WeWork’s Newest Toronto Locations Aim To Elevate The Flexible Work Experience

Flexibility has become a top priority for both employees and employers as companies increasingly move toward hybrid work, dispersed teams and other new work models. With more than 60% of Canadian companies taking advantage of hybrid work, it’s evident that flex work is here to stay.

WeWork, one of the world’s leading providers of flexible workspace, has been busy adding some new locations to meet demand from businesses looking to move away from large, costly and long-term dedicated offices and toward something more flexible.

“As companies continue to develop and execute their return-to-office strategies, they not only want flexible commitment terms, but also flexibility in the ways their employees work while they're physically in the office,” said Alex Vasic, portfolio director at WeWork. “We’re seeing that these flexible solutions help our members find a consistent offering tailored directly to their needs, giving them confidence in choosing WeWork as their flexible space provider.”

WeWork will soon open two new locations in Toronto, the brand-new 357 Bay and the newly available Scotia Plaza. These buildings will be among the first the company has added to its portfolio in Canada since 2019 and will provide turnkey, enterprise-grade spaces that meet this local demand for flexibility, he said. 

WeWork’s 357 Bay St. offering is a 65K SF historic downtown office building in the heart of the city’s financial district. Surrounded by some of Canada’s largest companies including TD Bank, Thomson Reuters and BMO Financial Group, the entirety of this 10-story building will be occupied by WeWork. 

Scotia Plaza is a 68-story, 2M SF AAA office complex located at Canada’s most prominent intersection for commerce, the four corners at King and Bay. WeWork’s office space in Scotia Plaza, available later this spring for the first time since 2018, will span the 41st and 42nd floors of the building, covering just over 44K SF. 

Toronto has historically been a hub for private sector companies in Canada, with one of the lowest downtown office vacancy rates in North America. In addition to Toronto being one of the strongest markets for WeWork, 357 Bay and Scotia Plaza were targeted by the company because of their central locations and easy accessibility via public transportation.

Vasic said that regardless of a company’s size, most are looking for vibrant spaces that enable a conducive work environment for all employees, whether they prefer to sit at a private desk or in an office, or collaborate in an open space. 

“357 Bay and Scotia Plaza will provide space for companies seeking dedicated footprints of all sizes and access WeWork’s highly desirable amenities, like meeting rooms, WiFi and networking events, that they would likely not have access to in a traditional lease or directly in the market,” he said.

Both of these new buildings will feature shared workspace to accommodate individuals using WeWork’s more flexible access memberships, WeWork All Access and WeWork On Demand.

WeWork All Access allows users to book a workspace at locations around the world under one monthly membership. WeWork On Demand allows workers to access its workspace and meeting rooms by the hour or day on a pay-per-use basis with no monthly membership required. Both plans include access to phone booths, common areas, coffee and more. 

“As of last December, WeWork All Access bookings in the city had increased 91% year-over-year,” Vasic said. “Over that same time period, our WeWork On Demand bookings increased 57%. This speaks volumes as to how many people in the market are getting back to the office in downtown Toronto.” 

The company’s Toronto portfolio has consistently been in high demand since the pandemic, further proving the city’s appetite for flexible workspace, Vasic said. Whether it's Fortune 500 companies looking to occupy up to 50K SF of private office space or small startups and entrepreneurs, the ability to flex up or down as a company needs is valuable in today’s market.

Since 357 Bay and Scotia Plaza are the company’s newest offerings, Vasic said WeWork is looking forward to unveiling its best and newest designs.

“We’re thrilled to see how the market responds to our new standards and finishes,” Vasic said. “The industry has shifted a lot since our last opening in 2019, and these buildings offer amenities and services that enhance our offering in the market. We’re excited to see the community’s response.”

This article was produced in collaboration between WeWork and Studio B. Bisnow news staff was not involved in the production of this content.

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