Fiche du document
27 janvier 2022
- handle: 10670/1.i8ddtz
- hal: hal-03548889
http://creativecommons.org/licenses/by-nc-nd/ , info:eu-repo/semantics/OpenAccess
Mots-clés
Corporate real estate Commercial real estate Teleworking G - Financial Economics/G.G1 - General Financial Markets/G.G1.G11 - Portfolio Choice • Investment Decisions G - Financial Economics/G.G1 - General Financial Markets/G.G1.G14 - Information and Market Efficiency • Event Studies • Insider Trading G - Financial Economics/G.G2 - Financial Institutions and Services/G.G2.G23 - Non-bank Financial Institutions • Financial Instruments • Institutional Investors J - Labor and Demographic Economics/J.J6 - Mobility, Unemployment, Vacancies, and Immigrant Workers/J.J6.J60 - General R - Urban, Rural, Regional, Real Estate, and Transportation Economics/R.R3 - Real Estate Markets, Spatial Production Analysis, and Firm Location/R.R3.R33 - Nonagricultural and Nonresidential Real Estate MarketsSujets proches
Real property--Law and legislation Catastral surveys Real estate law Cadastral surveys Realty Property, Real Freehold Real estate Limitations (Law)Citer ce document
Antonin Bergeaud et al., « Working From Home and Corporate Real Estate », Archive ouverte de Sciences Po (SPIRE), ID : 10670/1.i8ddtz
Métriques
Partage / Export
Résumé
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.