Office Vacancy Rate Could Peak in 2024 as Hybrid Work Gains Popularity 

A new report by Colliers Canada suggests that the national office vacancy rate could peak at 15% by the end of 2024 due to the rise of hybrid work models prompting companies to reduce their office space. The report found that office vacancy in Canada has risen from around 8% to 14% since 2020, but Colliers expects that figure to fall in early 2025, barring a major economic downturn over the next 18 months. 

A survey of 289 tenants of Colliers’ properties across Canada found 55% have finalized their approach to balancing in-office and remote work, up from 49% in the fourth quarter of last year. Commercial tenants are 10 percentage points more likely to renew a lease for each additional day their employees work at the office.

To read the full article, visit the Globe and Mail Website.

Xerox Announces Sale of Elem Additive Solutions to ADDiTEC

Xerox Holdings has sold Elem Additive Solutions to ADDiTEC, a leader in metal additive manufacturing solutions and applications. The sale to ADDiTEC follows Xerox’s donation of PARC to SRI International and the sale of the Xerox Research Center of Canada to Myant Capital Partners earlier this year, as the company focuses its strategic priorities and investments in innovation on core capabilities and offerings including print, IT and digital services.

To read the full article, visit the Xerox Website.

CCL Industries Announces Second Quarter Results

CCL Industries Inc. announced their second-quarter 2023 results. Sales increased 1.8% to $1,644.5 million, with an organic decline of 4.5% offset by 1.0% growth from acquisitions and a 5.3% positive impact from currency translation. Operating income was $242.0 million in the second quarter, with a $3.5 million non-cash acquisition accounting adjustment related to the Adelbras acquisition. Foreign currency translation increased operating income by 5.8%. The Company incurred a $2.9 million restructuring and other item expenses, primarily due to reorganization charges at CCL Design and transaction costs associated with current-year acquisitions. The second-quarter tax expense was $47.7 million. 

To read the full article, visit the Morningstar Website.

Cascades Announces the Complete Closure of Its St. Helens Plant

Cascades Inc., a leader in green packaging and hygiene products, has announced the closure of its St. Helens, Oregon Tissue plant, resulting in the complete shutdown of the facility. The decision follows the company’s repositioning of its tissue paper production platform to improve business performance. The plant’s annual capacity is 50,000 short tons of brown 100% recycled tissue paper, which are not integrated into Cascades’ network. Cascades will work closely with the 75 affected employees to reduce the impact and support those who cannot or do not want to be reassigned to other facilities.

To read the full article, visit the Cascades Website.

ACCO Brands Corporation Announces CEO Transition Plan

ACCO Brands Corporation has appointed Thomas Tedford as CEO and Board member effective October 1, 2023. Tedford will succeed Boris Elisman, who will continue as Executive Chairman until his retirement in the first half of 2024. The appointment is part of a succession plan that Boris and the Board have been preparing over the past few years. Tedford brings deep knowledge of the industry, customers, the overall Company, and its operating segments to his new role. Elisman has notified the Board that he will not stand for reelection at the 2024 stockholders’ meeting.

To read the full article, visit the Morningstar Website.