COVID-19 - OFFICE Sector Implications - Commercial Real Estate
COVID-19 – OFFICE Sector Implications – Commercial Real Estate
As a result of the COVID-19 pandemic, investors, landlords and tenants are assessing impacts, adjusting operations and building and executing contingency plans to support people and their businesses.
The following assesses the impact of COVID-19 on the Office sector in the Canadian commercial real estate space and how key considerations can help through this changing climate.
OFFICE
Impact: Areas of impact for the office sector include remote working adoption and support of technology required to make remote work productive.
Most large organizations and tech-savvy companies have already established remote working options for their employees, but others haven’t.
In these cases, this period serves as a catalyst for workplace transformation as such companies rapidly learn and adopt new practices and perspectives on where and how employees can work.
Key Considerations: Diminished face-to-face interaction may present challenges for employee engagement and collaboration. Maintaining communication should be a top priority, as should ensuring technical infrastructure and support are in place to enable large employee bases to work remotely.
Companies are also beginning to plan for cost-reduction and containment. Some relocation decisions are being deferred through shorter-term extensions.
In the long term, however, organizations may be faced with having to downsize or leave their office space. In these cases, communication with an advisor would be essential, as potential options could include sublease agreements.
Landlords will continuously monitor the safety and risk levels of their buildings and effectively communicate this information to tenants. Landlords are also going to need to assess how to respond to requests for rent relief.
Source Real Estate News Exchange. Click here to read a full story
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