Canada’s Entrepreneur

Scott Barras, Head of Work Dynamics, Canada, for JLL, discusses a recent survey by the commercial real estate company on the Future of Work.

The video can be seen here.

 CHICAGO, Sept. 9, 2024 – Despite the challenging commercial real estate landscape and mixed economic environment, global business leaders are bullish on the future, with two-thirds (65%) expecting their CRE budgets to increase between now and 2030, as revealed in JLL’s (NYSE: JLL) Future of Work survey. The biennial, global survey explores the evolving world of work by assessing the key priorities, challenges and strategies that are top of mind for more than 2,300 business and CRE decision makers.

This year’s findings are unveiled through a series of articles exploring key areas of focus for corporate real estate teams: Managing the implications of shifting work patterns; Partnering with the C-suite to support CRE investment; Identifying CRE activities for ‘AI copiloting’; Moving from ambition to action on sustainability commitments; and Defining the future-fit CRE function. The first two articles, launched today, dive into the effects of shifting work patterns on workplace expectations, and what the changing world of work means for the way the CRE function operates as more than 64% of leaders expect to increase and rebalance their headcount by 2030, in an attempt to recruit the right skills for the future.

“Since our 2022 survey, the CRE landscape has become increasingly complex and dynamic, evolving toward better office use. We see that in these results, and in our conversations with clients,” said Neil Murray, Global CEO, Work Dynamics, JLL. “Looking ahead, business and CRE leaders working to drive talent and efficiency throughout their organization must consider the unique needs of their organization, and leverage tools such as tech, AI, and upskilling, as well as strategic partnerships across the value chain to enable the CRE function to reach its full potential as a powerful agent of transformation.”

Competing visions on the most efficient workstyles create renewed CRE challenges

Business leaders are mainly focused on three corporate goals over the next five years: growing revenue through expansion and M&A (57%), attracting and retaining talent (53%) and achieving organizational efficiency (54%). However, the juxtaposition that lies between driving revenue growth through top talent and increasing efficiency requires leaders to delicately balance priorities and assess the role of offices as places that enable employees to deliver their best work.

Strong momentum toward office-based work since 2022 has brought forth expectations among respondents to increase use of office space (62%), where more than half of leaders plan to grow their total footprint over the next five years. Today, 44% of organizations are considered “office advocates,” who would like to see staff in the office five days a week – as compared to 2022, when just 34% of employees were working in the office full time. Hybrid work is here to stay, but the office is central to work again. Today, 85% of organizations have a policy of at least three days of office attendance per week, and 43% expect the number of in-office days to increase by 2030

Globally, hybrid work is more likely to take place at large organizations in EMEA, where hybrid workstyles are considered a key part of the employee value proposition, and largely in sectors including e-commerce, energy & renewables, technology and life sciences. Office advocates alternatively tend to be small-to-medium sized companies in APAC or the Americas, across sectors such as healthcare, retail and manufacturing. Beyond those big trends, the reality is often more complex, with different workstyles coexisting within many organizations.

Today’s office advocates also make a concerted effort to address diverse workplace needs – they are more focused on making accessible workplaces (49% vs. 36% of hybrid adopters), tailored to meet the needs of different generations, cultures, and neurodiversity specificities, and may even pay a premium to occupy buildings with leading health and wellbeing credentials. With office attendance may also come new opportunities for compensation and career advancement– more than a third (39%) of respondents could envision introducing different pay and benefits to employees who attend the office regularly.

“The future of work looks different across companies and regions, reflecting the unique nature of organizations and employee needs. It keeps shifting and requires building evolutionary office programs and spaces, able to adapt to continuous changes in the workstyles,” said Cynthia Kantor, CEO, Project & Development Services, JLL. “Globally, as CRE budgets and footprints receive new investment, the corporate real estate function must effectively partner with the C-suite to demonstrate the desired value.”

The corporate real estate function can serve as a powerful agent of transformation, particularly with the use of technology, AI and the support of strategic partners

 The value the corporate real estate function can deliver will vary depending on the needs of the organization and regional priorities. Globally, business leaders believe CRE can add the most value by supporting business growth (41%), enabling organizational efficiency (38%) and reducing operating costs (37%). Environmental, social and governance (ESG) factors are also an area in which the CRE function is expected to add value, especially in EMEA. Organizations in the Americas are more likely to expect CRE to support business growth, innovation and efficiency, while companies in Asia Pacific are more focused on digitization.

These varying expectations around value require agility throughout CRE functions, in a context where 41% of CRE decision makers report challenges with thinking and investing for the long term due to the pace of organizational change. The same percentage believe CRE is perceived as a cost center, rather than a value driver. Identifying the right metrics and ways to demonstrate value, in addition to strengthening relationships with the C-suite, will ensure CRE is more integrated into the wider business and positioned to quickly adapt to changing priorities – 46% of CRE leaders say influencing and leadership will be critical skills in the future.

