Condos are much needed in the tight Toronto real estate market, but developers are also realizing they now need to upgrade the type of amenities they offer. Developers are now creating condo buildings targeting certain types of demographics. Condos tailored towards young families for example now offer multi-bedroom units, stroller parking, and playrooms.
Now the latest trend in condos is co-working spaces. Co-working and shared office spaces have been popping up around Toronto the past few years. These office spaces are appealing to small businesses, remote workers, freelancers, and entrepreneurs. WeWork has emerged as the co-working space giant. They currently have five locations in Toronto with plans to open 20 by 2020.
Demand for co-working space is growing, and now condo developers are realizing that offering that as one of their building amenities is appealing to potential buyers. These spaces feature communal desks, private offices for meetings, causal spaces with sofas, coffee station, and even printers and TVs.
The interior designer firm U31 recently designed the interiors for the Greywood Development on Peter and Adelaide and Line 5 near Yonge and Eglinton. Both offer co-working spaces. The designer Kelly Cray stated, “There’s a real shift in how people do business. Everyone used to go to the office from 9-5, but that’s not the case any more. You have the opportunity to use these amenities spaces [similar to] WeWork, but they’re covered in your maintenance fees.”
There is one key thing that these condo co-working spaces can’t offer users- social and networking opportunity. WeWork regularly hosts events for their users to mingle. For those who work alone or remotely, going into the office, even a co-working one to work alone, offers a chance of socialization they otherwise wouldn’t get.
Still, these co-working spaces provide valuable extra space that the small one to two bedroom condos just can’t offer. Instead of young families or students having to choose between a workspace or living space they can have both. Amenities become extensions of one’s condo.
The days of outdated game rooms and TVs rooms are gone. Don’t be surprised to see a nice co-working space in the next condo you rent or buy.