The term ‘The Great Return’ may have reached you if you are part of the corporate workforce. But what is it?

2020 was the year that pushed everyone towards a new reality they knew nothing about. Social distancing mandates and lockdowns closed offices, forcing businesses and employees to rely on remote work to get things done. Two years on, the pandemic still rages on, but the presence of mass vaccinations has helped reduce the risk.

Businesses are confident that the lower risk and fatality rates are an indication that things are finally getting back to normal. However, there is no telling how accurate their assumption is. This topic is critical to commercial real estate because it affects two primary categories, multifamily units, and office buildings.

This blog will elaborate on the current events in this regard and provide a realistic picture of the future.

What Is The Great Return?

The Great Return refers to the return of employees to offices. The COVID-19 pandemic pushed 80% of the global workforce out of office. Several lost their jobs while work-from-home became a reality for several others.

Now that the restriction has been lifted in most countries worldwide, there is speculation about how it would affect office attendance.

What Is Happening in the Business World?

The business world is currently in a frenzy because there is uncertainty about employees returning to offices. According to Microsoft research, 50% of employers want employees back in the office five days a week.

Several companies, including those that have not expressed strict rules about the return-to-office, have started preparing for ‘The Great Return.’ For example, while Google has not mentioned a five-day office workweek, the organization has expressed an expectation for employees to come in for at least three days.

Hence, businesses worldwide are now preparing to welcome employees back after two years of WFH.

Are Employees Willing to Return?

The most intriguing part about The Great Return is that several employers assume it will happen without confirmation. Many are forcing their employees to abide by their in-office work requirements instead of taking their wishes into account.

The problem is that experts believe this decision can backfire. The Great Resignation has yet to subside, and it arose as a result of employees setting boundaries. Hence, experts believe forcing people to return when they don’t necessarily need to will worsen the problem.

How Does Uncertainty Affect Commercial Real Estate?

The uncertainty around The Great Return has caused extensive uncertainty in the business world, but that’s only part of the problem. This uncertainty has also caused commercial real estate markets to fluctuate.

The Great Return’s success will strengthen office properties since businesses will resume regular operations. Its failure will mean the old structures will need extensive transformation to meet new needs.

The problem is that no one knows which of the two will happen, making it challenging to predict the correct path.

Final Thoughts

Overall, The Great Return has picked up popularity in corporate circles, but its future remains uncertain due to employee resistance. The best course is to observe market trends and make relevant decisions to minimize investment risk.

Don’t hesitate to contact our team to invest in commercial real estate in Rio Grande Valley. CHRE has been in the market for several years, and we will help you make the suitable investments.