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Office-sharing firm WeWork's bankruptcy filing will not have a big impact in Canada, say Canadian commercial real estate experts.

WeWork’s Troubles Won’t Hurt Canada: CRE Experts

Office-sharing firm WeWork’s bankruptcy filing will not have a big impact in Canada, say Canadian commercial real estate experts.

U.S.-based WeWork is seeking to exit some Canadian office leases after filing for protection from creditors in the U.S. and Canada.

But Ryan Speers, COO at Workhaus, said in a LinkedIn post that WeWork’s plight has “painted a negative picture” of the office-sharing market. Co-working operators, including Toronto-based Workhaus, are still seeing strong demand for their spaces, he added.

“Hybrid work is going to look different for every company, but it’s here to stay,” wrote Speers. “This is a contributor to the success of co-working and flexible office spaces.”

Workhaus opened its 12th location in Canada, and 10th in Toronto, in September.

“We’re chomping at the bit to continue expanding,” he wrote.

Meanwhile, Tobin Davis, vice-chairman at Colliers Canada, told Postmedia that any vacancies resulting from WeWork exits will only represent a minor fraction of the Canadian office market.

“The overall health of co-working space still remains strong,” said Davis.

International Workplace Group plans to open 13 new co-working locations across Canada.

Photo:  Linda Parton / Shutterstock.com

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About Monte Stewart

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.

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