THE ITALBEC INTERVIEWS

What were some main challenges that you faced with your business in the beginning of covid-19?

In the beginning, it was about managing the unknown expectations of the Tenants. On a retail level, we had to be creative and think outside the box due to all these restrictions and closures that the government imposed on shopping malls, commercial centers and restaurants. The steps and strategies that we were adopting with our Tenants were very short term, because the regulations presented by the government were changing so frequently. During that period, the Tenants and our company were both in unfavorable positions. We had to navigate through this difficult time and we helped each other out.

We tried to utilize the tools in place with all the information that was being exchanged, especially with the platforms that the government put in place in order to be able to move forward and get through this uncertain time.

How did your team adapt to these changes?

It was very challenging. Culturally, we wanted our team to be in the office and to re-establish schedules where we would overlap with one another. Therefore, we would be able to interact and to tackle these issues one-on-one. We found it to be more effective in order to assess the grander scheme of things.

For example, to keep a good communication and comradery between our team, we would gather in the boardroom and order food at lunch time in order to reinvent a new normal and to continue interacting together.

Are there any temporary or permanent changes that you forecast in your industry due to the pandemic?

We’re noticing that larger scale companies are implementing a hybrid formula whereby employees can divide their time working from home and at the office. We still don't know the full outcome on how that will impact our industry.

For the longest time, we were idling on new office spaces in the market or lease renewal spaces in our inventory. Now, we’ve started to experience some movement. Part of the difference is how the office space is being designed or remodeled. For instance, some companies may be downsizing, or potentially choosing to have the head office downtown and a secondary satellite office in the suburbs.

In the future, I believe that offices trends will typically go back to individual open spaces, but segregated areas with more glass partitions allowing sufficient light to penetrate and therefore permitting the employees to feel more comfortable in their respective work environment.

Did you see a shift in less rental inventory because employees are working from home?

At the moment, we are somewhat seeing it, but I don't know to which extent the impact is going to be on downsizing. For instance, like I said, there may be a shift towards companies downsizing their office footprint in downtown Montreal and in turn taking some additional space in the suburban markets. Some other companies are not necessarily pulling the trigger right away because they may feel that it’s going to start stabilizing in the near future.

Are tenants and owners asking for other things to keep employees attracted to the office?

Yes. For example, some employees that are coming to the office may be looking for a hybrid formula where they can work at least one day from home. Employers need to have that leverage to make their employees work in the office.

The more recent feedback that we are receiving for the request of office space is making the workspace more comfortable and practical. Common areas, such as the cafeteria, are going to have to be more spacious. On the other hand, the subdivisions of rooms and offices will have to be more private or exclusive.

What's happening with the downtown core properties, as far as retail and office space is concerned?

We need the majority of office workers to come back to the office. Hopefully by 2023, we're going to get the masses back in the downtown core. We truly need that for the downtown economy. Even though the workers were not residents of downtown Montreal, they had certain consumption habits that made a great impact on the economy.

What was the biggest lesson that you've learned throughout your career?

The biggest lesson that I’ve learned in my career is to be humble. I learned this through my upbringing. My father was fortunate in business and he did well for himself. His humility transferred into his business dealings as well. That is why I try to instill that approach with my team members today; in different facets. For instance, we could be transacting on a big deal and I would remind them to be level-headed.

Also, being nice to people is free of charge. It doesn't mean because you're nice to other individuals, that you're weak.

Is there anything that you wish you had known 10 years ago?

What I’ve implemented and graduated into is Time Management. I wish that I would've made that type of investment when I was in my late 20’s. I place a large amount of stock value in myself personally today in order to properly manage time; it has become the most important regiment in my daily routine. I am accountable to my calendar. If you're regimented, you're managing your time because it's your currency and you want to be able trade it off carefully, in order to be efficient. Now, if you're efficient, you get things done. Ultimately, if you are efficient then you want the outcome to be Effective.

What advice would you give a younger person thinking about going into your industry?

My advice would be to invest in yourself, better yourself, make yourself the best version in order to place yourself in an optimal position to excel. Devote the proper time, do the research and be prepared.

As you progress and evolve as an individual, you will pride yourself of such fundamental accomplishments. This is going to drive you forward. If you invest in yourself first, then others will invest in you.

How did covid-19 affect you personally?

We all had our challenges. I tried to show a very strong front. However, only my wife, my inner circle of friends and my work partners knew how it may have affected me on a personal level.

At the time, my older son was transitioning from kindergarten to first grade. It was a big shift for him; he attends French school and we speak English at home. He realized that it’s not just about playtime any longer.

Children are primarily in classrooms to learn, but they're segregated in these classrooms and they’re wearing masks at all times. They have all these parameters and restrictions that don’t make sense to them. In consequence, these young kids develop high levels of anxiety.

Such situations and challenges would get me upset. I would not get emotional, but yet it would get me angry and frustrated. Such anger would bring out my negative mind frame and I avoid being negative as much as possible.

What’s one thing that people are generally surprised to learn about you?

I like to convey to others that I'm a patient person, and that's the perception. I’m not as patient as a portray. My wife, and those close to me are very privileged to see my weaknesses.

Do you think that covid-19 will still continue to impact us five years from now?

Although covid-19 is a worldwide issue, those in power have the ability to manipulate the landscape and potentially maintain a level of fear on the population. We cannot start taking care of it regionally, if the interference is coming from the international platform; that must primarily be resolved. On a smaller scale, it’s important that we form logical opinions based on the proper sources to help resolve such covid-19 related issue.

In a few years from now, I'm not entirely convinced that we won’t feel the backlash and impact that covid-19 has instilled on the World economy.

What inspires you?

There are still quite a few things that can inspire me on an individual level. However, the most important element is being surrounded by good people. My friends and family are very dear to me. I always look forward and value spending time with them.

To learn more about Claudio Celli, Executive Vice President at ASGAARD, visit the following website www.asgaard.ca