There are what appear to be permanent changes in the economy going on that are having a huge impact on commercial and residential real estate markets. From Wolf Richter at wolfstreet.com:
Those markets are already getting hit.
Alphabet, the parent company of Google, which has about 200,000 employees and contract workers, keeps pushing out the date when its staff can return to the office. CEO Sundar Pichai has now decided, after a debate with his leadership team, that work-from-home will be in effect at least until July 2021, a source told the Wall Street Journal.
The goal post keeps getting moved. The previous back-to-the-office date had been set for January. In May, Pichai said in a message that post-pandemic there may be “more flexibility and choice for employees as they consider how to work in the future.” But he was still expecting that “most Googlers will be largely working from home for the rest of this year.” This goal post has now been moved to at least July 2021.
Unlike other tech companies, Google has never really got on the permanent work-from-home bandwagon and has so far not announced it as a permanent option.
Other companies, including Twitter and Facebook, have announced a permanent shift to work-from-home for at least some of their employees at least some of the time. Facebook said that as many as half of its employees might be working remotely in five to 10 years.