Canada’s national office vacancy rate is at its highest level in almost three decades. Interestingly, law firms are retaining their spaces at a rate that outpaces banks and professional services companies, revealed Colin Currie, Vice President at commercial real estate company CBRE.
According to Currie, these law firms are exercising what he describes as a “measured approach”. “They’re trimming their space, but they’re reinvesting into their space and they’re committing long term for the most part,” he was quoted saying. This information comes amid the ongoing trend of ‘rightsizing’ office spaces to suit the ‘new normal’ in the wake of COVID-19’s transformative impact on work patterns.
The principles of ‘rightsizing’ seem to be more about making optimal use of available space rather than drastic reductions. As businesses adapt to the aftermath of the pandemic, efficient and flexible use of office space appears to be increasingly pivotal role.
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