WeWork is planning to open 20 more locations in Toronto by 2020, according to a report from Bloomberg.
“The bottom line is, we don’t see any limit to demand,” said general manager Dave McLaughlin. “We’re definitely setting our sights high for the city and we think it is an amazing ecosystem for business.”
WeWork open its first Canadian location in Montreal in March 2016, and confirmed its first Toronto location on Richmond street in Toronto the next year. Thus far, the coworking company has established two spaces in the city, with a third location announced in January. The company has also leased space in Vancouver.
WeWork plans to open two more locations in the city in 2018, and announced that 1 University Ave. would be the site of its latest location in Toronto.
Lately, WeWork has been purchasing buildings, and its WeWork Property Advisors affiliate bought Lord & Taylor’s building in Manhattan from Hudson’s Bay for $850 million last year; as part of this deal, WeWork will lease space in Hudson’s Bay department stores, including the Bay’s Toronto flagship store.
McLaughlin told WeWork that the company has no specific acquisition targets in Toronto, though this could be a possibility in the future.