Session B1:
The Changing Nature of Work and its Implications for the Office Market Across Canada: What are the Key Factors Behind These Trends? How are the Needs of Occupiers Changing and Affecting This Property Class?
Canada’s office market of more than 500 million sq. ft. was somewhat erratic this past year. While vacancy rates rose in some markets, they also reversed course in some others. What were the reasons for this trend when you consider that our major cities are witnessing the largest surge in new development in over 25 years? A significantly concurrent theme is the strong growth and shift towards coworking office environments. A major surge is occurring and accelerating whereby the office is becoming more than a conventional work space. The result is a range of business models and solutions provided by a number of players (Regus to WeWork to others) and the evolution of the concept of WorkPlace-as-a-Service (WaaS). This session will focus on the landlord and tenant decision drivers and response to the demand for this space, its amenitization, the implications for leasing, and how to engage the appraisal and capital markets to properly assign value to flexible leases. Can you “pick the lock on WaaS” including its demand, business, and balance with traditional leasing models and practices in today’s office market?
Moderator:
Stefan Teague, Executive, Managing Director, Cushman & Wakefield, GTA Market Leader
Panel:
Sheila Botting, Partner & Canadian Real Estate Leader, Deloitte
Tom Burns, EVP & Chief Operating Officer,
Allied Properties REIT
Dave McLaughlin, General Manager, WeWork, Northeast (U.S. and Canada)
Jonathan Pearce, Executive Vice President, Leasing, Ivanhoé Cambridge, Office & Industrial
Chris Tambakis, CEO, North America,
Adgar Canada