FREEHOLD, NJ – The shift to remote working continues to leave a significant imprint on New Jersey’s real estate market. A surge in home purchases and rentals outside traditional commercial hubs underlines the evolving work culture.
The newfound flexibility of work location has spurred demand in suburban and rural areas, previously overshadowed by bustling city centers. Real estate agents report a notable uptick in inquiries and transactions in these regions.
The trend is also reshaping the commercial real estate sector. Some businesses opt to downsize their physical offices or move to areas with lower rent. This change is fostering a transformation in urban areas, as some buildings transition from commercial to residential use.
According to Realty Solutions, a southern New Jersey brokerage firm, “The increase in remote working has a positive impact on the South Jersey housing market because the ability to work from anywhere is drawing people to our area. It’s no longer necessary to live within commuting distance of New York City. People are choosing to live in places like Cherry Hill and Blackwood instead. There’s plenty of entertainment, natural recreation, and a great scene for art, food, nightlife, and fun in our communities. We have what nearly every tenant demographic is looking for. “
Moreover, the state’s proximity to New York City, coupled with more affordable housing options, positions it as an attractive locale for those adopting a hybrid work model. The ripple effects of this transition are expected to be long-term, with communities adapting to a blend of residential and commercial identities.
According to Daniel Velez, a Monmouth County realtor, “Remote and hybrid work situations offer a fresh perspective on your home search. Freed from daily commutes, the need to live near the office becomes less critical. Exploring the suburbs rather than the city can open doors to more budget-friendly housing options. A recent study by Fannie Mae highlights:”
Real estate professionals anticipate that this shift will sustain, driven by the appeal of reduced commute times and the promise of a better work-life balance. The adaptation to remote work culture is not just a transient reaction to recent challenges but a reflection of a broader evolution in work and living preferences.