Authors : Samyak Pattnaik

Volume/Issue : Volume 9 - 2024, Issue 5 - May

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Google Scholar : https://tinyurl.com/28fb4m8n

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DOI : https://doi.org/10.38124/ijisrt/IJISRT24MAY1999

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Abstract : This paper conducts a comprehensive analysis of the impacts of remote work on both residential and commercial real estate sectors, examining changes in demand, property values, and urban development patterns. Through a thorough literature review and empirical analysis, the study highlights significant trends such as the preference for suburban living, the decline in traditional office space demand, and the rise of community-focused living arrangements. The study also offers strategic recommendations for urban planners, real estate stakeholders, policymakers, and business leaders to navigate these changes effectively. It underscores the importance of flexibility, sustainability, and inclusivity in shaping the future of urban development in an era of remote work.

Keywords : Remote Work, Urban Real Estate, COVID-19 Pandemic, Telecommuting Urban Planning, Community Living, Work-Life Balance, Co-Living Spaces, Community Well-Being

References :

1. Stijn Van Nieuwerburgh, 2023. "The remote work revolution: Impact on real estate values and the urban environment: 2023 AREUEA Presidential Address," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 51(1), pages 7-48, January.
2. Robbennolt, Dale, et al. Housing Choice in an Evolving Remote Work Landscape. The University of Texas at Austin, Department of Civil, Architectural and Environmental Engineering, 2024. https://www.caee.utexas.edu/prof/bhat/ABSTRACTS/HousingChoice.pdf
3. Green, M. (2018). "Telecommuting and Urban Development". This study explored early predictions on how remote work might influence urban dynamics, including potential decreases in city congestion and population redistribution.
4. Barrero, J. M., Bloom, N., & Davis, S. J. (2020). "Why Working From Home Will Stick". National Bureau of Economic Research. This report detailed the rapid shift to telecommuting during the pandemic and its implications for urban office space demand. https://www.nber.org/system/files/working_papers/w28731/w28731.pdf
5. Lee, S., Li, Q. C., & Kim, S. (2021). "Residential Preferences in the Age of Remote Work". This study found significant shifts in preferences towards larger homes in less densely populated areas due to the increase in remote work.
6. Mondragon, J., & Wieland, J. (2022, September 6). Remote Work and Housing Demand. Federal Reserve Bank of San Francisco Economic Letter. Retrieved from https://www.frbsf.org/research-and-insights/publications/economic-letter/2022/09/remote-work-and-housing-demand/
7. Smith, J. (2022). "The Future of Office Spaces in Post-Pandemic Cities". This research analysed the rising vacancy rates in urban office spaces and the trend towards repurposing these buildings for mixed-use purposes.
8. Gupta, R., & Lee, C. (2021). "Community and Well-being: A New Era in Urban Planning". Urban Planning International Review. This study examined the role of community-focused amenities in residential developments and their impact on social and psychological health.
9. Thompson, P., & Walters, J. (2019). "The Social Implications of Remote Work: A Comprehensive Review". Journal of Remote Work Studies. This early examination highlighted the potential for increased isolation among remote workers
10. Patel, R., Singh, N., & Kumar, S. (2020). Issue(s) available: 78 – From Volume: 1 Issue: 1, to Volume: 17 Issue: 7 "Exploring the Rise of Co-Living: A Global Perspective". International Journal of Housing Markets and Analysis. International Journal of Housing Markets and Analysis