Office Workers Still Aren’t Back in Full Force, So What’s Next for Canada’s Downtowns?
The national downtown office vacancy rate in Canada is at 18.9%, the highest in the last 10 years, according to commercial real estate firm CBRE. This is the highest in about the last decade, with some of the highest vacancy rates in Edmonton, London, Ontario, and the Waterloo Region in Ontario. The pandemic-era trend of working from home has compounded a downtown exodus that began during the 2014 oil price crash.
Downtown businesses and restaurants across Canada are struggling to make ends meet without a daily crush of office workers providing a reliable customer base. Business leaders and advocates are seeking federal support to help fix decaying downtown infrastructure and extend COVID-era business loans. Kate Fenske, chair of the International Downtown Association Canada, believes that injecting new life into Canadian downtowns isn’t just about patching holes that have emerged post-pandemic, but also about building downtowns that make sense for the way we live and work.
For more information, visit the CBC Website.
Toronto’s Empty Office Space Crisis Worsens as WeWork Teeters on Bankruptcy
Shared workspace company WeWork is filing for bankruptcy protection, owing $18.7 billion in debt and $15.1 billion in assets. The move comes amid the office rental market’s struggles due to the work-from-home trend, a slumping economy, and a struggling technology industry. The company plans to rip up leases at underperforming locations and seek protection from Canadian creditors.
For more information, visit the Toronto Star Website.
Avery Dennison Announces Third Quarter 2023 Results
Avery Dennison Corp reported a 9.4% decrease in Q3 2023 net sales, a 29% decrease in operating income, and a 38% decrease in net income. The company spent $204 million on acquisitions and returned $309 million to shareholders through dividends and share repurchases. Despite this, the company’s balance sheet remains strong, with a net debt to adjusted EBITDA ratio of 2.6x at the end of Q3.
For more information, visit the Avery Website.
Bernard Lemaire, cofounder of Cascades, passed away at the age of 87
Lemaire was a visionary, generous, and charismatic man who inspired many to participate in the company’s project. Cascades employees and the public are invited to a celebration of his life on November 29, 2023. Tributes will be held at Centrexpo Cogeco, and a funeral service will be held on November 30 at St-Frédéric Basilica.
For more information, visit the Cascades Website.
