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Working from home and corporate real estate
[Télétravail et immobilier d'entreprise]

Author

Listed:
  • Jean-Benoît Eymeoud
  • Thomas Garcia
  • Dorian Henricot

Abstract

Corporate real estate market participants are starting to adjust to the take-off of teleworking in France. We show that teleworking already has an impact on the office real estate market. In French départements more exposed to teleworking, the Covid-19 crisis has led to higher vacancy rates, less construction, and lower prices. Forward-looking indicators suggest that market participants are expecting a lasting shift towards teleworking. En France, le marché de l’immobilier d’entreprise commence à s’ajuster à l’essor du télétravail et son impact sur l’immobilier de bureaux est déjà visible. Dans les départements plus exposés au télétravail, la crise Covid-19 a entraîné une hausse des taux de vacance et une baisse de la construction et des prix. Les indicateurs de long terme suggèrent que les marchés anticipent une utilisation durable du télétravail.

Suggested Citation

  • Jean-Benoît Eymeoud & Thomas Garcia & Dorian Henricot, 2022. "Working from home and corporate real estate [Télétravail et immobilier d'entreprise]," Eco Notepad 254, Banque de France.
    • Handle: RePEc:bfr:econot:254
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    Citations

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    2. Lalinsky, Tibor & Anyfantaki, Sofia & Benkovskis, Konstantins & Bergeaud, Antonin & Bun, Maurice & Bunel, Simon & Colciago, Andrea & De Mulder, Jan & Lopez, Beatriz Gonzalez & Jarvis, Valerie & Krasno, 2024. "The impact of the COVID-19 pandemic and policy support on productivity," Occasional Paper Series 341, European Central Bank.
    3. Barrero, José María & Bloom, Nicholas & Davis, Steven J. & Meyer, Brent & Mihaylov, Emil, 2022. "The Shift to Remote Work Lessens Wage-Growth Pressures," IZA Discussion Papers 15385, IZA Network @ LISER.
    4. Anthony Macedo & João de Abreu e Silva & Patrícia C. Melo, 2026. "COVID-19, teleworking, and firms’ office-related decisions: an emerging literature," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 13(1), pages 1-12, December.
    5. Sylvain Chareyron & Camille Régnier & Florent Sari, 2022. "COVID-19 and Dynamics of Residential Property Markets in France: An Exploration," Economie et Statistique / Economics and Statistics, Institut National de la Statistique et des Etudes Economiques (INSEE), issue 536-37, pages 75-93.
    6. Julia Cage & Edgard Dewitte, 2022. "When Does Money Matter for Elections?," SciencePo Working papers hal-03619549, HAL.
    7. Lina Bjerke & Steven Bond-Smith & Philip McCann & Charlotta Mellander, 2025. "Work-from-home, relocation, and shadow effects: Evidence from Sweden," Working Papers 2025-1, University of Hawaii Economic Research Organization, University of Hawaii at Manoa.
    8. Julia Cage & Edgard Dewitte, 2022. "When Does Money Matter for Elections?," Post-Print hal-03619549, HAL.
    9. Behrens, Kristian & Kichko, Sergei & Thisse, Jacques-Francois, 2024. "Working from home: Too much of a good thing?," Regional Science and Urban Economics, Elsevier, vol. 105(C).
    10. Lina Bjerke & Steven Bond-Smith & Philip McCann & Charlotta Mellander, 2024. "Work-from-home, relocation, and shadow effects: Evidence from Sweden," Working Papers 2024-3, University of Hawaii Economic Research Organization, University of Hawaii at Manoa.
    11. Makoto Sakuma & Kazushi Matsuo & Morito Tsutsumi & Toyokazu Imazeki, 2024. "Measuring office attendance during the COVID-19 pandemic with mobility data to quantify local trends and characteristics," Asia-Pacific Journal of Regional Science, Springer, vol. 8(1), pages 185-237, March.

    More about this item

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • J60 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - General
    • R33 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Nonagricultural and Nonresidential Real Estate Markets

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