1. I don't completely buy it. And I have long been a work-from-home person. The pandemic had me thinking think more people would stay away from the office, but as things get back to "normal" and open back up, I'm less and less sure. bloomberg.com/news/articles/…
2. 2. For one, people just seem like they want to get out of their routine. They want to bounce back and re-engage. We saw this first with restaurants, going out, sports & travel ...
3. And I am the one who likes to say "everything city is back - restaurants, sports, theater, arts, nightlife - save for one thing - the office" ... which tells you something about the office ...
4. Look, more people will work remotely, esp those with young kids, and esp households where 2 adults can work remote ... but I think it will be a smaller share than many think.
5. The basic reason is people are social beings. We crave human contact.
6. The weather will get nicer in spring. Folks will see others heading back in. They will try to join remotely. And begin to think - "I need to be there."
7. I can see it in my own work and day-to-day. Zooms are falling off. People are expecting to meet face-to-face, not expecting craving. Zooms are replacing standard phone calls. But Zoom conferences or lectures, far fewer.
8. As this happens, the routine of staying/working from home will start to break down. Little by little, people will start to get back to seeing one another.
9. What I don't think will happen is that people will march back to the old cube farm, and sit at a desk all day long.
10. Offices will have to change, and are changing. They will become much more about socialization & interaction ...
11. And of course third spaces will surge and become better and more work oriented. Some kind of hybrid office-co-working space-cafe ... we can't yet define.
12. And social activities from in-office lectures and exec-ed programs to group fitness classes and wine and cheese parties will tick up ...
13. But it seems to me the great stay-at-home era is just beginning to end ... And not because employers are or will "force" people back to work ...
14. Because people are craving change, and craving more human energy ...
15. Like I said, remote work is here to stay. It will be greater than it was before the pandemic. But as winter turns to spring and spring turns to early summer, I think we'll see more people heading back to some semblance of "old ways."
16. It will be interesting to see what this means for superstar cities, rising cities, suburbs, and esp for downtowns, as well for our day-to-day lives. The next few months will sure be interesting on this front.
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1. Big Tech and the City. Big Tech firms are taking on LOTS of office space in superstar cities and tech hubs. geekwire.com/2022/in-seattl…
2. "Across the U.S., tech companies accounted for 36 of the top 100 office leases in 2021, up from 18 in 2020, for a total of 11.4 million square feet, CBRE reported. The next highest category was government and public administration at 5.1 million square feet."
1. Miami just overtook NY and LA and of course the Bay Area as the nation's most unaffordable housing market. This trend was patently obvious for sometime, and does not bode well for the region or other hot rising centers. therealdeal.com/miami/2022/02/…
2. Miami's housing market has soared driven by an influx of rich, indeed super-rich buyers from NY, LA and other places. Houses are routinely being flipped for multiples of their pre-pandemic values
3. The hand writing was on the wall even before the pandemic. For context, let me send along links to several reports we did for the now defunct @MIAUrbanFuture. Here's one from 2019 on ehem Miami's housing affordability crisis: digitalcommons.fiu.edu/mufi-reports/6/
1. Fantastic and fantastically interesting new @nberpubs study by @rebeccardiamond and Enrico Moretti on cost of living differentials by class of workers across US cities: nber.org/papers/w29533
2. The study documents HUGE differentials in living costs/quality of life across US metros ...
3. Expensive coastal metros are ... well ... really expensive.
1. The world of innovation is spiky and appears to be getting spikier, according the later NBER working paper by Bill Kerr and Brad Chattergoon at Harvard Business School: nber.org/papers/w29456?…
2. The study tracks patents for all patents, and for software and non-software patents from January 1976-December 2020. Here are some of the key findings ...
3. "U.S. patenting has become much more spatially concentrated around tech clusters like SanFrancisco and Boston compared to the 1970s, making these places more productive for researchers ... important for business organization, and central to high-tech startups."
2. "Traditional theories of cities emphasize production decisions and the costs of workers commuting between their workplace and residence."
3. "However, much of the travel that occurs within urban areas is related not to commuting but rather to the consumption of nontraded services, such as trips to restaurants, coffee shops and bars, shopping centers,
cultural venues, and other services."