McKinsey says it’s $1.3 trillion
Real estate values in the world’s biggest cities could take a $1.3 trillion hit by 2030 as a result of the shift to working from home. But that figure conceals a variety of approaches different parts of the world are taking, depending on cultures and commuting times. According to Bloomberg, working remotely has become more widespread in the US and Canada thanks to their big contingents of “knowledge workers”, and is largely dictated by businesses rather than policymakers. A survey by scientists at Stanford shows that by contrast, workers in Europe and Asia are more concerned about missing out on social connections in the office. Smaller living spaces in Hong Kong and Tokyo leave less incentive to WFH. China’s high rates of office attendance are due partly to its “996” culture (nine to nine, six days a week). There are some commonalities though: pretty much everywhere, women place a higher value on working from home than men.
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