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“Right now, we are in the middle of the storm,” said Wayne Berger, IWG’s chief executive for North America and Latin America. “We’re in the middle of the single largest … structural shift in commercial real estate and in how, when, where and what people call work.”Article content Nearly two in five managers prefer to be fully in-office compared to just one-fifth of employees, according to the report. Thirteen per cent of employees prefer fully remote work compared to just four per cent of those in management.
With companies moving towards flexible work arrangements, office-vacancy rates in Canada rose from 11 per cent at the end of 2020 to 13 per cent by the end of 2022. IWG took advantage of this trend to fuel growth by partnering with building owners. The owners put up capital to invest in a space and pay IWG a management fee to operate it. Over the past year, 90 per cent of new locations came from partnerships, compared to five per cent pre-pandemic, said Berger.
Now if only you'd write something about the tenuous investment that is corporate real estate and the fact that cubicles are just dumb ideas in the 21st century.
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