The Evolution of Work from Home and the Impact on the Real Estate Sector
This post is written by Trusted Partner, Equiton. To become a contributing editor, please contact our Real Estate Investor Solutions Specialist, David Maxwell at email@example.com.
Over the past few years, the working environment has experienced a dramatic transformation. The emergence of COVID-19 has had a significant impact on the working economy and the introduction of new technologies. As physical office spaces and permanent workspaces have declined, workplace flexibility, convenience, and amenities have become increasingly essential. This shift has had a considerable effect on Canada’s housing and rental markets.
The evolution of working from home has had a major effect on the real estate sector. As more companies and individuals choose to work remotely one or two days a week, the requirement for office space is decreasing while the demand for multi-residential buildings is increasing.
In the past, companies were wary of the idea of employees working from home. It was seen as a risk and often was not acceptable in the corporate world. However, times have changed, and the idea of remote working has become increasingly accepted by companies. This has enabled employees to work from anywhere in the world, without the need to be in the same physical office.
The emergence of technology has been a major contributor to the evolution of work from home. Companies are now able to equip employees with the tools they need to stay connected and productive while they’re away from the office. High-speed internet, video conferencing, cloud storage and virtual collaboration tools have become a necessity for many businesses.
The impact of working from home on the real estate sector is evident in the current market. As more people turn to this option, the demand for multi-residential spaces geared to working from home is increasing. These multi-residential buildings offer high-speed Wi-Fi, printers, coffee, large working space and semi-private areas to ensure a comfortable and productive environment. Residents are showing their appreciation for the investment by remaining loyal, while developers are reaping the rewards of extra revenue.
Alan Dillabough VP, of Development at Equiton has led the development of several projects across Canada. He has valuable insight into the changes developers must make to address the new needs of residents. In a recent interview Alan provides further insight, “At our property at 787 Vaughan Road in Toronto, Ontario, we converted a large one-bedroom suite to a two-bedroom suite in response to the work from home climate established during the pandemic. This resulted in a lower vacancy rate, increased rental revenue, a positive return on investment, and an increase in the property’s value.” Additionally, Equiton is always exploring other methods of optimizing space to meet the ever-evolving needs of our residents.
Buildings that are tailored to work from home offer a range of advantages without sacrificing workspace quality. This trend is likely to continue as more people opt for this option, and the real estate sector responds by providing more coworking spaces. Additionally, multi-residential buildings provide a sense of community and security, as well as access to amenities such as gyms, pools, and other recreational facilities. These buildings are often located in desirable areas, providing easy access to public transportation and other services. Finally, multi-residential buildings offer a cost-effective way to live and work in the same place, allowing people to save money on rent and transportation costs.
Since its inception, Equiton’s Apartment Fund has been a success story, with a growing portfolio of 34 properties in 17 communities across Ontario and Edmonton. Our portfolio of multi-residential properties is designed to maximize value for our investors and provide attractive homes for our residents and their evolving needs. From bustling cities like Toronto, Mississauga, Hamilton and Edmonton, our properties are strategically located to ensure maximum returns. Now is the ideal time to invest in multi-residential real estate. With Equiton’s Apartment Fund, you can benefit from stable returns of this asset class without the hassle of managing it yourself. Contact us today to learn more about our private real estate investment solutions and how multi-residential apartments can help you reach your financial goals.