Ivanhoe Cambridge says co-working can help communities facing economic struggles
MONTREAL — One of North America’s largest property owners says the growing popularity of shared office spaces can inject youthful energy into traditional office towers and give hope to struggling communities.
“It kind of moves you away from your father’s office building and brings a younger and more millennial-focused workforce into a complex,” says Jonathan Pearce, senior vice-president of office leasing for Ivanhoe Cambridge, the real estate subsidiary of Quebec’s pension fund manager.
He believes the spaces could also help to alleviate the high vacancy rate in Calgary’s real estate market by giving a low-cost option to new entrepreneurs who are seeking a fresh start after losing their jobs.
Ivanhoe Cambridge has rented space in its Place Ville Marie complex in Montreal’s downtown core to WeWork, one of the world’s largest co-working providers. Pearce says the service has been a draw for potential tenants and not a threat to its main long-term customers.