Home is where the heart is; the office is where the ____ is. How would you fill in the blank? Is the office where your desk is? For most office workers, the office is wherever you have internet access. A strong WIFI signal means work can happen. If your phone is with you, then so is the office.
I wanted to tackle two interesting topics that are tangential to the real estate market. First, the popularity of Resimercial design in offices. Second, the state of the modern office and whether in a post-COVID world, today’s commercial buildings become residential units.
We are still in a competitive seller’s market in which home buyers are competing with multiple offers and many home buyers get creative with how to make their offer stand out. The story of “low inventory” seems like the headline that Southern California can’t escape. We still do not have enough inventory of homes (especially affordable and entry-level homes) for home buyers.
One solution that has been thrown around is converting empty strip centers, shopping malls, and offices into residential use. Zoning, infrastructure, time, money, and other logistics will challenge the advocates of these ideas.*** Is the end of the American office space also the end of the housing shortage? Would you live in an abandoned mall that had been converted to multi-unit housing?