Working Paper: NBER ID: w30662
Authors: Stijn van Nieuwerburgh
Abstract: The covid-19 pandemic induced a major shift in the prevalence of remote and hybrid work arrangements. This article reviews the effects of this remote work revolution for residential and commercial real estate values and for the future of cities. It also discusses consequences for productivity, innovation, local public finance, and the climate, as well as potential policy responses.
Keywords: No keywords provided
JEL Codes: G12; H71; R12; R23; R31; R51
Edges that are evidenced by causal inference methods are in orange, and the rest are in light blue.
| Cause | Effect |
|---|---|
| increased remote work (J29) | increased demand for suburban housing (R21) |
| increased demand for suburban housing (R21) | increased rents and house prices in suburban areas (R21) |
| increased remote work (J29) | migration of households from urban centers to suburban areas (R23) |
| COVID-19 pandemic (H12) | increased remote work (J29) |
| government interventions (H53) | economic recovery post-pandemic (E65) |
| economic recovery post-pandemic (E65) | surge in house prices (R31) |
| increased remote work (J29) | changes in office attendance expectations (J29) |
| changes in office attendance expectations (J29) | implications for commercial real estate demand (R33) |