There is an acronym that sets this generation apart from past generations and might actually add to the new ‘norm’ today that is ‘WFH, or the work from home modality. What was once an alternative is now a necessary modality offering whether in work, school, or services. Although this has been mainstreamed during the height of the pandemic, there is an ongoing debate that the growing demand for WFH modality is primarily caused by the exponential growth of population, delivery of urban services, and steeping cost of prices.
Who may argue with these causes when they are actually apparent and the world has seen that WFH actually works, including the Philippines. Although looking back a century ago, the Philippines was primarily a wide, vast, expansive tract of agricultural lands with only cabezeras in rural areas seen in downtown communities, wherein the prevalent livelihoods were farming and trading. While in urban areas, density was starting to build up, and several growth drivers are expanding from the center to rural areas.
Population growth drives urbanization, and that is the case in the Philippines. The urban growth of key cities in the Philippines introduces innovation in technology and infrastructure, causing migration of people to urban areas and converting rural areas to urban ones in nearby municipalities. Cities become the centerpieces of innovation, and specific zones are created to cater to the expanding needs of communities. With higher density, however, limited land becomes more scarce, land value becomes inevitably steeper, and specific zones are developed to cater to specific needs of the community.
The government, private sector, and households have learned to adapt to these changes by integrating livelihood and lifestyle in the city for over a century. For the longest time as well, real estate only perceived physical spaces as spaces of growth for people until technology introduced remote work and services. With the shift to demands in spaces, real estate is being revitalized again to redefine existing concepts and accept new ones, such as spaces for data centers instead of offices alone or cold storage facilities instead of manufacturing sites only. What were concepts before are now real and require physical spaces. With rapid changes in the landscape, real estate is not exempt from it and it is always a good opportunity for growth and innovation. The word ‘WFH’ may be new, but its innovation is something that real estate is always ready for.
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