Canada Co-Working Office Spaces Market Size

Canada Co-Working Office Spaces Market Analysis

The Canada Co-Working Office Spaces Market size is estimated at USD 3.24 billion in 2024, and is expected to reach USD 4.75 billion by 2029, growing at a CAGR of greater than 8% during the forecast period (2024-2029).

• In Canada, the COVID-19 pandemic impacted the co-working office space market. Due to the lockdown restrictions, the companies lost 75% of their customers. People are returning to co-working spaces more than a year and a half later. These changes are proving to be beneficial to co-working spaces, which were growing increasingly popular before the outbreak impacted their economic models. As COVID-19 cases decreased, people sought new ways to work, socialize, and get out after more than a year at home.
• The co-working trend has evolved into a transformative force in the Canadian corporate scene. New work patterns are in demand, and many flexible office operators are gaining a foothold in the lease market. Co-working real estate alternatives are reshaping other key markets in Canada. Since 2017, the flexible footprints of Calgary, Ottawa, and Vancouver have grown by more than 80%. The Waterloo region competed with Toronto (1.8%) in terms of market penetration of co-working space operations (with coworking accounting for 1.4% of total office supply). Suburban growth has outperformed downtown growth in Edmonton and the Waterloo region. The suburban co-working space market in Vancouver grew by 83%.
• According to Canadian press, there are currently 617 co-working spaces in Canada, including locations run by major corporations such as Staples. JPMorgan Chase asked all of its workers to return to work. In the meantime, Ottawa-based e-commerce company Shopify abandoned its headquarters in favor of a remote-only workforce. However, as vaccine protection improves and the debate over the future of work heats up, some businesses see an opportunity to strike a middle ground by adopting a more flexible approach to the workplace through co-working.
• Overall, the future of coworking looks bright. The demand for flexible workspace options, the use of technology and automation, the emphasis on sustainability and green initiatives, and the desire for community and collaboration will all be factors in its growth and development. As more people work remotely or as freelancers, coworking spaces will continue to provide a valuable solution to the need for flexible, affordable workspace options.