08:37:02 EDT Sat 27 Apr 2024
Enter Symbol
or Name
USA
CA



Colliers International Group Inc
Symbol CIGI
Shares Issued 48,703,182
Close 2024-03-04 C$ 161.05
Market Cap C$ 7,843,647,461
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Globe says for Colliers, hybrid work week here to stay

2024-03-05 09:04 ET - In the News

The Globe and Mail reports in its Tuesday, March 5, edition that workers are not interested in returning back to the office, at least not yet. The Globe's David Israelson writes that new data from Colliers Canada suggest that office-building owners and white-collar employers should not count on workers rushing back to their cubicles in 2024. The report by Colliers Real Estate Management Services on Canada's office market shows that vacancies are expected to rise by 1 per cent this year, peaking at about 15 per cent nationally by mid-2025. Vacancies may come down a bit next year, as people finally trickle back to their workplaces, says Colliers Canada president John Duda, but this is by no means certain. "The upward curve in vacancies hasn't stopped, either here or in the United States," Mr. Duda says. Colliers's report notes that the impact of hybrid work "is still placing upward pressure on vacancy in Toronto and the GTA [Greater Toronto Area], along with Vancouver and the [Greater Vancouver Area]." He agrees with the findings of the report, called Nearing the Path to Recovery, that the office vacancy rate is likely to settle in the middle of next year, but says some sort of hybrid work week will "probably be here to stay."

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