a shared office with my wife. That “closet” is now an area large enough for two desks, a credenza, and a 40” TV for my CNBC fix.
Outdoor Oasis
The pandemic has encouraged homeowners to seek out a more robust outdoor environment. Outdoor amenities like swimming pools, patios, and gardens have experienced rapid upticks in demand. Increased adoption of remote work is causing people to invest more into their homes, and many outdoor-utility businesses have endured exponential growth. Many custom swimming pool installers are reporting lead times of at least a year – or more. Alternative utilities like outdoor movie theatres and animal enclosures have also seen growth. One thing is certain, more time at home means more money allocated for homes, which in turn has potential for boosting property value. Prior to Covid-19, may of these improvements were considered to not contribute any value to a home. That has changed, for now. How long will this dynamic impact property values? No one knows. Market shifts can be subtle or seismic.
Balance
Two things are clear with the future, hybrid work plans, at least to some extent, are here to stay and the exodus out of urban centers in favor of growing metros and suburbs will continue for the near future. The emergence of remote work has changed the work lives for many, providing unmatched flexibility to conventional work styles. It appears this shift has given many what has been long desired – an actual home/life/work balance. Speaking as one who has been benefitting from this setup long before a two year+ pandemic, once you experience this, it is almost impossible imagining going back to a 9-5 grind, with a 2-hour daily commute peppered in, five days a week. So, while you’re lounging on your new patio, sitting poolside, sipping your favorite beverage, and pounding out that report that is needed by days end, you might as well order a sushi lunch to enjoy in the comfort of your own home office/outdoor oasis.
Supporting Local Business
As a small business owner, I am a strong proponent of supporting local businesses. I am making a concerted effort in each of these blogs to mention a few that absolutely deserve mentioning. If you’re going to be ordering that sushi lunch, might I suggest two of our favorites? Wasabi Restaurant & Bar, located in downtown Downers Grove, offers a fun selection of rolls and cocktails in a welcoming atmosphere. Also, Chef Soon Contemporary Sushi, located in the Seven Bridge Development in Woodridge, has outstanding food that reminds us of the sushi bars we have eaten at in Chicago.
References & Sources
Lyons, B. (2020, September 15). Moving Away From The Big Cities Is Not A New Trend, It's An Ongoing Shift. Retrieved November 8, from https://www.forbes.com/sites/forbesrealestatecouncil/2020/09/15/moving-away-from-the-big-cities-is-not-a-new-trend-its-an-ongoing-shift/?sh=c1e1ba94b409
Frey, W. (2020, May 26). American cities saw uneven growth last decade, new census data shows. Retrieved November 7, from https://www.brookings.edu/research/new-census-data-show-an-uneven-decade-of-growth-for-us-cities/
Yuko, E. (2021, June 23). The Post-COVID Home: How the Pandemic Has Made Us Rethink Everything. Retrieved November 8, from https://www.realsimple.com/home-organizing/decorating/post-covid-home
Alexander, A. (2021, April 1). What employees are saying about the future of remote work. Retrieved November 7, from https://www.mckinsey.com/business-functions/people-and-organizational-performance/our-insights/what-employees-are-saying-about-the-future-of-remote-work