Is the Home Office the new “essential” in Home buying?

Dated: March 15 2021

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The list of essentials in recent times have shown dramatic changes with what we really need in  our lives. Beginning of 2020, we saw unprecedented change to our daily routines with the arrival  of the pandemic which none of us anticipated.  

With the markets rapidly adapting and twirling to keep up with the change, there was a major  shift in the buyer’s mindset when looking for a new home. Offices were forced to shut down,  driving people to create spaces in their homes and setting up a corner where they could separate  their personal and work life.  

Is this the rise of the home offices? Let us have a read: 

Why invest in a leased/rental office space when you can have a home office?  

Companies all over the world are asking this question – home offices are here to stay and what is  the point of paying for a lease/rental on an office space that may not be used to its full potential?  Due to social distancing and limited physical interactions in the workspace, in-person meetings  and social gatherings have ceased to exist. 

The Rise of the Home office.  

Home offices were a huge fashion in the 1990s where home, especially detached homes would  have a study room for wooden desks, plushy leather chairs, desk lamps and book shelfs with a  cozy fireplace on the side to hold in-home meetings. Offices designed for homes are making a  come back in this pandemic world. Even smaller places like studio apartments have creative  small nooks for a study/workspace for single professionals.  

The comfort of the employee and the importance of striking a home-work balance has been  enunciated even more clearly than ever before, which is why most organizations provided budget  for setting up home offices and supplies that are more ergonomically suitable for homes.  

Ikea, in 2020 sold over 630,000 desks according to an article in Narcity Canada. Ikea can  proudly say that it is now part of people’s homes and life in a time when they are looking for a  work-life balance. 

How is Vancouver handling the new essential commodity of a home office space?  

A sudden rise in the available office space in Vancouver was a sign that the pandemic was  changing the commercial real estate market. At the start of the pandemic, as people rushed to set up their office spaces at home, there was a shift in the mindset of what to look for in a home.  Dens, closed patios, living room corners were morphing into professional desk spaces with  ergonomically comfortable chairs for longer work hours. The walls that were previous adorned  with whimsical colors or personal photographs were changing into neutral backgrounds.  

Vancouver downtown saw commercial office spaces closing down and isolated due to the virtual  meeting rooms that were born out of the necessity to abide by federal and provincial guidelines  of social distancing. This paradigm shift challenged our behaviours at work and home alike.  

There was a large movement seen with residential real estate where people sought areas that are  more suitable for their work and home needs along with spacious areas outside the city center.  Deciding your address based on your place of work is no longer the essential checklist item in  the mind of the home buyer. Areas like Guildford, Fleetwood, Clayton, Cloverdale, Langley, Aldergrove, Maple Ridge in Metro Vancouver provide exactly what the new buyer in 2021 is looking for. The home office spaces are  here to stay! 

Conclusion: Real estate in the Lower mainland is expanding beyond downtown Vancouver. With  none to little commute factored into the day, time saving is also turning into money savings. Talk  to a Realtor who can take you around town to view homes that are waiting for you to set up your  office nook.  

Articles used for inspiration and reference for this blog:  

1. https://www.rockethomes.com/blog/home-selling/the-new-popularity-of-the-home-office style="font-size: 11.977274894714355pt; font-family: Arial; color: #0563c1; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> 2. https://www.forbes.com/sites/billconerly/2020/09/22/the-future-of-office-real estate/?sh=7403474d770a  

3. https://www.narcity.com/en-ca/news/ikea-canada-sold-over-630000-desks-this-year because-so-many-people-are-working-from-home 

4. https://www.bloomberg.com/news/articles/2020-06-11/the-rise-fall-and-rise-of-the home-office 

5. https://www.bcbusiness.ca/BC-20-Will-the-work-from-home-trend-sink-Vancouvers office-market 

6. https://vancouversun.com/business/covid-frees-up-office-space-in-notoriously-tight downtown-vancouver-market

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Neeraj Kumar

Neeraj Kumar Real Estate Team is providing their excellent services in Metro Vancouver. Neeraj and his team are here to help families complete smooth & stress free transition. Call at 604-363-2370....

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