Remote Work Reaches Equilibrium But Will Keep Evolving; Expands Talent Pools While Allowing Workers to Leave Costly Cities
-
Remote work has reached a short-term equilibrium, but long-run impacts are still unfolding and remote work will continue evolving.
-
Fully remote work expands employer access to talent more than hybrid roles. Hybrid keeps workers tethered to geography.
-
Remote work is allowing people to leave high-cost cities for lower-cost areas, helping make places more economically similar.
-
Philadelphia saw an early employer exodus to the suburbs, so the shift from the pandemic has been less severe than other cities.
-
Cities can offset downtown declines by making it easier for developers to build more housing, expanding the labor pool.