Office Market Discussion

[Changing City]

Originally Posted by cairnstone

The liberals and Gregor built a number of them mainly in the dtes and afew throughout DT. And the restoration business do love them. I have worked in a few and they are rough after a while

There are other threads that show many of new non-market projects around the City of Vancouver, some Downtown and in the DTES. There were projects in other municipalities too. Misher's description of the entire programme as a failure is nonsense, but that's often the way. Strangely, you won't find any of the discussion about those projects on this thread, perhaps because, before it was hijacked a few days ago, it used to be the Office Market thread.

[djmk]

Before this covid-19 🞵🞵🞵🞵🞵🞵🞵🞵, I was actively looking for a larger office space. I was reluctant to have staff work from home but now, that's all changed.

I wonder if this will trend faster and change everything

[scryer]

Originally Posted by djmk

Before this covid-19 🞵🞵🞵🞵🞵🞵🞵🞵, I was actively looking for a larger office space. I was reluctant to have staff work from home but now, that's all changed.

I wonder if this will trend faster and change everything

It will .

Working from home will not only be a trend but it will be necessary as rent and living expenses continue to climb. It's better wrap your head around it now.

[WBC]

The Ancient Ones talked of this thing called "Office" and something in it called "Water-Cooler", but the fog of time clouds my memories...

[SFUVancouver]

Originally Posted by WBC

The Ancient Ones talked of this thing called "Office" and something in it called "Water-Cooler", but the fog of time clouds my memories...

SHHHH!

We must not speak of the before times.

[csbvan]

And just think about the CO2 emissions reductions if segments of the workforce started to WFH permanently, or a few days a week.

[officedweller]

CO2 aside (because BC uses hydroelectric)...
Right now, energy usage is doubling up - workers working at home absorbing their own increased energy usage (heat and lights that would usually be off) while skeleton crews remain in office towers performing essential functions (and landlords are obligated under leases to maintain HVAC).

Examine your daily hydro usage on-line at the BC Hydro website - your weekday usage is probably now more like weekend usage.

[whatnext]

Originally Posted by djmk

Before this covid-19 🞵🞵🞵🞵🞵🞵🞵🞵, I was actively looking for a larger office space. I was reluctant to have staff work from home but now, that's all changed.

I wonder if this will trend faster and change everything

Yep, you have to wonder how it will effect things going forward especially as firms look to cut costs in the recession this will bring on. But then, I always questioned why tech firms had a burning need to locate workers in expensive Vancouver vs Calgary and was told it was the "creativity" stimulated by working together.

[Migrant_Coconut]

That's definitely a thing - you work faster if you've got somebody to bounce ideas off. And it's easier to hire and operate in a bigger city with more white collar amenities and a larger talent pool.

[WarrenC12]

Originally Posted by officedweller

CO2 aside (because BC uses hydroelectric)...
Right now, energy usage is doubling up - workers working at home absorbing their own increased energy usage (heat and lights that would usually be off) while skeleton crews remain in office towers performing essential functions (and landlords are obligated under leases to maintain HVAC).

Examine your daily hydro usage on-line at the BC Hydro website - your weekday usage is probably now more like weekend usage.

But how many industrial customers are shut down?

[djmk]

I take it all back. I hate working from home

[jlousa]

The company I'm currently with has 10K employees, they tried wfh after 9-11 and quickly nixed it because productively was almost 50% lower. Interesting now that we are forcefully doing another test even with 9yrs of technological advancements, the numbers are the same employees are 44% less productive then when at the office, those are huge numbers and easily quantify leasing expensive office space. If anyone is curious the breakdown shows productivity in the first 2hours is only 33% of that while at work, and in the last hour it's under 50% and that's the average, some people obviously are much worse and the rare person is actually more productive.

[Marshal]

I have an office, but also work from my home office/studio a lot. It takes discipline, but in my world deadlines and defined pieces of work dominate the production. A lot of work requires working with others, both in and out of house. Meetings are frequent, and while sometimes we can meet virtually, mostly it is best in person. Things like site visits, presentations to public consultation events, and meetings/presentations to municipal staff and councils are always in person (though not now). Typically, I let people work where-ever they want so long as they get the work done and on time. The exception comes when I want a high degree of cohesion and creative interplay; at those times we have periods of work where staff must be in office. It takes a bit to manage, but I have to manage the process closely anyway and don't find this aspect too onerous. I have good people working for me, and they are dedicated to the work. We have no problems with productivity.

Now, the office is shut except for printing and mail. Everyone is working where-ever. There will be no lay-offs. Financially, we will stick it out together if work begins to dry up.

[officedweller]

Originally Posted by WarrenC12

But how many industrial customers are shut down?

I was just referring to office workers working from home (and resulting doubling up of energy consumption), not industrial workers (not sure how many of them could work from home - office staff I guess - but many may be essential and not necessarily shut down).

Most people I know are still working - mostly remotely, but maybe going into the office once a week for a few hours to do stuff that can't be done remotely.
Clients are still in contact and following up on work to be done.
Our Firm's accounting, central filing, copyroom and adminstrative staff are still going in.
Law firms and accounting firms are on the essential services list issued yesterday.

[red-paladin]

Sorry for my inaction, I've been in self isolation. I'm better now. Please let's keep these threads on topic.

[officedweller]

Good to hear!

[Changing City]

The bailout of WeWork by a Japanese bank has fallen apart. With their precarious financial position, their future operation must be at far greater risk. Their leases are still costing them money, but few if any of their customers will be paying rent for a while, as they aren't essential businesses. Presumably Spaces , Regus and other similar shared workspace operations will be facing a similar situation.

[cairnstone]

I don't see WeWork surviving this market.

[misher]

Originally Posted by cairnstone

I don't see WeWork surviving this market.

I do but expect existing stakeholders to suffer. Perhaps it may be acquired and/or have to change names.

There's too much anticipated future profit. The Co-working market has potential once the economy recovers.

Just like Uber and Tesla can prosper while running deficits because people look at their potential.

[logan5]

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