Co-working giant Wework opens two operations in downtown
International co-working giant Wework celebrated its entry into the Calgary market Thursday, lifting the veil on two new downtown locations.
The New York-based company — which has 740 locations in 140 cities across 37 countries — will occupy a total of over 141,000 square feet and 10 floors of office space divided between two buildings, Stephen Avenue Place (formerly known as Scotia Centre) and 9th Avenue S.W.’S Edison Building. The locations will offer co-working desks, conference rooms, private offices and art-filled lounges, with capacity for up to 3,000 members.
Stephen Tapp, Wework’s vice-president and general manager for Canada, said the company aims to attract everyone from startup tech companies to private consultants and freelancers, and large energy companies. He said Wework’s global member base sets it apart from other co-working spaces in the city.
“We are the leader and pioneer in workplace solutions,” Tapp said in an interview. “We also have this incredible network of buildings and communities around the world, so it allows you to access scale. As a Wework member in Calgary, you’re going to have access to Wework buildings in Sao Paulo, in London, England — you name it.”
Wework’s entry into Calgary is part of its ongoing Canadian expansion, which began with an office in Montreal in 2016. By the end of this year, the company will have 24 Canadian locations in Montreal, Toronto, Vancouver and Calgary.
Tapp said the high office vacancy rate in downtown Calgary presented Wework with a good opportunity to secure prime real estate, but he added the company sees a lot of potential in this market.
“This is a perfect place — based on my knowledge of the talent pool here, the highly educated community and the really advanced technology that is being developed here, particularly in clean tech and energy,” he said.
“It just seemed like a very natural fit for us to come into a market like this.”
Mayor Naheed Nenshi, who spoke at Wework’s ribbon-cutting event on Thursday, said he believes Wework will play a crucial role in re-establishing the vibrancy of the city’s downtown.
“They’ll be able to support our strong local entrepreneurs and be a platform for our growing global hub for tech and investment,” Nenshi said.
Wework has remained committed to its Canadian expansion plans in spite of the challenges the company has faced in the past 12 months. The company scrapped plans for an IPO in September because investors were wary of its growing financial losses, its business model and its corporate governance. Wework co-founder Adam Neumann also resigned as CEO.
Earlier this month, the company announced Sandeep Mathrani will take the reins as chief executive.