[bctt tweet=”Although WeWork has experienced an unpleasant past few weeks, a new report from CBRE Canada shows that the country is experiencing a coworking boom.” username=”allwork_space”]
Flexible office spaces are expected to reach over 6.1 million square feet by the end of the year, a 300% increase from 2014. Additionally, 1.3 million square feet is expected to be added to Toronto, Vancouver and Montreal.
“We haven’t seen a new type of office tenant emerge with such speed and dominance since the dot-com boom,” said Paul Morassutti, CBRE Canada Vice Chairman. “The rise of flexible office operators reflects the pace at which work and the workplace are evolving along with new technology, changing demographics and an overall push for innovation.”
WeWork and IWG are leading this growth by offering spaces for entrepreneurs, small businesses and companies seeking flexible leases.
Currently, IWG’s Spaces brand takes up the majority of the market at 32%, followed by WeWork.