Meanwhile, Colliers says 21% of companies surveyed are considering flexible office spaces as part of their real estate strategy From alicjawithaj
January 24, 2023, 6:41 p.m.The office vacancy rate in Canada is expected to increase by 1.5 percentage points in 2023 before hitting a peak of approximately 15 per cent in 2024, according to Colliers.
The report from Colliers Real Estate Management Services, based on a survey of 394 companies across the country, says the average national office vacancy rate is expected to increase by 1.5 percentage points in 2023 before reaching a peak of approximately 15 per cent in 2024. The rise of the hybrid-work model since the start of the COVID-19 pandemic has already led to a significant reduction in office space, boosting vacancy rates as more companies allow people to work from home. According to Colliers, some 44 per cent of companies surveyed say they will not be providing a dedicated office or workspace for all employees, leading to a drop in the average square footage of office space per employee.
"We're definitely seeing landlords and tenants looking at different options for their offices now," Duda said.But while the hybrid-work model is here to stay, just half of companies say they have finalized how they will balance in-office and remote work, while 27 per cent are evaluating their current plan and 24 per cent say they have not developed one yet. Duda says this shows that businesses are still in the midst of "the big hybrid work experiment.
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