With the pandemic, the switch to telework and the current labour shortage, the reality for businesses has changed a great deal. They have no choice but to adapt in order to provide a stimulating work environment. This is in addition to having to reduce the costs associated with traditional workspaces, which are being used less and less optimally. All changes that are very favourable to flexible real estate.

To be able to keep working during the lockdowns at the start of the pandemic, many employees (those who could) had to set up a workstation at home and learn how to work far from their usual office, using technology to get through this unprecedented situation. Working remotely has given them greater freedom. They were able to cut down their commute and schedule their day to best balance family time and personal responsibilities. And they didn’t want to give that up! When the situation began returning to somewhat normal, a new work approach emerged: a blend of telework and presence at the office. The hybrid formula is now an increasingly popular.

Businesses are also grappling with a labour shortage. Only a few years ago, job postings would receive a ton of applications and the unemployment rate was a big concern. The trend has since reversed with the aging of the population. Now we are experiencing full employment and businesses in all sectors are having difficulty recruiting, not only in Quebec. Employers need to offer a variety of enticing working conditions to attract and, above all, retain employees. This includes not only a good salary, but also the possibility of hybrid work if the job allows and a work environment that suits the new reality.

In their quest to save money and to offer their employees greater flexibility and well-being, businesses are opting to rent smaller office spaces over the short or medium term. These spaces offer sufficient versatility to create dynamic and stimulating workspaces. Businesses are thus reducing their costs, given that real estate is one of their biggest expenses.
Moreover, to counter the fall in demand for traditional commercial properties, customizable workspaces and office adaptation in line with sustainable mobility trends are two aspects currently under development. The office space market has recently shifted to flexible and coworking spaces. One of the reasons for this change is a desire by businesses to make the workspace less restrictive, less standardized and more welcoming for employees. Clearly, flexible real estate has a bright future ahead!

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