Personally I believe WFH is here to stay in a meaningful way, and Covid has just accelerated what was likely to be a long term trend.
An IBEC survey shows some support for it amongst employees:
|The majority (83%) of the 7,241 respondents indicated they would like to work remotely after the crisis is over. Of these, 12% want to do so daily, 42% said they would like to do so several times per week and 29% said they want to work remotely several times per month|
However this is ignoring a key factor - what do the employers want? It will be the employers who are the long term drivers of the trend and the fact that IBEC have commissioned this survey is interesting in itself.
It is true that is not for everybody - some people need more management than others and are more productive in an office environment.
But the result of that will simply be that employers will place a premium in future on employees who have the necessary skillset to work remotely and reliably.
If this comes to pass it will profoundly impact the market nationally, because less people will be willing to pay the premium for Dublin, particularly those with children.
One hears argument that Dublin will always win out irrespective of job location because of the sheer wealth of amenities it offers compared to the rest of the country.
This is true if all other things are equal, but currently they're not equal in that you have to pay a hell of lot extra for those amenities.
Inevitably that gap will fall, both in rents and purchase prices.
I am not suggesting that hordes of people are going to suddenly leave Dublin in the short term.
Just that a small % of those who are currently renting or thinking of buying Dublin will question if a) they absolutely have to be in Dublin and b) if they don't, is it worth paying the premium?
In the medium term I think it is inevitable that this % will increase until such time that the premium is believed to be worth it and then the gap will level off.
In the long term I think it will lead to a problem of oversupply of family homes in Dublin that will rebase prices nationally.