It seems that 2018 is the year of coworking in Canada and WeWork is at the top of that trend.
WeWork is capping off their explosive 2018 in Canada with two new locations: 357 Bay Street and 171 East Liberty Street. These two new locations mark six total Toronto WeWork spaces officially unveiled in 2018 alone—including the Bloor Street location that had its ribbon cutting this past February but opened its doors in December 2017. The first Toronto WeWork opened in September 2017 and remains as the company’s flagship, spanning over 60,000 square feet and becoming the company’s first-ever office to open at 100 per cent capacity.
The new 357 Bay Street WeWork will open in the second half of 2020 and sit at the heart of the city’s financial district. The location will be spread over 11 floors and hold more than 1,000 desks.
“This is an extremely important building for WeWork in Toronto for many reasons,” said Chris Bonneville WeWork’s director of real estate management for Northeast Canada. “It is our second in the core of the financial district, it is a standalone, landmark building and there’s huge potential for WeWork’s member companies to change the makeup of this intersection.”
The Bay location is WeWork’s first partnership with Dream Office, a real estate investment trust that owns several buildings across Canada.
WeWork’s other new location, 171 East Liberty, is located in the heart of Liberty Village in the soon-to-be-completed Liberty Market Tower. This location will span three floors and also house more than 1,000 desks.
“Liberty Village has emerged as an innovation and creative hub for businesses in Toronto and our newest location, the brand new Liberty Market Tower, will be an amazing addition to our portfolio in the city,” said Bonneville.
WeWork will have close to 5,000 members in Toronto by the end of 2018, and these rapid expansion plans match the goals the New York-based company has set out. Earlier this year, WeWork said they want to open 20 total locations in Toronto alone by 2020. WeWork has done a lot to expand their presence in the city besides actually expanding their locations—they introduced a startup passport in the summer, and also launched their Labs program in Toronto this past fall.