Flexible office provider WeWork is recovering from its bankruptcy and the restructuring that followed, an improved state of affairs that's reflected in its latest expansion in the country: a full floor in One University Avenue, a high-profile Toronto office tower.
Across the board, New York-based WeWork said occupancy in coworking spaces is up, and demand has recovered enough to add locations. While that's promising for growth, the head of the firm's Canada operation said WeWork will no longer try to be in every market, in part a response to a criticism of the company in the decade before it filed for bankruptcy protection from creditors in late 2023.
Elton Kwok, who oversees WeWork in Canada and serves as the general manager of its U.S. West region, told CoStar News that the company is focused on growing organically. “We are there when people need us,” he said. “But we are not trying to be everywhere all at once anymore.”
He said the company is helping businesses open offices in new cities. Instead of hiring a broker, architect, workplace manager and vendors separately, WeWork these days handles the entire process. It sources, designs and manages the space.
“We have been through every chapter: growth, turnaround, execution of turnaround. Now we are in a stabilization phase,” Kwok said. “What is most important is the WeWork product is necessary. Members need WeWork more than in the past.”
The company operates 19 locations in Toronto, Montreal, Vancouver and Calgary, covering more than 1 million square feet of space combined. WeWork's national occupancy averaged 81% from January to October, up 14 percentage points compared to the same time last year, according to the company. Foot traffic rose 18% and WeWork On Demand bookings, a service that lets users book space by the hour or day, has increased 26% since January.
WeWork’s tenant mix in Canada includes large United States-based firms, mid-sized businesses and startups. Kwok said this variety helps create a kind of ecosystem where different types of businesses share space and interact. “They are often working together," he said.
Challenges remain
Even so, WeWork faces challenges in Canada. The company seeks to grow in a country that has shown some resistance to return-to-office policies after remote work proved popular during and after the pandemic.
A July study by the Angus Reid Institute found that 59% of Canadians would prefer to spend most of their working time at home if given the choice. Long commutes, limited parking and harsh winter weather are common complaints associated with going back to the office.
The federal government recently raised its in-office requirement to three days, but its roughly 400,000 workers have been slow to comply. Remote work was a central issue in a strike in 2023 involving more than 150,000 employees with union leaders questioning the need for stricter policies.
Adam Neumann and Miguel McKelvey founded WeWork in 2010 in New York City to give freelancers, startups and larger businesses an alternative to traditional long-term office leases. The company grew quickly and took on debt, raising questions about its business model and financing. It shelved its planned initial offering in September 2019, about six months before the pandemic forced companies across the global to empty their office space and send employees to work remotely.
John Santora took on the role of CEO in June 2024 after the company emerged from Chapter 11 bankruptcy protection. These days, WeWork operates more than 600 locations across 120 cities worldwide. Additionally, its Coworking Partner Network allows members to book at over 1,000 third-party partner locations, WeWork said.
Toronto has proven one of Canada's best-performing markets as occupancy has averaged 84% in 2025 in Canada's largest city. That's a 15% increase in October compared to the year before, according to WeWork. Bookings through WeWork All Access, the global membership pass, are up 19% since January. On Demand bookings jumped 50%.
WeWork said in October it will add over 16,000 square feet to the nearly 96,000 square feet it occupies at One University Avenue in Toronto. WeWork has offered flexible office space in the building since 2018 and recently described the operation as "incredibly popular."
Kwok said the company is more selective than it used to be: “We have slimmed down a little," he said. "I would not say we have changed our footprint that much but we grew a little bit as well, where we had demand.”
Too many locations
In earlier years, WeWork's opening of hundreds of locations globally eventually contributed to its bankruptcy filing in the United States. In Canada, the company entered restructuring under the Companies’ Creditors Arrangement Act in late 2023 and gave up several leases as part of that process.
However, as it works to recover, WeWork's Montreal operations have also stabilized, Kwok said. Occupancy averaged 84% in 2025, up 10% year-over-year in October. All Access bookings are up 23% year-over-year and 15% since the start of the year, according to company data. Wework On Demand bookings increased 20%.
Kwok acknowledged that in-office work has its opponents, but he said WeWork’s model seems to win over workers.
"You walk into one of our Montreal locations and see people having lunch together,” he said. “They want to be in the office.”
WeWork has one location in Calgary, at Stephen Avenue Place. It's smaller but demand continues to grow, Kwok notes.
In Vancouver, 333 Seymour St. is one of the busiest WeWork locations in the country. Kwok said the design and energy of the space help draw people in.
"Our interiors are beautiful, modern, tons of light, nice architectural features," he said. "You are being transported to an environment where you want to work more.”