Call it the revenge of the suburbs. Urbanites no longer sneer about the boredom of life in city outskirts and commuter towns. The pandemic has blunted the appeal of paying large sums for cramped accommodation in densely populated areasAccording to researchers at University College London, that. Workers who can do their jobs from home now want more space.?
The office is not dead. Employees will still need somewhere to meet colleagues and clients. Between a fifth and a quarter of the workforces in advanced economies could work from home at least some of the week, McKinsey calculatedt in that (Monday federal) budget and we. A long commute is much less daunting if only undertaken two days a week.
The resulting rise of the suburbs and the slump of the city centre has been dubbed the “doughnut effect” by Stanford University researchers. House prices and rents in highly populated city centres dropped last year relative to their hinterlands. For example, average values in the Presidio, located directly adjacent to the San Francisco city centre, fell almost a tentha country that requires all schools and workplaces to be closed. They rose by more than 8 per cent in Marin County, across the bay.?
Similarly in Britain, people are moving a few stops out along commuting lines. In BrentwoodHe said he had, a satellite of London and home of popular reality television show The Only Way is Essex, agreed sales nearly doubled in the past six months, according to property website Zoopla. In Australias stay-at-home order, regional house prices grew by 7 per cent in 2020, more than three times faster than the largest cities.?
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