Remote working is without a doubt a revolution. The working world before was nothing like it is today and what began as a necessity, has turned into a preferred approach and state of mind for a large percentage of the workforce. This transformation has reshaped not only the way we work but also where we choose to do it, where we want to live and where to spend our money.

Urban exodus

The early 2020s are seeing an exodus from urban cities and back into the green and blooming suburbs. Remote working offers a world of possibilities however, alongside the opportunities, there are challenges for the urban economy too.
 

1. A significant reduction in demand for office spaces is leading to vacancies in prime locations and a downfall in property value
2. Fewer commuters on the roads, fewer pedestrians on the streets and adaptations to business models are required
3. The financial viability of public transport is in question as fewer people are using these facilities. These changes are offering cities the opportunity to convert commercial areas into mixed developments and green areas

Countryside economics

Remote workers are looking for outdoor space and fewer costs and rural areas are experiencing an unexpected growth. The value of property has increased, and local businesses are flourishing. To support these changes, rural areas are investing in broadband and other essentials for remote working and improving the quality of infrastructure. In addition, younger, educated and skilled populations are leaving the big cities, leading to a change in the demographic makeup of the communities and could reverse a population decline.

Consumer behaviour

E-Commerce is the keyword when it comes to retail and the move away from urban centres has resulted in a growth in online shopping, leaving behind the traditional model. Many businesses are adapting their variety to suit a more home-based clientele, including deliveries and mobile services.

Productivity and innovation

There is less time wasted on commuting, delivering an improvement in work-life balance. Many companies can hire a wider range of talents driving innovation and competitiveness, and both employers and employees are enjoying a reduction in overhead costs related to office spaces.

Challenges and considerations

Together with various opportunities, there are many challenges that come along. The reliability of the internet and its quality are uneven across regions, socioeconomic disparities are worsening as the ability to work remotely is not universal and because economic activity is disappearing, there will be a need for new policy interference to support the transaction.

The many changes and influences remote working has had on the economy are still unfolding and flexibility alongside intuition are still key for the success of the change. The shift delivers both risks and opportunities across all sectors and any individual will have to remain open-minded, adaptable, and compliant for it to work for all involved.