A case for coworking space
Coworking office space refers to a shared working environment that a group of people who do not all work for the same employer, uses. Users of coworking space are often self-employed, travel frequently or work in small start-up companies. The market demand for coworking space is relatively new, but has been growing steadily over the past 10 years, spurring an increase in supply. Over the past decade, hundreds of new coworking offices have opened up around the world, especially in major cities.
Colliers International's Market Intelligence team conducted a survey and analysis of the coworking community in the Waterloo Region and Guelph market to get some insight on each company’s location(s) and workspace attributes.
The research showed that the Waterloo Region and Guelph market has nine coworking office space companies with a total of 10 locations spread across the city’s submarkets. Approximately 90% of all coworking space locations within Waterloo Region and Guelph are in the downtown markets of these respective cities.
The map above presents the various locations of coworking offices throughout Kitchener, Waterloo and Guelph, with red dots representing all coworking offices. Every coworking office is labelled with a reference number that corresponds to Table 1 in the full report. A zoomed in map of Guelph is inset and provided beside the map of Kitchener-Waterloo.
A benefit of renting coworking office space is the ability to share amenities such as electronic equipment (printers and scanners), as well as creative ideas and knowledge in a collaborative environment. Additionally, doing so entails minimal set-up costs, allowing companies to dedicate capital to the growth of their business. Other attributes that typically come with a coworking environment are dedicated desks, virtual offices, meeting spaces, shared common spaces and event space. Some coworking spaces offer additional perks and benefits such as 24/7 access, coffee and tea, a health and dental plan, member events, career development tutorials and more. The Colliers report outlines the various benefits the Waterloo Region and Guelph market's coworking space companies offer.
Coworking space has subsequently become an integral ingredient to the ever-expanding startup ecosystem in the Waterloo Region and Guelph market. Early-stage companies that have graduated from one of the numerous local accelerator and incubator programs can find a landing pad in coworking offices, to take them to the next stage in their growth .
Startups are not the only companies that have expressed demand for coworking offices; recently, larger corporations have been looking to establish a presence in the market, too. They’re finding that the flexibility of coworking space is an attractive initial option to consider before making a longer-term commitment.
The report also contains reference maps displaying each coworking space’s location(s) across the Waterloo Region and Guelph market. Each coworking space location has a number corresponding to a table of attributes. The table includes information such as address, amenities (meeting spaces, brick and beam, event spaces, etc.), office market location, rental rates (dedicated desk, private desk and virtual desk) and rental rates for traditional office space in the same market.
This is the second iteration of Colliers' analysis of coworking spaces. View the City of Toronto version.
To obtain a full copy of the Coworking Spaces report, please contact Shawn Gilligan or Darren Shaw.