Despite all the hype about massive workforce migration to lower-cost cities due to the work from home trend, I now believe the migration trend may be slower than hotly anticipated. The best near-term real estate investment opportunity really is right in your city.
We’ve been talking about investing in the heartland of America since 2017. I’m glad everyone from the mass media to various famous pundits is now on board after most of our nation has experienced more than two months of lockdowns.
Hometown firms such as Google, Facebook, Twitter, Square, and Salesforce are either allowing their thousands of employees to work from home until the end of the year or forever. To retain talent and stay competitive in attracting talent, other companies must follow suit.
And it’s not just other tech companies that need to allow their workforce to work from home indefinitely. It’s other industries as well that pay similar wages and vie in the same talent pool.
For example, the finance industry began to relax its dress code and reduce its arduous interview process after it saw many of its targeted candidates get lured away by the tech industry in the early 2000s.
However, in addition to investing in real estate in cities that will benefit from mass migration out of more expensive, more densely populated cities, also take a hard look in your back yard.