There’s no question that people and businesses worldwide will be seeking ways to earn more income once people slowly come out of quarantine, but perhaps not the way it used to be. While currently the market has virtually halted with respect to the sharing of items and spaces, the new perspective might bring an increased amount of minimalism to the world – and that’s a good thing.
For the next two years, displacement and change of space is going to be the new normal. Here are a few trends that we’re seeing with our customers:
o Tenants will be evicted from their homes for not paying rent;
o Offices will downsize and allow more people to work from home permanently,
o Parking might increase (because people don’t want to take public transit) OR decrease due to less people going to the office;
o Airbnb properties will open up to long-term tenants;
o Malls – who were already experiencing difficulties due to ecommerce – will need to repurpose completely;
o Office spaces and extra bedrooms will become storage rooms for nearby residents and businesses;
o Parking lots will convert space into stand-alone retail container shops;
o Apartments and hotels will accept long-term residents who were previously homeless or marginalized;
o In an effort to keep human interaction at a minimum, people will prefer to rent out space for vehicles or belongings vs a tenant.
“Space” will need to be redefined and more dynamic and the sharing economy will shift to opportunities where “human” interaction is minimized but money can still be realized.
Through conversations with some of Canada’s largest property management companies, it’s clear that space requirements are shifting and businesses (and people) need to reconfigure their spaces.
Property owners will need to be more creative with their space. Leases, currently negotiated at 3-5 years, should bend with changing needs of businesses to offer up short-term commitments.
Cities need to be more lenient with their bylaws and zoning. These out-dated rules require costly adjustments and legal applications, huge time commitments and red tape that no longer serves anyone other than government workers and lawyers seeking a paycheque. Businesses should be able to transform space far easier – from parking space to storage, from office to residential, from residential to commercial (within reason). In summary, people, businesses and government need to adapt fast, cut out the old paradigms
All of these factors need to be considered with new technologies.
Sharing-economy platform SpaceiShare, helps property owners manage and monetize their idle spaces. Their focus is to enable more transparency in the market so Renters can easily find and book space and make it simpler for Hosts to manage their property. SpaceiShare sees space as a fluid, purposeful and plentiful asset where every square foot should be monetized. Starting as a storage and parking marketplace, the space-management platform will soon enable users track all shared-space rentals, both for public and private access.