Working from home and corporate real estate

Antonin Bergeaud, Jean-Benoît Eyméoud, Thomas Garcia and Dorian Henricot

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: We examine how corporate real estate market participants adjust to the take-off of teleworking. We develop an indicator of the exposure of counties to teleworking in France by combining teleworking capacity with incentives and frictions to its deployment. We study how this indicator relates to prices and quantities in the corporate real estate market. We find that for offices in counties more exposed, the Covid-19 crisis has led to (1) higher vacancy rates, (2) less construction, (3) lower prices. Our findings reveal that teleworking has already an impact on the office market. Furthermore, forward-looking indicators suggest that market participants are anticipating the shift to teleworking to be durable.

Keywords: corporate real estate; commercial real estate; teleworking (search for similar items in EconPapers)
JEL-codes: G11 G14 G23 J60 R33 (search for similar items in EconPapers)
Pages: 26 pages
Date: 2022-02-24
New Economics Papers: this item is included in nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://eprints.lse.ac.uk/117800/ Open access version. (application/pdf)

Related works:
Journal Article: Working from home and corporate real estate (2023)
Working Paper: Working from home and corporate real estate (2023)
Working Paper: Working from home and corporate real estate (2022)
Working Paper: Working From Home and Corporate Real Estate (2022)
Working Paper: Working From Home and Corporate Real Estate (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:ehl:lserod:117800

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