Latest Videos
The information you requested is not available at this time, please check back again soon.
Much of the focus on rising borrowing rates has been on how the added financial burden will affect regular mortgage payments for Canadian homeowners.
HSBC Holdings Plc distanced itself from its asset management unit’s head of responsible investment after the executive criticized the finance industry for worrying too much about the environment.
As the Fed hikes rates, fees for adjustable loans soar: Like paying for flood insurance as a “hurricane is making landfall” ’
Argentine companies are starting to refinance debt due next year as they lose faith the central bank will roll back restrictions that limit their access to dollars.
Building dense, mixed-use and largely car-free neighborhoods cuts carbon — and the benefits don’t stop there.
Jul 19, 2021
BNN Bloomberg
CALGARY - A new report suggests Toronto businesses are making plans to call employees back to the office.
The report, released last week by commercial real estate firm Avison Young, says office market activity in downtown Toronto remains muted due to the COVID-19 pandemic. The downtown office vacancy rate hit a new all-time high of 7.3 per cent in the second quarter, but the report suggests the market may be on the brink of recovery.
According to Avison Young, some companies that were trying to shed downtown office space on the sublet market are reversing course. Available sublet space fell for the first time in six quarters, ending the quarter at 288,000 square metres or 32 per cent of available space downtown. The report suggests this is a sign that some Toronto businesses are anticipating more employees will return to the office soon.
Some companies including TMX Group and Intelex Technologies have withdrawn sublet space from the market in part or altogether. In addition, Netflix's selection of Toronto over Vancouver for its Canadian headquarters affirms Toronto's status as a growing tech hub, the report said.
Other companies have already offered a glimpse into what return-to-work strategies could look like. Sun Life is allowing staff flexibility to decide their own work arrangements, while Apple has asked its employees to return to the office three days a week starting in the fall.
The frequency of remote versus on-site work will vary by industry, function, and location, as well as personal circumstances and preferences, Avison Young said.
“Downtown will be the catalyst for the GTA's growth when the market recovers,” Avison Young said in the report. “The possibilities of a hybrid workplace have helped shift occupiers' mindset from `will we ever return to the office?' to `when and how?'
Related
