Research from Regus has found that the migration of flexible office spaces to areas outside of major markets is building a ‘flex economy’ that could contribute over $13.7 billion to Canada’s local economies over the next decade.
The analysis also revealed that an average of 144 jobs are created in communities with flexible offices, adding an extra $17.62 million to the local economy.
The boost in flexible offices is being driven by demand from large companies who are starting to move away from central headquarters and basing their employees outside of major metropolitan areas.
On average, an individual workspace in Canada can sustain around 238 jobs, including temporary positions, like creating the space, and permanent jobs such as reception and maintenance.
Additionally, flexible workspace help benefit local communities through a boost in Gross Value Added (GVA), which is the value of goods and services made in an area. Regus’ research found that the average flexible workspace in Canada will generate $29.55 million GVA each year, with $17.62 million going directly into the local economy.
“This study shows that working closer to home not only has a significant impact on the environment, but also on the local economy,” said Wayne Berger, CEO of IWG Canada and Latin America. “Access to flexible workspaces in smaller markets keeps spending power closer to home. We’re seeing an increase in demand from companies of all sizes for flexible space in smaller cities and towns.”