Despite record high office vacancy rates, this coworking space is flourishing

(Source: Innovation Works)

According to the CBRE’s latest commercial vacancy rate report, London saw a vacancy rate of 31.4 per cent, the highest downtown commercial vacancy rate in Canada.

Despite a national increase in office vacancies to 18.6 per cent in the third quarter of 2024, this local co-working space is seeing an increase in popularity.

Pillar Nonprofit Network’s community coworking space has maintained an 83-89 per cent private office occupancy rate in the past year.

Pillar’s Innovation Works serves as a solution for those working hybrid roles, while also seeking a connection with other workers outside of their home.

"We recognize that the way people work has fundamentally changed, and our approach reflects that shift. We offer a flexible environment that feels more like a gathering space than a traditional office," said Maureen Cassidy, CEO of Pillar Nonprofit Network. "Our co-tenants come here not just to work, but to connect with like-minded individuals, collaborate, and engage with their community in meaningful ways."

Across the board, the national commercial real estate market is seeing growing interest in office conversion for residential and other uses. Since 2021, the CBRE estimates that 6.9 million square feet have been converted.