Technology is also emerging with greater impacts for CRE, as more decision-makers expect to report to business transformation or technology by 2030. CRE leaders believe that 70% of their activities will be at least partially supported through the use of AI by 2030, and a quarter of the CRE function could be initially completed through automation – freeing up time for more strategic work. Nearly two-thirds (62%) of decision makers see technology and AI adoption as critical for enhancing the value that CRE delivers in the future. A ‘future fit’ CRE team should focus on high value-add tasks internally, while automation and AI take on routine and repetitive tasks and outsourcing partners are brought in for specialist tasks and individual projects.

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list. He was also named by RETHINK to its global list of Top Retail Experts 2024.

About Us

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With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.

The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada’s Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story

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Paul Atherton is the CEO and Co-Founder of Highspire, a premier learning experience for construction company owners, complemented by a powerful venture capital division. With a wealth of experience as a seasoned business coach and professional engineer, Paul has been guiding businesses toward success since 2017. His expertise is deeply rooted in the construction industry, where he has made significant contributions across North America and China, working with clients in key sectors such as onshore/offshore oil and gas, mining, and manufacturing.

Beyond his leadership at Highspire, Paul is a long-time advisor in the construction sector, known for his strategic insight and ability to drive growth and innovation. His commitment to excellence, coupled with his industry-spanning experience, has established him as a trusted figure in helping companies navigate complex challenges and achieve their strategic goals.

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Hanson Zhang is one of the owners of Three Bridges Group, a real estate development company. As a Chinese immigrant who moved to Canada 14 years ago, Hanson is captivated by nature's beauty and the Canadian people's warmth. However, the awe-inspiring Niagara Falls left a lasting impression on his family during their North American tour in 2008 before they immigrated As Three Bridges one of their projects is to build a stunning mega mixed-use complex in front of Niagara Falls that matches the natural wonder's beauty. They have purchased the property already and aim to create a space that will serve our beloved tourists in the best possible way.

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Renata Reid, a seasoned Sales Associate and Senior Vice President of Sales with 20+ years in Calgary's real estate scene. is a Certified Luxury Home Marketing Professional and Global Real Estate Advisor. She seamlessly blends marketing prowess with senior sales savvy.

A Calgary resident for 21+ years, Renata brings an intimate grasp of the local market. Her commitment to excellence, coupled with a straightforward and sophisticated humor, sets her apart. Renata excels in tailored marketing and exceptional negotiation, making her the go-to for condos, residences, or luxury properties.

Her approach combines thoughtful advice, honest opinions, and unwavering integrity. A top-performing senior agent, Renata fosters trust with her approachable personality.

Committed to the community, she supports local organizations like The Calgary Emergency Women’s Shelter, Canadian Christian Outreach, Rotary Club, Calgary Food Bank, and Mustard Seed.

Renata's passion for unique open houses with live music and special guests adds flair to her real estate expertise. Strategic pricing and a touch of wit make her the ideal choice for those selling their homes.

Active in running, kayaking, and cross-country skiing, Renata mirrors her enthusiasm for the communities she serves. Choosing Renata means a seasoned professional with a dash of wit for an enjoyable real estate journey.

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Victoria Taylor, hailing from Vancouver, Canada, is the marketing consultant you want on your entrepreneurial journey. With nine years of experience and a sharp focus on the tech, SaaS, and fintech sectors, she’s not just talking the talk—she’s walking the walk. As the founder of Xisme, Victoria is revolutionizing how businesses create and interact with content. Her professional journey has taught her that success is about more than just hitting targets; it’s about embracing challenges and growing with them. Whether leading workshops or executing game-changing strategies, Victoria brings her unique blend of expertise, wit, and no-nonsense advice to every project. Tune in as she shares the real lessons she’s learned from her path to becoming a successful entrepreneur.

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Liran Belenzon is the CEO of BenchSci, a biomedical artificial intelligence company he co-founded in 2016. BenchSci’s mission is to exponentially increase the speed and quality of life-saving research, by empowering scientists to design more successful experiments.

BenchSci has grown to over 300 people and raised more than $200 million from top investors, including Google's Gradient Ventures and F-Prime. BenchSci works with 15 of the world's top 20 pharma companies, over 4,300 academic institutions, and more than 40,000 scientists. As CEO, Liran strives to inspire people to be the best version of themselves and to make a positive impact on the world. Liran emigrated to Toronto, Canada, and completed his MBA at The University of Toronto’s Rotman School of Management. While at Rotman, he worked in the Creative Destruction Lab (CDL), where he met BenchSci co-founders Tom Leung, David Chen, and Elvis Wianda. As a passionate entrepreneur, Liran envisions a future where Toronto and Canada are global leaders in entrepreneurship.

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Celine Guo, based in Toronto, Canada, is a dynamic entrepreneur and content creator. After graduating from Boston University's Media Ventures program, she bootstrapped her skincare and lifestyle brand, Sunday Glow, in 2020. Within two and a half years, she grew it into a seven-figure business. Celine continues to drive the expansion and success of Sunday Glow with her innovative vision and strategic expertise.

