Authors : Samyak Pattnaik

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

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

Scribd : https://tinyurl.com/23uz4cr2

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

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.
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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.
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