We have rapidly transitioned from the early morning rush to work to having people wake up every morning and resume work in a corner of their homes still in pyjamas or at cafes and coworking spaces. Remote work has effectively transformed how we live and work. It isn’t just in the flexibility it offers, but also its impact on economies, environment, real estate, urban migration, and so on.
This article explores how remote workers are reshaping cities worldwide.
Also read: How to build a personal brand as a successful remote worker
Before now, a leading cause of migration was job-related. Many companies recruited from the talent pools within a reasonable distance from their offices. People moved from rural areas and suburbs to urban communities in search of job opportunities. Consequently, this has driven population growth in these urban centres. However, since remote work has made it possible to work from an entirely different planet, rural-urban migration has been observed to slow down. This has further led to ‘the urban exodus’, people who prefer the more laid-back vibes in the suburbs seem to be moving from bustling cities, and contributing to the economies of local communities.
Similar to the change in migration patterns, there is a shift in housing demands. As people don’t have to commute to work daily, they can avoid living in pricey city centres and opt for more affordable suburbs and smaller towns. This shift has been driving up property prices in these suburbs and lowering housing prices in the city centres.
Now that workers don’t have to leave their rural communities, remote workers are reshaping their neighbourhoods by stimulating their local economies with their earnings. They can now support small businesses like cafes, gyms, and local grocery stores.
As many companies no longer have a need for physical offices or require significantly smaller spaces, many business districts have empty or underutilised spaces. So far, some of these offices have been converted to office buildings, departmental stores, cafes, and co-working spaces. It has also altered lease agreements, with most property owners now opting for flexible lease arrangements that accommodate hybrid teams.
Also read: How global work culture is changing the way we live and earn
Moving from traditional offices means working online. So, there is increased pressure on ‘digital real estate’. Remote workers rely on cloud collaborations, video calls, and digital transactions, and require robust internet connectivity. This transition has prompted cities and network companies to expand their digital infrastructure, even into rural areas. Cafes and co-working spaces often offer reliable connectivity as a key selling point. Public WiFi initiatives are now common in parks and public squares.
The reduction in commutes has lowered emission levels and traffic congestion in major cities. However, there is also an increasing environmental pressure in the smaller towns and suburbs experiencing rapid population growth.
Banking needs are also changing. With many remote workers now working for international clients and receiving payments in foreign currencies, there is a growing demand for seamless cross-border payment solutions, which traditional banks have been struggling to provide. Between unfavourable exchange rates, slow payment processing times, and high transaction fees, remote workers face numerous challenges. This has necessitated a shift to emerging digital payment services, such as Grey.
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Also read: The role of fintech companies in empowering remote professionals
Remote work has become a powerful force shaping the future of cities worldwide. From real estate to digital infrastructure, its impact reaches across every sector of urban life. Banking needs are also rapidly evolving from what traditional banks can readily offer. With Grey’s multi-currency accounts, remote workers can easily receive payments from clients in USD, GBP, EUR, and even USDC without setting foot in a banking hall. Users also enjoy swift settlement, low-cost transactions, and competitive exchange rates.
Sign up with Grey today to reshape your payment process.
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