The co-working space trend is growing – big.
And so is Spaces, an Amsterdam-born creative workspace with a unique entrepreneurial spirit.
Two brand-new Spaces locations, the company’s biggest yet, are opening in the well-known 400 West Georgia development in Vancouver and the highly anticipated Toronto development, The Well.
The Big
The two new locations will offer the biggest co-working office spaces in all of Canada: They will each average 125,000 square feet; the closest runner-up to this amount of square footage from any co-working company in Canada comes in at 80,000 square feet.
The Bold
The opening of these two Spaces locations corresponds to the vast popularity of and demand for co-working locations. According to the Global Co-working Unconference Conference, there were more than 14,000 co-working spaces worldwide in 2017 with approximately 1.74 million members. By 2022, the numbers are projected to jump to 30,000 spaces and 5 million members. Of significance, it takes prominent landlord partners to complete these transactions. Allied, which already includes Spaces in its Toronto and Montreal portfolios, is part of the ownership groups at both buildings, in conjunction with its valuable partners – Riocan (The Well) and Westbank (400 West Georgia).
The Iconic
Spaces’ new location at 460 Front Street West will be its fifth Toronto location; it is part of the 7.8-acre footprint named The Well. The Well, which is targeting LEED Platinum status, includes two office buildings totaling over 1 million square feet, 1,800 residential units and over 500,000 square feet of retail space. With unique features like two gardens, five pedestrian pathways and modern amenities, the complex will truly be one-of-a-kind in the city. Situated above a wide range of retail tenants, this Spaces location will bring 127,158 square feet of vibrant co-working space to the city, making it North America’s largest Spaces location to date. The space will offer a large third floor terrace and an exclusive rooftop patio on the sixth floor.
The new Spaces location in Vancouver (at 400 West Georgia Street) is located in the heart of what is becoming the centre of tech and creative firms downtown and totals 120,393 square feet. The building will include a number of patios, exterior green walls, a rooftop terrace, glass floors and a striking lobby designed to resemble a rainforest. 400 West Georgia is a great addition to a neighbourhood that already boasts three Amazon buildings and the famous Vancouver Library, and will be home to the future Vancouver Art Gallery. The innovative and iconic design of the building might just make this the most unique Spaces location to date.
“We’re witnessing a dynamic shift in the way organizations and professionals think about their work space. Traditional offices are becoming less desirable to a growing segment of the working population. People want open, bright, collaborative workspaces — they want to be inspired,” says Tobin Davis, Executive Vice President with Colliers International in Toronto, who worked with Spaces to find its location within The Well. “But it’s not just the tenants who love the ‘Spaces’ approach to office space — the entire commercial real estate industry is taking notice. We at Colliers are thrilled to support Spaces as they expand their footprint to create vibrant and inspirational workplaces with a focus on community.”
“The coworking revolution has firmly taken hold, thanks to the tremendous demand from a wide spectrum of potential occupants who have realized the benefits of community, flexibility, and cost,” says Colin Scarlett, Executive Vice President with Colliers International in Vancouver, who worked with Spaces to find its location within 400 West Georgia Street. “This is one of the largest leases ever signed in Vancouver and further entrenches the Spaces brand as the leader in co-working.”
Spaces has 92 locations in 25 countries with a strong presence in Europe, the U.S. and Australia. The workspace pioneer will be expanding rapidly in Canada.