Will Remote Work Become the Norm? Hybrid Offices Are Transforming Economies

Today’s white-collar staff are living through a radical transformation of professional life, one economists say is already beginning to jump-start economic productivity and accelerate innovation. The pandemic has weakened the gravitational pull of city centers, with new forces now reshaping knowledge-based economies. Public transport journeys into cities are down, as are coffee shop sales, while demand for real estate in leafy suburbs is up. Americans spent more time on leisure and household activities in 2020, replacing commuter life with real life. While a more permanent transformation of working life will have painful consequences for many inner-city businesses, economists see a recalibration underway that can revitalize smaller towns and suburbs. New digital tools mean that retail and hospitality — as well as knowledge-intensive industries — are already undergoing far-reaching change.