IWG to Open 13 New Co-Working Locations Across Canada
International Workplace Group plans to open 13 new co-working locations across Canada, according to multiple reports.
The new locations will start up in such centres as the Vancouver-area suburbs of Burnaby and Surrey, Winnipeg; the Ontario locales of London, Mississauga, Woodbridge and Markham, Montreal and Halifax. IWG operates under several brands, including Regus, HQ and Spaces, which will be used at the new Canadian locations.
Wayne Berger, the Zug, Switzerland-based company’s CEO for Canada and Latin America, told CBC that co-working space demand is being driven by employees’ desire for hybrid work options and the ‘great lease resignation’ in Canada’s office real estate market. According to Berger, only 10% of employees wish to work at home full-time.
Berger predicted that the growth of hybrid work will rejuvenate the office sector nationally as investors grapple with high vacancy in major markets
Colliers reported that Vancouver’s downtown office vacancy is near a two-decade high, and Avison Young says that Ottawa’s downtown office market may shrink.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.