Mobility - February 2021 - 36

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36

work to some degree, and a whopping 76% said it
would be the norm for all employees on a full- or
part-time basis. Given the expected staying power
of the work-from-anywhere phenomenon, real
estate experts such as Givens and Gargano agree
that relocating employees have a different wish
list when looking for a new home than they might
have had a year ago. Must-haves now include
more outdoor living space, ample room for a home
office, and other creature comforts.
" We saw a surge in houses with in-ground pools
and significant exterior amenities selling, seemingly because people wanted to be around their
families, to create their own little bubble, " Gargano
says of the Naperville area. " That's generally rare
for our local market and could be a temporary
trend, but the shift appears to have been directly
related to the pandemic. "
Corporate buyers are also more willing to
expand their search area to suburbs like Wilton,
Connecticut, and Cape Cod because of workfrom-home policies that make a long or difficult
commute more palatable. Says Givens: " Towns
that had been off the radar for someone working
in Boston, now it becomes a reality. If I only have
to go in to the office three days a week, I'm willing
to do that commute. "

Temporary Housing: 'Tale of Two Cities'
and Pent-Up Demand
For providers of temporary corporate housing,
2020 was a " tale of two cities " in terms of the
pandemic's varied impact on industries, individual
companies, and their relocation plans, along with
the disparate impact on real estate and housing
markets across North America and internationally,
says Gavan James, president and CEO of San
Diego-based Nomad Temporary Housing.
The global aggregator of temporary housing
solutions works directly with corporate clients
as well as more than 30 relocation management
companies. While some of Nomad's clients
dialed back on relocations significantly due to
business travel freezes and visa and other travel

restrictions, others were " full steam ahead " with
mission-​critical moves throughout 2020, and the
drumbeat has been building for months to get
strategic employee moves into the pipeline again.
" We're hearing from client after client about the
pent-up demand, " says James, whose clients have
warned of a coming deluge of housing requests.
" The flood hasn't happened yet, but in conversations with our clients it's looking more like this
could really start to accelerate in the latter part of
Q1 or early Q2. "
Meanwhile, the temporary housing landscape awaiting those who have deferred relocations has shifted significantly over the past
11 months, says James, citing the urban exodus
that has left major cities like San Francisco with
high apartment vacancy rates and plummeting
rents that are now 15% below pre-COVID
levels. The flight of workers out of San Francisco
and Silicon Valley after major tech employers
adopted work-from-anywhere policies could be
a boon to any company seeking living quarters
for employees on long-term business assignments in the region.
" We're seeing a great deal of pricing variety, "
says James. " If you're an operator that's got 60
vacant apartments in Santa Clara and you are
dying for a rental, you may have dropped your
rate 30% because you just need to put somebody
in there, so we're getting some options back with
pretty dynamic pricing. "
Some suppliers estimate the pandemic and
other factors have slashed available temporary
housing by about 30,000 apartment units or 35%
of North American inventory, but relocation
managers shouldn't be overly concerned, due to
the way the U.S. temporary housing industry is
structured. Unlike those in the rest of the world,
where most operators also own the buildings they
rent, temporary housing providers in the U.S. rent
apartment units unfurnished on a one-year lease
and then furnish and rent the units short-term.
After COVID hit, most operators let their leases
expire and handed the keys back to the landlord


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Mobility - February 2021

Table of Contents for the Digital Edition of Mobility - February 2021

Mobility - February 2021 - Cover1
Mobility - February 2021 - Cover2
Mobility - February 2021 - 1
Mobility - February 2021 - 2
Mobility - February 2021 - 3
Mobility - February 2021 - 4
Mobility - February 2021 - 5
Mobility - February 2021 - 6
Mobility - February 2021 - 7
Mobility - February 2021 - 8
Mobility - February 2021 - 9
Mobility - February 2021 - 10
Mobility - February 2021 - 11
Mobility - February 2021 - 12
Mobility - February 2021 - 13
Mobility - February 2021 - 14
Mobility - February 2021 - 15
Mobility - February 2021 - 16
Mobility - February 2021 - 17
Mobility - February 2021 - 18
Mobility - February 2021 - 19
Mobility - February 2021 - 20
Mobility - February 2021 - 21
Mobility - February 2021 - 22
Mobility - February 2021 - 23
Mobility - February 2021 - 24
Mobility - February 2021 - 25
Mobility - February 2021 - 26
Mobility - February 2021 - 27
Mobility - February 2021 - 28
Mobility - February 2021 - 29
Mobility - February 2021 - 30
Mobility - February 2021 - 31
Mobility - February 2021 - 32
Mobility - February 2021 - 33
Mobility - February 2021 - 34
Mobility - February 2021 - 35
Mobility - February 2021 - 36
Mobility - February 2021 - 37
Mobility - February 2021 - 38
Mobility - February 2021 - 39
Mobility - February 2021 - 40
Mobility - February 2021 - 41
Mobility - February 2021 - 42
Mobility - February 2021 - 43
Mobility - February 2021 - 44
Mobility - February 2021 - 45
Mobility - February 2021 - 46
Mobility - February 2021 - 47
Mobility - February 2021 - 48
Mobility - February 2021 - 49
Mobility - February 2021 - 50
Mobility - February 2021 - 51
Mobility - February 2021 - 52
Mobility - February 2021 - 53
Mobility - February 2021 - 54
Mobility - February 2021 - 55
Mobility - February 2021 - 56
Mobility - February 2021 - Cover3
Mobility - February 2021 - Cover4
https://www.nxtbook.com/ygsreprints/WERC/mobility-april-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-march-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-february-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility_122020
https://www.nxtbook.com/ygsreprints/WERC/mobility_112020
https://www.nxtbook.com/ygsreprints/WERC/mobility_102020
https://www.nxtbook.com/ygsreprints/WERC/mobility_092020
https://www.nxtbook.com/ygsreprints/WERC/mobility_082020
https://www.nxtbook.com/ygsreprints/WERC/mobility_072020
https://www.nxtbook.com/ygsreprints/WERC/mobility_062020
https://www.nxtbook.com/ygsreprints/WERC/mobility_052020
https://www.nxtbook.com/ygsreprints/WERC/mobility_042020
https://www.nxtbook.com/ygsreprints/WERC/mobility_032020
https://www.nxtbook.com/ygsreprints/WERC/mobility_022020
https://www.nxtbook.com/ygsreprints/WERC/mobility_012020
https://www.nxtbook.com/ygsreprints/WERC/mobility_122019
https://www.nxtbook.com/ygsreprints/WERC/mobility_112019
https://www.nxtbook.com/ygsreprints/WERC/mobility_102019
https://www.nxtbook.com/ygsreprints/WERC/mobility_092019
https://www.nxtbook.com/ygsreprints/WERC/mobility_082019
https://www.nxtbook.com/ygsreprints/WERC/mobility_072019
https://www.nxtbook.com/ygsreprints/WERC/mobility_062019
https://www.nxtbook.com/ygsreprints/WERC/mobility_052019
https://www.nxtbook.com/ygsreprints/WERC/mobility_042019
https://www.nxtbook.com/ygsreprints/WERC/mobility_032019
https://www.nxtbook.com/ygsreprints/WERC/mobility_022019
https://www.nxtbook.com/ygsreprints/WERC/mobility_012019
https://www.nxtbookmedia.com