Demand for co-working spaces could surge in Halifax

by Gerv Tacadena14 Nov 2019

The demand for flexible working spaces in Halifax is expected to increase next year, making it crucial for local landlords to consider jumping the co-working trend.

In a speech during CBRE's Halifax Market Outlook Breakfast, CBRE vice president for Atlantic Region Andrew Bergen said businesses seeking to succeed must look at adopting flexible real estate models.

"A realistic assessment of office tenant needs should include flexible workplace options, and local landlords will be forced to think outside the box in 2020. Co-working is coming and it's only a matter of when," he said.

Also read: There's still growth ahead for coworking space

Bergen said 60% of Halifax's population is the result of immigration, making the city a global destination for residents looking for jobs. As more start-ups and tech incubators start their businesses in the city, more office spaces would be needed.

However, the traditional office set-up might not be enough for these groups, whose culture thrives in flexibility. Furthermore, some tech incubators might not have an upfront capital to invest in long-term office solutions, spurring the need for flexible office options.

"Locking into a long-term lease with significant upfront construction costs is not a favourable option for many companies today. The business case for a large co-working provider establishing a presence in Halifax should be taken seriously," he said in a report in REMI Network.

Bergen said these up and coming companies need a workplace that promotes company culture and lifestyle.

"A strategic real estate model tailored to embrace flexibility and attract and retain top talent will reduce turnover and overall costs while accommodating future growth strategies," he said.

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