As was reported elsewhere last week, it now appears that approximately half American employees who had been working in offices prior to the COVID outbreak are now, at any given time, back in their cubicles and the like.
But, forecasters warn, the rate may not go much higher, given that many employees have warmed to the idea of working from home, and some employers have divined ways to ensure productivity even when staffs are not under direct, in-person supervision.
That’s all fine and dandy – we have no complaints – but if this is where things stand going forward, it is going to have major, major ramifications in Northern Virginia.
It’s been understood (by those paying attention) since back in 2020: If employees continue the work-from-home routine, employers aren’t going to need all their existing office space. Given they are not in the business of altruism, these employers are going to downscale, no matter the impact on landlords or local governments, each being reliant on filled office buildings to bring in the cash to pay for the services provided to local residents.
Yes, some of that office space can be repurposed, or razed and rebuilt, into residential units, which would aid developers and property owners, but would only benefit local governments if the resulting residents neither came with kids in tow, nor popped them out during their residency.
Given the per-student costs of local school districts coupled with all other necessary services that must be provided, governments come out worse off financially, unless a home’s value is at least $2 million for each of the public-school students residing inside. Even by the exorbitant price of housing in the local area, that’s not a deal that’s particularly sustainable.
There’s not much for anyone to do but hold on and see how things play out. We’ve gotten used to a never-ending roller-coaster ride; what’s a few more twists and turns in the grand scheme of things?
