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Toronto Outstrip US Cities with 14% Growth of Flex Space Supply
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
Average Desk Cost
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.