12 Aug How will remote working change the Twin Cities real estate market?
How will remote working change the Twin Cities real estate market?
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The pandemic has created workplace issues and we, as a country, have been creative in dealing with them. This includes remote working and learning. What we did before on a more limited basis is used by most companies now, and for many, will be used for the future. How will this change real estate in the Twin Cities?
This information is strictly my opinion for what I see happening now and in the future.
· Less demand for office space in both downtowns. The need for brick and mortar for many businesses will be reduced. This was a trend already but was accelerated by the pandemic.
· As less employees are needed in both St. Paul and Minneapolis (since they will be working remotely) then people will be less concerned with commute times and public transportation. This will change the need to live in St. Paul or Minneapolis or the first-tier suburbs because the need to get to work downtown.
· All forms of public transportation will need to be examined for volume levels and recently public safety regarding masks (if the virus continues to rebound) and the increase in crime.
· With location not dictated by drive time many will elect to work from a more private and scenic location. This has been seen already with cabin buying at a frenzy pace and rural cities and acreage becoming much more in demand.
· The rural and out of the Twin Cities internet infrastructure will continue to improve as the demand increases. As an example, the founder of Tesla’s new low orbit, high speed internet service.
· Rural communities that have struggled to exist in years past with shrinking resident numbers will see an increase…this will benefit small town grocery stores, hardware stores, businesses, restaurants and bars.
· Rural school districts might then see a resurgence of kids and expanding school districts. School districts for Minneapolis and St. Paul can see declining enrolments.
These comments are my personal opinions…you will see in the next 1-2 years how accurate my predictions were.
I hope this blog on “How will remote working change the Twin Cities real estate market”
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Please reach out to me if you have questions about housing in Minnesota at 612-386-8600.
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Look for more articles and videos in the future on different aspects of real estate and our state of Minnesota.
Real estate is a wonderful investment!
Real estate is a wonderful investment!
Jeff Anderson
The Anderson Team
www.mnrealestate.com
RE/MAX Results
612-386-8600
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