Sotogrande, an international suburb
Talking to friends, clients, service providers, bankers, lawyers, fellow real estate agents, and others, I have come to the conclusion that three major COVID caused rethinks are taking place in most city dwellers minds.
Firstly, people live in buildings which provide space. How much and what type of space one requires is under review! Secondly, many people do not need to go to the office every day. Remote working was obligatory for those who work with a computer and phone. It was tested and both employers and employees realized it could become normal! Thirdly, many people have or are reassessing what is really important in their lives.
If buildings are constructed for people to live in, the pandemic is throwing real uncertainty on how we live.
Usage of space has always been reviewed. For example, the m2 dedicated to kitchens in city locations have become smaller and smaller as people went out more and more to eat their daily meals. The pandemic will certainly make architects review the tradeoffs in living space as people want more living space. Working from home, and spending more time at home…. because we cannot go out, has further increased the desire for floorspace in our homes. Wanting more space and being able to afford more space will invariably lead to a move to suburbs… a phenomenon already seen in London for example where demand for suburb properties is coming from those living in “Town”. Of course, this trend is not for everyone. We humans are social creatures, and many of us will be happy to stay in the city. Nevertheless, it only takes a relatively small number of those who want to move to make it a THING.
The terms “home office” or “remote working” are now engrained in our vocabulary. We have realized it is possible. Not for everyone of course. Doctors still need to work in hospitals, and transport networks need drivers and mechanics who can’t work from home. However, we have learnt that many people do not need to go to the office every day to get work done. At least not every day. Check out the share price of Zoom to realize the engagement and acceptance of remote working. Also, some people will want to continue with city life. The point is, even a small number of “wannabe” suburb dwellers will make a big difference to supply, demand and price of residential homes. Some people will, and others have left the cities to look for larger homes. People who will be working from home want office space, either as separate rooms or at least corners that can be dedicated to work.
“Quality of life, and specifically the balance between work and play is clearly under review with many.”
The pandemic is making people reassess what is important in their lives. Very few of us can say that the pandemic has had no effect on them. Circumstances have changed for most of us. Be it a furloughed relative, a job loss, or worse a death in the family. We have all reviewed what is important. Most of us will probably revert to type and be hesitant to leave neighbours and friends when things get back to some known normality, but many will think about a fundamental life change. Early retirement, less workaholics, maybe some part time work, or involvement with a charity. Employers will offer flexible hours to key employees allowing many to pick and choose their work hours. All this adds up to an increase in demand for larger homes in the suburbs.
So, what about Sotogrande as an urbanization? Will Sotogrande become an international suburb? Is it not already an international suburb, offering everything a city dweller is looking for?
Many of the year-round residents live happily alongside the seasonal resident, who themselves are now remaining in Sotogrande as the second waves of COVID begins to embrace Europe once again. A vaccine will be most welcome when it is available and will encourage people back to their past normality.
But suburbs in general, and some international suburbs such a Sotogrande will undoubtedly thrive as some of the few wanting more space, wanting to work from home, and wanting to reassess their work play life balance, move to our privileged urbanization.
Thank you for time, Charles Gubbins.
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