By Ryan Craig

American workspaces have experienced an untimely case study of massive proportions.  As offices across the nation abruptly shut down early this year, employees and employers alike were forced packing in droves to settle into the most familiar workspace imaginable: home.  As the pandemic lingered, the American worker remained sheltered safely inside, experiencing the pros and cons of their new work-life balance.

A recent study conducted by Mental Health America (MHA) and FlexJobs asked 800 employed respondents how they felt about flexible work and working from home. The survey reveals the likely future of job culture and the game changing implication for residential spaces.

Perhaps the most important takeaway from the survey is that “66% would prefer to work remotely full-time after the pandemic is over, while 33% would prefer a combination of in-office and remote work” (Courtney, 2020). A measly 2% of those questioned were in favor of returning to the traditional full office experience when the crisis is over.

We cannot say for certain how many employers would agree to a fully remote or hybrid work environment following the pandemic, however, it is safe to assume that COVID will leave a sizable impact on the future of remote working.  What does this mean for landlords and multifamily investors?

An obvious takeaway we are already experiencing is a massive increase in demand for larger units.  We have encouraged our clients who are fortunate enough to own units with dens and other additional rentable square footage to strategize around this opportunity when marketing units to new tenants.  Even the “extra” bedroom in two+ bedroom units can be pitched as “a second bedroom OR a home office space: tenant’s choice!”

We believe landlords can utilize this idea to take advantage of this newfound demand in the residential market.  Tenants of today and the foreseeable future are not just looking for a place to live comfortably, but a place they can also work productively!

Ryan Craig is an Associate at Kirklen Investment Group with over 3 years of experience in the commercial real estate multifamily industry.

Ryan assisted in real estate transactions during his undergraduate years at California State University, Fullerton and has since maintained his efforts to provide his own clients with the highest level of service.

Prior to joining Kirklen Investment Group, Ryan was introduced to the extensive world of multifamily real estate while working at Morgan Skenderian Investment Real Estate Group. His early experience at the firm gave Ryan the fundamental skills of underwriting and marketing apartment properties in the Orange County and Long Beach areas. Ryan then took his talents to Vantis Capital Advisors, working diligently to identify clients and relevant market research before becoming a Junior Associate.

Ryan has enjoyed life in Orange County for the last several years. When he is not watching a Laker game, Ryan enjoys going to the gym, hiking the Laguna Canyon trails and making time for beach days with friends.