Demand for flexible workspace in Canada surged by 37 percent in 2020, and continues to rise, according to The Instant Group’s Canada Flex Market Review, released this week. Yet, despite interest, operators have been forced to reduce rates in many markets to retain clients and attract new companies.
Demand for flexible workspace in Canada surged by 37 percent in 2020, and continues to rise, according to The Instant Group’s Canada Flex Market Review, released this week. Yet, despite interest, operators have been forced to reduce rates in many markets to retain clients and attract new companies. Many workers have been unable to return to the office for more than 18 months, and as a result, desk rates suffered in cities like Toronto where return to office lagged.
In Toronto and Montreal, rates declined the most in 2021 when compared to 2020. In Toronto, the average cost per desk was $646, a 28 percent decline from 2020. Montreal saw an 18 percent decline year-over-year, with an average 2021 cost-per-desk of $549, rates provided in Canadian dollars.
Vancouver, Ottawa, and Calgary fared better. Vancouver declined just five percent, to an average desk rate of $837. Calgary was flat year-over-year with an average desk rate of $556. Ottawa’s cost-per-desk increased one percent in 2021 over 2020, to $455.
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