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

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 …