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The McKinsey Podcast
The future of real estate in a hybrid world
Oct 19, 2023
The podcast discusses the impact of hybrid work on the real estate market, including the decrease in office occupancy in downtown districts and the increase in residential demand. It explores the need to redesign office spaces for a hybrid work environment and highlights the importance of understanding customer needs in building development. The podcast also touches on the challenges of providing affordable housing in urban areas and explores global demographic trends and misconceptions.
30:49
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Quick takeaways
- Hybrid work has led to a decline in urban cores' populations, with people migrating to the suburbs and not returning, especially in cities heavily reliant on office-oriented spaces like San Francisco.
- The persistence of the pivot to working from home has transformed the places we work, live, shop, and socialize, presenting a unique opportunity to rethink real estate for our changing future by focusing on offering more enjoyable and flexible workspaces and adapting the retail ecosystem to be more experiential and community-focused.
Deep dives
The Impact of Hybrid Work on Office Attendance and Downtown Districts
Hybrid work has become a lasting trend and has stabilized office attendance rates. Workers prefer the flexibility of remote work and expect their employers to support it. As a result, downtown districts with high density office buildings are experiencing fewer people in offices and, consequently, fewer people in shops and public spaces. On the other hand, there is a minor resurgence in retail and increased demand for residential usage as people prioritize homes closer to their workplaces.
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