WeWork is opening up its fifth Toronto location at 40 King Street West. It’s fast expansion continues to attract the young business community.
WeWork is an American-based company that focuses on private and shared workspaces for young professionals, entrepreneurs, and small business owners to use as needed.
For small business enthusiasts who do not have the capital to rent a dedicated office, WeWork provides an office or space to be used as-needed at a much lower cost.
Smaller offices are available for companies of up to 10 users, larger offices for workforces up to 99 users, conference rooms, weekly networking events to take advantage of, utilities already included, and more.
WeWork originally began in 2010 in New York City and is now one of the biggest office tenants in America’s largest city. The company has been an integral component to several start-ups, technology companies, community organizations, and entrepreneurs seeking to build. The company is estimated to have approximately 270 locations worldwide, including the five set here in Toronto. The long-term goal is to have twenty offices across Toronto. At this point, the addition of office #5 on King West is no doubt one of Toronto’s fastest office expansions seen in some time.
In the last year, WeWork has been able to put together an attractive list of perks and benefits, in addition to buying up buildings to transform into collaborative workspaces and shared creative hubs. The new WeWork location is set to open at Scotia Plaza, accommodating more than eight hundred desks, and occupying the 41st and 42nd floor respectively.
For small businesses looking for commercial real estate opportunities in the financial district, WeWork might be an easy way in. Exact prices for the King West location have not been confirmed, however examining other Toronto-based WeWork locations, prices per month range between $500 to $700 for individual desks and $1,050 to $1,170 per month for private offices.
For freelancers, young entrepreneurs, start-ups, and small business owners seeking shared workspaces in King West, tapping into a WeWork office is a cost-effective way to deliver a professional aesthetic to employees, staff, and clients.
WeWork is a great addition to King West, addressing the growing need for affordable office space. Though an official opening date has not been released for the location, the company has stated its aim is to have it open by the end of the year.