An increasing number of Toronto companies continue to adopthybrid work modelsdespite lockdowns fading into the past, meaning nine-to-fivers are spending less time in theoffice and spaces remain largely vacant.

While some workers areslowly transitioning from a completely remote work modelto commuting to the office twice, maybe three times a week, anew report from NAIOP Greater Toronto表明办公室spac的重要供应过剩e will remain until at least 2041.

The report, titledOffice Needs and Policy Directions in the GTA, was prepared by Altus Group and details three hybrid work scenarios — anywhere from the two to four days that employees will spend on average in the office.

In all cases but the four-day scenario, the report found that there will be "millions of square feet of surplus office space until 2041" in Toronto.

Even in this scenario, only 15 million square feet of new space would be required, which is about half of the pace of demand seen before lockdowns.

Given thesurplus of vacant office space, some advocates are beginning to call for greater housing opportunities in office-dense neighbourhoods, as well as more office-to-residential conversions.

"Given the current oversupply, projects in the development pipeline, and the weak projected demand for new office space, the report recommends that governments put policies in place to facilitate and incentivize the conversion of functionally obsolete office buildings," the report reads.

"As an association representing office building interests, it is unusual for us to recommend policies that would result in less office space," saidNAIOP Greater TorontoPresident Christina Iacoucci.

"However, with a likely significant oversupply of office space lasting potentially for decades, governments need to respond to changing work patterns and economic priorities. Many global urban centers are already addressing this challenge."

Office-to-residential conversions are already taking place in Calgary, where a new city program (comprised of five projects) is set to eliminate over 500,000 square feet of empty office space to provide residential space for over 1,000 people.