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Nick Palucci, Senior Director, Home Equity Finance Acquisition & Distribution, RBC, discusses a recent report indicating home ownership is still a goal for many Canadians despite affordability challenges and inflation.

The video interview can be seen here.

PRESS RELEASE

At the same time, the research found that half (50%) of Canadians say inflation is eroding their ability to save for a home. This challenge is acutely felt among those planning to purchase a home within the next two years. Among these potential buyers, there has been a 37% decrease in the total amount they have saved to put towards buying a home. Among those who have saved some amount, 36% say they aren’t putting aside money every month for a home purchase (up from 8% in 2023). Even with this setback, 41% of overall potential home buyers say it will take them four years or less to save enough for a down payment.

“Canadians have a lot of headwinds to face as they look to purchase a home today, whether they are a first-time buyer or searching for their next home,” says Janet Boyle, senior vice president, Home Equity Finance & Newcomer Strategy, RBC. “While affordability anxiety remains, our research found that many home buyers are exploring different approaches to realize their dream of home ownership.”

Canadians explore various strategies to cover the cost of home ownership

Family also continues to play a big role, with 62% saying financial support from family is necessary to buy a home and 19% saying they have or will need to buy a home with their family/parents. But support from family might not always be available with 39% of respondents saying they want to give family members money for housing or rent, yet can’t afford to do so. The majority (54%) also say they would prefer to have their child/family live with them to help them save money rather than provide financial support.

Mounting costs and inflation putting pressure on next-time home buyers

The research also found that three-quarters of next-time home buyers (76%) believe the housing market in their community is overpriced. Two-thirds (64%) say they wouldn’t be able to purchase their first home in today’s market and the same proportion (64%) believe they would need to move out of the city they are currently living in if they wanted to buy a larger home.

Newcomers are eager to buy in the near future

“Whether it’s your first or next home, with so many decisions to make it’s easy to feel overwhelmed when thinking about buying a home,” adds Boyle. “Whether in person or online, getting expert advice and having conversations early can help take a lot of the unknowns and stress out of the home buying process. Having a financial expert on your side who has a full picture of your finances can also help you build a home buying plan that aligns with your finances, goals and lifestyle.”

RBC resources to help home buyers at every step:

RBC True House Affordability Tool: See how much home you may be able to afford and learn about different mortgage options.

RESPONSE

CAN

BC

AB

SK /

ON

QC

AC

NTHB

Newcomers

% Agree – Base: All Respondents

Always dreamed of owning a

64 %

64 %

54 %

66 %

66 %

64 %

65 %

66 %

73 %

Rising inflation is causing me to

50 %

51 %

51 %

58 %

50 %

51 %

44 %

64 %

68 %

Would need a side hustle or

57 %

62 %

58 %

62 %

60 %

47 %

53 %

51 %

75 %

Have/will need to live with my

27 %

32 %

25 %

30 %

31 %

20 %

19 %

30 %

46 %

Would need to overhaul my

45 %

52 %

43 %

50 %

45 %

38 %

48 %

51 %

49 %

Financial support from family is

62 %

67 %

64 %

58 %

68 %

51 %

56 %

64 %

69 %

Have/will buy a home with my

19 %

23 %

13 %

20 %

22 %

14 %

13 %

33 %

41 %

Prefer to help my family/child

54 %

51 %

53 %

55 %

58 %

51 %

51 %

64 %

61 %

We only have a small window of

34 %

36 %

32 %

36 %

39 %

26 %

36 %

50 %

56 %

Housing market in my

77 %

85 %

65 %

76 %

79 %

73 %

82 %

76 %

72 %

% Selected – Base: All Respondents

Buying a house or condo is a

60 %

67 %

60 %

59 %

62 %

50 %

59 %

79 %

79 %

Likely to buy in the next two

29 %

31 %

31 %

31 %

30 %

27 %

21 %

100 %

65 %

In terms of inflation, concerned

58 %

60 %

61 %

65 %

63 %

43 %

60 %

66 %

76 %

In terms of inflation, concerned

44 %

52 %

40 %

41 %

47 %

36 %

39 %

51 %

71 %

Would give family members

39 %

40 %

40 %

32 %

39 %

42 %

39 %

30 %

40 %

% “Agree” – Base: Homeowners

While I already own a home, I

69 %

75 %

64 %

63 %

72 %

65 %

76 %

64 %

54 %

If I want to own a home/larger

51 %

67 %

44 %

43 %

56 %

43 %

47 %

64 %

57 %

*NTHB – next-time home buyers (i.e. those who currently own a home and are likely to buy again in the next two years)

About the Survey

Disclaimer

About RBC

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list. He was also named by RETHINK to its global list of Top Retail Experts 2024.

About Us

Canada’s Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast.

With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.

The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada’s Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story

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