These are interesting times in which we live. This article talks about the “unwinding” of the remote workplace, specifically when people are employed in another city from the one where their employer resides. Most acquired the property with a favorable mortgage rate, which they are reluctant to part with when they relocate back to the city of their employment. It’s been enough to glut the market in some of the sunbelt areas where people flocked to “work from home.”
Luckily, Minneapolis wasn’t so much of a “go-to” city in this situation. We did see some movement out of the center city and into the outer suburbs or even small towns encircling the Twin Cities. At most, that might lead to a longer commute on days that have to be spent in the office. And there will be a small increase in immigration as employees of some of our stalwart companies require their out-of-state remote workers to come into the office, perhaps leaving an accidental rental behind in Florida or Arizona. That makes us feel a little warmer on this below-zero day…
Source: Rodriguez, J. (February 5, 2025). The rise of the reluctant landlord. Business Insider.
