Prior to the Covid situation, we already had examples of successful remote-only companies (eg. GitLab). Now companies are using the circumstances to experiment with existing hypotheses of going remote-only or remote-mostly. I know my company was already wanting to experiment, and I think we would have done so even in the absence of the virus. Now we know it works.
Why pay rent when you can offload the cost to your engineers? Many already have a home office, and the cost of furnishing their home environment is negligible. Employees may even get a tax write off.
This may be the new norm for everyone.
I shudder to think about what's about to happen with the corporate real estate market, REIT stocks, etc. It's certainly yet another death knell for WeWork.
I also wonder if this will begin making cities with low cost of living and affordable real estate attractive. Who wants to work out of their tiny New York apartment every day when they can have a dedicated room for their office in another city?