(Bloomberg) — U.S. bankers are planning to cut back on real estate to prepare for a world in which fewer workers make a daily commute to the office.
Roughly 61% of bank executives surveyed by Accenture Plc said they don’t expect all of their employees to be called back to the office, and more than 40% said they plan to reduce their real estate footprint as a result of the coronavirus pandemic and their new workforce strategies.
Many financial-services firms are considering a hybrid model in which employees come to the office three days a week and work from home the other two, according to Laurie McGraw, head of Accenture’s capital-markets practice in North America.
“One of the things the traders have said they miss is that informal dialogue and idea sharing that happens,” McGraw said in a telephone interview. “All of that is gone now. You talk with the people that are on your meeting schedule for the day for the most part. And the fluidity of idea exchange is missing in a lot of cases.”
The country’s biggest banks have slowly begun returning some workers to offices in recent weeks after sending them home in March to slow the spread of the virus. Still, some have had to pull back on their efforts as states around the U.S. see a spike in cases.
Jamie Dimon, JPMorgan Chase & Co.’s chief executive officer, said last week that he sees “huge benefits” to people working from offices. But earlier this month the company had to pull back on plans to return workers to Columbus, Ohio, as Covid-19 cases in the state jumped. And Citigroup Inc. has said it probably won’t bring even half its employees back until a vaccine is available.
Many of McGraw’s clients aren’t able to ditch real estate right away because they need space to ensure social-distancing guidelines are followed as staff start to return.
“They’re having to shut down every other desk, and the traders on the trading floor are all spread out,” McGraw said. “You almost need the same amount of space to bring half your staff back in a socially distant way.”
©2020 Bloomberg L.P.
Revolutionizing Real Estate – My Cowichan Valley Now
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Bridgemarq Real Estate Services Announces Voting Results from Annual Meeting of Shareholders – Canada NewsWire
TORONTO, Aug. 7, 2020 /CNW/ – Bridgemarq Real Estate Services Inc. (“Bridgemarq” or the “Company”) (TSX: BRE) announced the voting results for the directors elected at the Company’s annual meeting of shareholders held virtually on August 7, 2020.
Bridgemarq is pleased to announce that the holders of restricted voting shares have re-elected Mr. Colum Bastable, Ms. Lorraine Bell and Ms. Gail Kilgour to the board of directors. The results of the voting are summarized in the following table:
In addition, Brookfield BBP (Canada) Holdings LP, the owner of the Exchangeable Units issued by the Company and the holder of one special voting share, re-appointed Mr. Spencer Enright and Mr. Joe Freedman to the board.
The shareholders also approved the appointment of Deloitte LLP to act as the Company’s external auditors for the coming year, with 99.40% of those shareholders who voted approving the appointment.
About Bridgemarq Real Estate Services
Bridgemarq is a leading provider of services to residential real estate brokers and a network of approximately 19,000 REALTORS®1. We operate in Canada under the Royal LePage, Via Capitale and Johnston & Daniel brands. For more information, go to bridgemarq.com.
Bridgemarq is an affiliate of Brookfield Business Partners, a business services and industrials company focused on owning and operating high-quality businesses that benefit from barriers to entry and/or low production costs. Brookfield Business Partners is listed on the New York and Toronto stock exchanges. Further information is available at bbu.brookfield.com.
1 The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA.
SOURCE Bridgemarq Real Estate Services Inc.
For further information: Sarah Louise Gardiner, Director of Investor Relations, Bridgemarq Real Estate Services, [email protected], Tel: 416-510-5783
July Kootenay real estate sales at record high – Nelson Star – Nelson Star
Sales and prices of Kootenay real estate hit record highs in July.
The Kootenay Association of Realtors (KAR) reports that a total of 411 residential unit sales were recorded by the Multiple Listing Service (MLS) in July 2020, a rise of 19.4 per cent from July 2019.
The average MLS residential price in the region was $389,684, up 10.3 per cent from July of last year.
Total sales dollar volume in July was $160.1 million, a 31.8 per cent increase over July 2019, which saw $121.4 million in sales.
But KAR president Tyler Hancock doesn’t necessarily think the trend will continue.
“Though sales figures in the region have improved considerably this month, the market is still exhibiting signs of inconsistency,” said Hancock.
”The sharp spike in average prices and dollar volume can be attributed to the demand having sprung back while the supply is low. This dramatic sales growth is likely not a sign of normalcy in the Kootenay real estate market.”
Real estate sales have been steadily increasing over the last three months after taking a hard hit in the spring due to the COVID-19 pandemic.
May sales were down by more than 50 per cent compared to May of 2019.
Hancock says it is a demand for single-family homes that has been driving the market increase.
“We are anticipating this demand to continue as more home buyers are drawn to the Kootenays from larger, more densely populated regions,” said Hancock.
“Bringing equilibrium will largely depend on government policies and regulations, especially if we are hit by a second COVID-19 wave.”
While the monthly totals for July set records, year-to-date (YTD) sales dollar volume is actually down slightly at 1.4 per cent below the same period of 2019.
When broken down by sub-region, the West Kootenay accounts for the loss with a 3.7 per cent decrease while East Kootenay sales volume remained about the same as 2019.
YTD residential unit sales are also down by 7.1 per cent. The West Kootenay took the bigger hit with an 11.4 per cent decrease while the East Kootenay recorded a 4.1 per cent decrease.
But the numbers do reveal an improvement in the market compared to May when YTD figures showed a 24 per cent decrease in units sold.
However, the average MLS residential price for the year is up by six per cent at $362,332. For prices, it was the West Kootenay with the larger gain of 8.7 per cent and the East Kootenay with a 4.5 per cent gain.
The West Kootenay sub-region includes Castlegar, Castlegar rural, Grand Forks, Grand Forks rural, Nelson, Nelson rural, Rossland, Trail and Trail rural.
The East Kootenay sub-region includes Cranbrook, Cranbrook Lakes, Creston, Creston rural, Elkford, Fernie, Fernie rural, Invermere, Invermere rural, Sparwood, Radium, Kimberley, Kimberley/Cranbrook rural, Golden and Golden rural.
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