With many of New York’s major employers pushing the return to office (RTO) agenda, the writing might appear to be writ large on the wall for the remote workforce. Recent data shows office working is back to 76% of pre-COVID levels. However, in property terms, there are still plenty of progressive companies, a flourishing startup culture, and flexible work organizations that make New York a compelling opportunity for buyers and landlords.

New York will never rank among the 10 cheapest states to buy a house, due to strong demand, limited supply, and rising rents and prices. With the rush-hour crush on the subway and the struggles with street transit, staying at home is an increasingly appealing option. 

Properties with executive office suites will appeal to the management classes, while those with families can benefit from more time at home and a greater social connection and work-life balance. Remote work can also see buyers move out of the city to New York State’s desirable locations like Buffalo, Albany, and Rochester. 

Keeping the Remote Work Torch Burning

Remote work will always be viable in New York, even as some big law, media, and banking firms turn their back on the idea. While their c-suite leadership wants to see drones in their cubicles, others, like financial services company Affirm, insurer AllState, DoorDash, Dropbox, and many others, all promote remote work. 

Younger generations of workers are also used to the remote work concept and are increasingly looking for remote or hybrid work as part of their culture. This sea change approach could see many commercial landlords looking at housing properties as a hedge against empty offices, taking a more balanced approach.

Similarly, construction firms and office designers are building new workspaces that make their premises less “officey,” adding more of the comforts of home for those who promote hybrid-working-with-benefits. McKinsey reported that average workers spend 3.5 days in the office, but all it will take is one push to boost the 8% of Manhattan office workers who are fully remote.

Such a push could come from the increasing threat of environmental change and prolonged chaotic weather, another virus event, or societal change, as people simply expect more value from their working lives. 

The Property Angle of New York Remoting

For older parents, as their offspring move out, rooms that were once their offspring’s become available and can serve as office spaces, either for themselves or for small teams to work in. And the younger people moving out are already taking advantage of remote work to save money for their own property purchases, creating a virtuous cycle of never needing to work in an office. 

Cost savings on transport, business expenses, clothing, expensive coffee culture food, and more can all go toward buying a home, or just having a less stressful and more fulfilling life than heading into the office early each morning. 

Most startup businesses try to limit their expenses, and one of the key costs is office space. So, more are becoming remote-first organizations, hiring the best talent from businesses that are sticking to their office mandates. This gives the startups a strong competitive advantage, and with endless new startups taking off, workers will always have new opportunities should some fail. 

This too is changing the balance of commercial power, with a new generation of leadership committed to remote-first work and life. When a one-week per year offsite at an exotic destination is more exciting and productive than meetings in an office, this too drives the case for remote work, sending more people looking for remote-friendly properties. 

Creating the Ideal Remote-First Property for New Yorkers

Not every property is ideal for remote work. Studio apartments can feel like a prison for people who live and work in them, especially when local amenities are limited. Large homes can feel isolating and cold when only the homeowner is present. 

As the ideal market for remote working homes falls to larger apartments and smaller homes, buyers will look for those where one bedroom can easily be converted into an office with all the executive benefits and home comforts in one room. 

Most areas of New York are home to such properties, and an extensive search and market research can tie locations to the working- and domestic-demographic categories of prospective buyers. Brooklyn, Astoria, and Queens are among the hottest places for remote workers, but that can easily expand into neighboring areas in the coming years.

Wherever there is a strong local culture, plenty of amenities, and a dash of social or technological cachet, remote workers will be found in numbers.  

Whatever your property considerations, catering to the remote-working crowd can attract high-value tenants or owners with greater prospects for longer-term ownership as they become embedded in this new way of living and working.