Flexible workplace company Industrious is launching its second Canadian location in Toronto, this time in partnership with Dream Office Real Estate Investment Trust.
Industrious, a New York-headquartered office co-working company, will open Industrious Financial Core at 30 Adelaide St. E. in Toronto in March 2023. It will be located inside the 18-storey State Street Financial Centre in Toronto’s financial centre.
Industrious says it will feature 650 seats and span 53,622 square feet, according to a company release issued this morning.
One of the key attractions of the location, Industrious says, is its accessibility through walking, transit, bicycling or car.
The Industrious Financial Core facility will offer amenities including 24/7 security, underground parking, plus nearby restaurants and a coffee shop. Industrious also notes nearby conveniences like the downtown Toronto PATH indoor pedestrian network, food and entertainment options, hotels, gyms, shopping and cafes.
“This is our first dot on the map in Toronto and Canada, a market we've been excited to enter for years,” said Doug Feinberg, senior director of real estate at Industrious. “Toronto has historically been one of the lowest-vacancy and highest-performing office markets in all of North America.
"This adds a location in the Financial Core and Downtown East submarkets, with great walkable amenities and great access to Toronto's PATH and subway system.
"It's a good entry point to the market with room for us to add to our footprint as we build our network to support work-from-anywhere models.”
Industrious in Canada and worldwide
The partnership with Dream Office REIT (D-UN-T), a Toronto-based real estate investor with $17 billion in assets, marks the second Industrious location in Canada.
The first location is also in Toronto and opened its doors in September. It is hosted on the fifth and sixth floors at 33 Bloor St. E. in a 17-storey, 291,579-square-foot mixed-use building.
That building is owned by Epic Investment Services.
The location, formerly operated by WeWork, was converted into an Industrious flexible workplace featuring 450 seats. Like the Industrious Financial Core, Industrious highlighted its proximity to transit and amenities.
Industrious says its newest Toronto location is part of a strategy to expand its international presence of over 150 locations in over 65 cities.
It has also acquired flexible workspace providers The Great Room and Welkin & Meraki in Asia and Europe, respectively.
The company says it added over 350,000 square feet in Singapore, Hong Kong, Bangkok, Paris, Brussels and Eindhoven to its workplace portfolio through the acquisitions.
Industrious plans to “double its international presence by the end of the year and remains committed to growing domestically,” the firm states.
In an interview with RENX when it opened the Bloor Street East facility, Industrious director of real estate Sam Segal said the company is “actively looking at all major Canadian markets, including more sites in Toronto, for future locations.”
There was no specific timetable provided by Segal.