The coworking industry has become a significant part of Canada’s office market over the past few years, but can that growth continue after government-imposed lockdowns?
At the Canadian Real Estate Forums webinar, Wayne Berger, CEO of the Americas for IWG, said that all of its Canadian locations are open as they cater to many clients that are considered essential, but occupancy levels still remain low. He added that IWG is doing what it can to support its members, which range from individuals to large corporations, during this difficult time.
Executive managing director and Greater Toronto Area market leader Stefan Teague, who served as the webinar moderator, said that many large companies are attracted to coworking as it helps cut costs and can boost productivity among employees, but the high density of these spaces is not appealing.
Still, as companies face major downsizes and the need for more affordable workplace options, many will opt to sub-lease their space. Berger added that operators will need to ensure that their spaces accommodate physical distancing guidelines, as well as deep cleaning protocols.
Dream Office REIT chief operating officer Gordon Wadley believes that operators that prepare to meet the needs of the workers of tomorrow will come out successful.