- December 21, 2021
7 Trends in Business Centres and Shared Office Space for 2022
Business centres that provide various types of office space for rent with flexible options were hit hardest by the pandemic and the resultant flight from office space. With a brand new variant – Omicron – the world has not yet moved into a true post-pandemic environment. However, many business organizations are returning to various types of office settings and flexible workspace is in high demand. There have been some changes in their needs and wants. Julian Clark, the owner of Boss Business Centres in Burnaby, has a finger on the pulse of the shifting demand patterns that are emerging.
1. People want flexibility with office space
“Business leaders are unsure of their office space needs in the months and years to come, so rather than lock into long term leases, they find it both convenient and advantageous to rent on a month by month basis with the ability to grow or shrink their office space at will”, says Julian based on his recent tenant rentals. This means that many business organizations are changing from conventional long-term office rentals to more use of business centres and flexible shared space arrangements. Julian sees more month-to-month subleases rather than annual terms. “We are also helping our customers by allowing them to change, add or subtract offices at no additional charge”.
2. Team meetings are a key rental factor
Many businesses and professional service firms require less office space than they did pre-pandemic as much of their workforce is now working remotely. However, these businesses often need to get their full team together from time to time. Julian notes, “We have seen a big uptick in the demand for professional meeting spaces, conference rooms, and boardrooms. During 2021 we reconfigured our existing space to provide more of this to be available on demand.”
3. More demand for private offices
With COVID-19 still an ongoing factor and considerable uncertainty remaining looking into the future, many businesses prefer to rent private offices rather than place their team members into co-working spaces or hot desks where no one knows those that are working in close proximity.
“We have seen an increase for smaller one or two-person offices, as employers want to err on the side of caution and prudence”, says Julian. “Often the employees themselves want to be back in an office but they want to ensure that they are safe.” BOSS responded by creating more private offices, ensuring more peace of mind.
4. Geographic Shifts in Office Space Preference
During the peak of the pandemic, so many workers learned to adapt to the changed circumstances while still being employed. They worked from home, eliminating a commute, some then having to balance family commitments. This has led to a change in values for many.
“We are also seeing an influx of tenants who used to work in Vancouver whose preference is now to rent office space closer to their home in Burnaby, Coquitlam, Port Moody, and New Westminster”, Julian observes. “They got used to not commuting.” The close proximity to the Production Way Skytrain station is another factor increasing the space demand at BOSS.
5. The Increase in New Business and Start-ups
This has been a big source of demand.
“We are also seeing a significant increase in startup businesses looking to establish a corporate identity for their new venture by availing themselves of Virtual office services. These startups are generally working from a home office and prefer the Virtual office to be close to where they live rather than in Vancouver.”
Most of these new businesses are run by younger, often high-tech people. This means that the quality of the business address and room to expand to on-demand space is much more important than telephones and answering services.
6. Counsellors are returning in large numbers
Counsellors are returning to their office spaces in large numbers. We have often heard that Zoom and other conferencing methods were adequate, but many found that they are not totally effective, especially when consulting with new patients.
Counsellors have special office space needs. They require their offices to be configured in a warm and friendly manner to promote confidentiality and closeness. In addition, counsellors have special reception requirements for balancing the coming and going of clients. As a result, many counselling practitioners prefer to be in business centres that have a number of their peers. At BOSS, we have many counsellors and other health care professionals, and as a result we have a complete set of specially furnished counselling rooms to choose from.
7. Work From Home (WFH) Fatigue
The final trend that is occurring in the demand for office space for rent is hybrid work arrangements. Julian has seen growth in the number of tenants who generally work from home, tiring of that environment as a full-time solution. They are choosing to rent office space in a business centre for one or two days a week. These new tenants cite different reasons: “I just want to get out of the house at times; I need to mingle with others; Some days I really need to focus; I have clients or co-workers I need to see”.
BOSS has changed some of its arrangements to better meet these requirements, including completely cleaning offices each evening. Thinking about renting office space Burnaby for you or your company? See why BOSS is the premier destination in the Vancouver, Burnaby, New Westminster and Tri-Cities area.
