Home offices are set up by people who work from home whether self-employed or telecommuting for an employer. Essentials within a home office often include a desk, chair, computer or laptop, internet capability, and adequate software like Zoom to connect with co-workers who are also working remotely.
With rental costs rising, many businesses have become dependent on home office space. Renting and furnishing a professional office space has become costly, especially in large metropolitan areas like New York City, Chicago, and Los Angeles. According to Brookfield Asset Management Inc., rents in New York City in 2022 for “quality” office buildings have climbed more than 30% from pre-pandemic levels.
Since the COVID-19 pandemic, Americans have changed the way they work. According to a Pew Research survey, one in five say they worked from home all or most of the time before the pandemic, but now 71% of those workers are doing their job from home all or most of the time.