Working From Home and Corporate Real Estate

Antonin Bergeaud, Jean-Benoît Eymeoud (), Thomas Garcia () and Dorian Henricot ()
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Jean-Benoît Eymeoud: Banque de France - Banque de France - Banque de France, LIEPP - Laboratoire interdisciplinaire d'évaluation des politiques publiques (Sciences Po) - Sciences Po - Sciences Po
Thomas Garcia: Banque de France - Banque de France - Banque de France
Dorian Henricot: Banque de France - Banque de France - Banque de France, ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique

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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)
Date: 2022-01-27
New Economics Papers: this item is included in nep-ure
Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03548889
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Citations: View citations in EconPapers (4)

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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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