Is the work from home hype over?
Since 2020, South Africa (along with the rest of the world) has been required to reassess its approach to work from home and remote work opportunities. As a result, the real estate industry has not been left untouched as criteria for both residential and commercial properties have shifted somewhat.
Where did it all begin?
Work from home (WFH) and remote work opportunities has been gaining popularity long before the pandemic hit. Since the mid-2010s you couldn't go to a coffee shop without seeing someone on a laptop anymore. Then as news hit of the coronavirus reaching our shores, quick-thinking businesses drastically restructured their businesses as much as possible to allow for employees to work from the safety of their homes. When the lockdown was announced, the rest of the businesses were forced to follow suit or cease operations entirely. Over the ensuing lockdown period, employees and employers alike reevaluated the role that property played in the larger scheme of their production cycle.
With the riots that exploded over Kwa-Zulu Natal and Gauteng in July 2021, a reminder of how quickly businesses can be affected by external factors has been cast violently to the foreground once again. In cases such as these, where places of work become inaccessible, WFH policies that have already been put in place can help selected businesses to continue their service offerings to a degree.
What's all the fuss about?
Remote work opportunities allow employees to work from anywhere they want, whether it is a café, a shared office space, the library, or their homes. For many business models, this type of employment allows the business to save substantially when it comes to the requirement of office space. Work from home policies also do not require employees to work in an office environment, but most require them to work from their place of residence, allowing employers to retain more structured processes.
As far as businesses are concerned, one of the primary benefits of these employment solutions is cost savings. With fewer office-bound employees on the payroll, less office space is needed. Even businesses who already own their own property can take advantage of freed-up office space by leasing parts of their property to other businesses or even creating shared office space solutions for other remote work professionals.
Is it really all it cracked up to be?
In short, it depends. Unfortunately, working from home simply isn't a viable solution for all. There are a number of businesses, such as retail stores and restaurants, that simply cannot thrive without physical employees and patrons. Many people also prefer working in an office environment, often citing increased focus, ability to socialize with colleagues and access to resources as the major influencing factors.
As such, the WFH hype may not have been all it was hyped up to be for some. None the less, the criteria according to which we value property has shifted. And even for those who still prefer working from the office, the importance of having a workstation that ensures productivity at home has been added to the checklist for the foreseeable future.
At Meridian Realty, our iAgents have already enjoyed the benefits of a WFH environment since 2014. Should you be a real estate agent looking for a company that provides WFH flexibility with unmatched backup and support, then take a look at what we offer our agents by visiting www.meridianiagent.co.za.
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This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your adviser for specific and detailed advice. Errors and omissions excepted (E&OE)
27 Jul 2021
Author Meridian Realty