What Does COVID-19 Mean for Shared Office Spaces?

People around the world have been suffering from the onslaught of COVID-19 on 6 continents and virtually in every country on Earth. As numbers around the world continue to soar despite some hopeful statistics from Europe of a slowing down of the virus, many are left at home to wonder about their futures. This pandemic has impacted millions of lives by taking the lives of more than 100,000 worldwide and on track to sicken 2 million in the near future.  Meanwhile, global health experts are pleading with people to stay put in their homes and only go out when absolutely necessary. This was repeated by Justin Trudeau in a recent press conference when he stated that people should only be going out for walks or to the grocery store, and even then, it should be one person, once a week doing the shopping. These strict measures have come thick and fast in the past month with public schools being closed down on March 12th, non-essential businesses ordered to close down on March 25th with social distancing measures being recommended and later enforced for large groups.

The Economic Repercussions

All of these measures however, while necessary to save lives, has affected far more lives than the virus could ever hope to take. Statistics Canada reported that Canada had lost 1 million jobs in March with more job losses expected in the month of April. This is due to the massive decrease in demand from consumers for nearly all products besides foodstuffs and medical supplies. Almost all businesses have experienced a huge decrease in revenue which inevitably resulted in layoffs and the Canadian government’s decision to pass the emergency wage subsidy bill to provide a wage subsidy of 75% for businesses experiencing a 15% decrease in March and 30% decrease in following months in revenue or greater on the first $58,700 per employee. This plan has been absolutely essential for keeping people on company payrolls to make sure the economy doesn’t suffer a catastrophic collapse. This is because Canada has been one of the countries most affected in a financial sense by the virus. This is due to Canada’s heavily service-centric economy as well as Canadian’s high consumer spending linked with high levels of consumer debt per household. In fact, a study by Ipsos found that 50% of Canadians were $200 or less away from financial insolvency in the month of January. Unfortunately, this has led to many Canadians being extremely vulnerable to economic shocks such as the one we are experiencing today. For employers, now is one of the most important financial periods in a long time. It is essential now to crunch numbers, come up with plans of action or consider serious revamping for the future post-COVID-19 economic landscape.

A Place to Work

Many are now plagued with more work than ever yet receiving nothing in return. Although doing work at home might have seemed like a dream, nowadays it just feels like a drawl and we already wish for the world to go back to the way it used to be. The inherent problem with working at home is number 1, the deteriorated communication between workers. Communication while making huge strides in digital technology is still worse and less reliable than person-to-person. Another huge flaw is the huge variety of distractions right at your fingertips. At home, you can have a large T.V beside you, a fridge stocked up with food, kids running around and playing, and who knows what else? People work best in a quiet environment with as few distractions as possible with everything organized to be as productive as possible. This is precisely where alternative workspaces come in, and I’m not referring to private offices.

Shared office spaces are now some of the most attractive places for small and medium business owners and here’s why. Shared offices are: 1) Give people the ability to meet and discuss models, plans for the future and revamping of the business model during these turbulent times. 2) Provide a great environment: equipped with private cubicles, lounges and team rooms. 3) Are incredibly comfortable and convenient: are open 24/7, with amenities at your disposal such as fully furnished spaces and a kitchen. Finally, these shared office rentals are far more affordable than any private office space you can find for lease. There are no capital costs and no extra charges for utilities.

But Is It Safe?

With office space shared, concerns naturally arise about the health and security of you and the colleagues you choose to bring along. While social distancing measures advise people to keep at least 2m apart from one another, that doesn’t mean that shared offices are a bad idea. For one, with decreased traffic you might find your shared office to be a newfound private office with far lower rates. Facilities are also cleaned and sanitized daily according to government regulations. So if you plan to take a couple of your top workers to go and iron something out, just remember that shared offices in Toronto are always open and ready for you. In fact, shared offices might actually be safer than your own home! Considering they are sanitized daily, and demand is lower, you might have the office all to yourselves. That is in contrast to your home which is probably not wiped down every day and has your family which you hug and kiss and who might have gone to see their friends in the past week.

Conclusion

Ultimately, there’s no reason for not opting to use shared offices in the Toronto area. They allow for a far more productive work environment, allow easy communication without struggling with poor Internet connection, set you up with as few distractions as possible and provide you with all the amenities of your private office with a vastly reduced price tag. Not to mention that social distancing can still easily be accomplished in a workspace that might be even safer than your own home in respect to virus transmission. So why not book your shared office space today? Even if you’re not satisfied, there are even more options available such as virtual offices. To learn more, visit Agile Offices today!

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