The Silicon Valley Index highlights how that area of northern California is one of the most expensive areas of the country. For workers, rent, housing, and living expenses are through the roof. The same applies to business, with the land cost of Apple’s Silicon Valley headquarters totaling $160 million, and the final cost of the campus amounting to $5 billion (via Bloomberg).
Remote work ultimately gives workers the option to relocate somewhere their money will go further. Work/life balance also improves, especially as commuting time is effectively eliminated, which gives staff more time to themselves. Although some businesses, including Apple, may be resisting the shift, they can also draw benefits from remote work. A society more accepting of remote work allows businesses to downsize their offices and reduce overheads while providing a wider range of talent to access. Claims have been made that workers are more productive when operating remotely, and staff retention improves when remote work is offered (via SpaceIQ).
The remote-work revolution has given tech companies outside of Silicon Valley access to a far larger talent pool, allowing them to grow and compete like never before. These companies hired employees on the basis of being remote, so going back to the office was never on the table (via the New York Times). If Silicon Valley loses workers who demand the option of working remotely, more flexible companies could find a lot of new talent available.