The Remote Work Revolution: Impact on Real Estate Values and the Urban Environment
The covid-19 pandemic induced a major shift in the prevalence of remote and hybrid work arrangements. This article reviews the effects of this remote work revolution for residential and commercial real estate values and for the future of cities. It also discusses consequences for productivity, innovation, local public finance, and the climate, as well as potential policy responses.
This article is my presidential address for the American Real Estate and Urban Economics Association in January 2023. The author thanks Arpit Gupta, Matthew Massicotte, Vrinda Mittal, Luofeng Zhou, Neel Shah, Jonas Peeters, Arshad Balwa, and Nick Bloom for helpful comments. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.