NewsCase StudiesEvents

Toronto Outstrip US Cities with 14% Growth of Flex Space Supply

Also in the news...

New immigration system: what you need to know

The UK has introduced a points-based immigration system.

Preparing for the Customs Declaration Service

Find out what you need to do to prepare for making declarations on the Customs Declaration Service.

Online Business Set-Up: 5 Tips to Help Your Website Rank in the UK

If you’re setting up a new online business, having a user-friendly website and sound SEO strategy that’s tailored to your target market is important. And if you’re targeting British consumers, there are a few SEO boxes you can tick to ensure you rank well on UK-based searches and drive the right traffic back to your website.

Check if you’re established in the UK for customs

Find out whether you're established in the UK for customs purposes.

Carry out international road haulage

What UK goods vehicle operators need to do to carry out international road haulage.

Toronto Outstrip US Cities with 14% Growth of Flex Space Supply

Back to News

Flexible office space supply has grown by 14% in Toronto in the last 12 months, according to a report by Instant Offices, with demand outstripping supply in this major cultural and financial hub. As more businesses swap the constraints of traditional office space for coworking, serviced, and hybrid space, the city’s double-digit growth is expected to continue increasing.

The research shows Toronto’s double-digit growth outstrips several cities in the nearby United States – one of the biggest flex markets in the world – where New York saw a 14% increase and California an 11% increase. Despite the city’s steady growth, desk space in Toronto still more affordable than New York, London and Hong Kong.

In Canada overall, demand for flexible office space has seen significant growth over the last few years as more businesses explore the benefits of shared office space. A strong entrepreneurial culture, paired with a large Millennial workforce, has seen the country’s workplace preferences shift in favour of agile options like remote working and flexible hours. Studies suggest shared office space could account for 20% of total office space in the country within the next decade.

The average desk cost in Toronto overall is $790, while prices vary according to district, with prices as low as $302 in Scarborough, rising to $1082 in the highly sought-after Financial District.

While coworking and serviced office space both saw a healthy 11% growth overall, hybrid space has become a fast-growing favourite with 18% growth. Popular for its mix of shared and private spaces, hybrid space offers all the flexibility of a coworking space with all the amenities of a serviced office, and has become a major trend among corporates looking for more desk space.

Average Desk Cost Overall - $790

Area

Average Desk Cost

Don Mills

$675

Financial District

$1082

Old Town

$1039

Scarborough

$302

Yorkville

$1137

Flex space has become a significant disruptor in the commercial real estate industry, and Toronto and Vancouver are two of the country’s most exciting markets to watch. In Toronto, one of North America’s most prominent international business hubs, companies of all sizes are looking to flex space to remain competitive, with creative and tech industries driving a large portion of demand.

You are not logged in!

Please login or register to ask our experts a question.

Login now or register.