It is encouraging that the growth of the Canadian real estate sector offers a sign that the recovery from the downturns caused by the pandemic is in full swing. As the rebound progresses, three emerging trends will strongly influence the future of property management:
Space as a service
Almost two years of remote working imposed by the pandemic has instilled a greater appreciation for flexibility and mobility among workers. Coworking agreements offer both. The Gensler Research Institute estimated the global flexible workspace market to be worth $ 26 billion in 2019.
Businesses are starting to realize the value of coworking in attracting talent, promoting job satisfaction, and lowering rental costs. Traditional office space isn’t obsolete, but employees want and often need to work from multiple environments. Despite the COVID-19 pandemic, Gensler said, the industry will continue to grow and prosper after the pandemic.
Shared space operators, in turn, adapt to growing demand by managing operations, accounting, marketing, lead management, voice, and communications services from one technology platform. unique.
This means that the traditional office model will no longer be the only one, and maybe not even the dominant working model. Efficiency and connection will replace physical proximity, with technology capable of uniting remote workers serving as a catalyst. There is no longer a single definition of âofficeâ.
A range of real estate stakeholders, including potential and current employees, shareholders, investors and surrounding communities, increasingly consider environmental, social and governance performance in their decision-making. As ESG data and its link to overall performance becomes more widely available, the potential of ESG to influence virtually every aspect of business performance, from energy management to due diligence, evaluation risk, architecture and design, will only increase over time.
âMore and more investors are integrating ESG risks into their investment process. Given the large size and specialized nature of real estate assets, the investment community has demanded sophisticated tools to more accurately identify real estate companies that own more durable properties and integrate this information seamlessly into their investment process. Â», Michael Orzano, Senior Director of S&P. Dow Jones and Sander Paul van Tongeren, managing director and co-founder of GRESB, jointly noted.
The “city at 15 minutes. “
Defined as a community where people can work, shop, learn and play within a 15-minute walk or bike ride, the 15-minute city has its origins in the idea of ââ’neighborhood units’ of the 1920s and of the âlocal lifestyleâ that followed. complete communities âandâ walkable âvariants.
This concept envisions mixed-use neighborhoods instead of specific areas for working, living and playing, reducing the need for unnecessary travel, strengthening a sense of community and improving sustainability and livability. He gained a new currency during the lockdowns caused by the pandemic.
Study shows that one-third of Canadians now want a ride of less than 15 minutes. Twenty-two percent want to work entirely from home, while 40 percent want a hybrid. This has spurred a re-examination of urbanization and the technology associated with remote working.
âThe pandemic hasâ¦ given us a taste of what life could be like with an urban model that allows shorter or longer journeys, more time for our family, friends and the things we love, and neighborhoods greener and more pedestrian, âsaid C40 Knowledge, a climate city resource. âThe 15-Minute City Approach offers a way to build on positive change to stimulate local economies and deliver lasting benefits for health, well-being, equity and climate. As cities work to recover from COVID-19, the 15-minute city is more relevant than ever as an organizing principle of urban development. “
This new sense of relevance has prompted a search for innovative technology that integrates multiple elements of work and lifestyle. Property managers and tenants now have options for contactless access to facilities, remote control of units, shared facilities, efficient website presence, efficient energy management, concierge service electronics, online payments and communications, on-demand work resources and entertainment.
Transparent computing for coworking spaces, for example, is available through centralized access to cloud-based corporate networks, the internet, voice services and more on a technology platform. Other platforms include demand-driven energy management systems for heating, ventilation, air conditioning and lighting that maximize the energy efficiency of a facility. Meanwhile, the portals provide businesses and tenants with convenient options for online self-service for marketing, rental, payments, communication, purchasing, and many other operations.
Coworking, ESG and the growing integration of work and personal activities have moved beyond niche status to become expected elements of property management as well as competitive differentiators. Cutting-edge technology and software applications provide tenants, residents and businesses with a catalyst for a successful transition to new property management paradigms emerging in the post-pandemic era.