A Guide to Coworking in Toronto

The Global Coworking Growth Study 2020 named Toronto the world’s third-fastest growing city. By 2022, the Toronto coworking market had grown by 27% compared to the previous year, demonstrating continued and steady growth.

With a clear appetite for coworking office space, Toronto is an attractive option for business owners. But, aside from the coworking trend, Toronto is also a desirable location for startups and growing companies.

From industry hubs to skilled talent, this article will explore the many advantages of coworking in Toronto.

Geography of Toronto

Toronto is the capital of Ontario and Canada’s most populated city. It’s also the fifth most populated city in North America, with over 2.6 million in the city area alone. On the edge of Lake Ontario, it’s close to the US border and within easy reach of cities like Buffalo and Detroit.

The city’s main business hub and financial district is in Downtown Toronto. This includes Canada’s five major banks, professional services firms, and the Toronto Stock Exchange. The area is the second-largest financial services center in North America.

Downtown Toronto also has a vibrant tech scene. Major players like Apple, Amazon, and Google are all present in the city as well as countless new startups. This, combined with a range of other factors, makes Toronto a prime location where all sorts of businesses can thrive.

8 Benefits of establishing your company in Toronto

Toronto is one of Canada’s most famous cities. Popular with tourists and residents alike, it has plenty to offer small and large businesses. So, without further ado, let’s explore the city’s many benefits.

1. Business and financial capital

Home to 38% of Canada’s business headquarters and accountable for 18.5% of the country’s GDP, there are plenty of opportunities for growth in Toronto. The city also scores well beyond the Canadian border. It ranks eighth in the Global Financial Index 2024 for North America and twenty-third worldwide.

The finance sector makes up a large portion of Toronto’s local economy. Within that, banks, insurance companies, and pension funds are prominent. Such companies with a presence in Toronto include the Canadian Imperial Bank of Commerce and the Royal Bank of Canada.

Whether you’re an ambitious startup or a freelancer, having a business presence in Toronto puts you amongst these prominent players. And, with a high concentration of finance and business services providers in one area, shared office space in Toronto provides plenty of networking opportunities.

2. Global competitiveness

In the Global Liveability Index 2023, Toronto ranked 9th. With natural beauty, a thriving business sector, excellent healthcare, and a diverse culture, it’s clear why.

The city also has a strong reputation for innovation and collaboration. It’s home to MaRS, North America’s largest urban innovation hub. As a registered charity, MaRS provides startups and innovators to build businesses that make a positive impact.

With over 1,200 startups supported to date, MaRS has helped create employment for over 33,000 people.

Organizations like this are one of the many reasons Toronto is visible as a competitive, thriving, and innovative city on the global stage. Using a shared workspace in Toronto could give you access to this support. However, it can also place you amidst like-minded entrepreneurs who can help you grow your business.

3. Strategic location

Toronto’s proximity to Niagara Falls brings plenty of tourists to the area. But the city’s benefits go well beyond tourism. The geographical location of Toronto puts it within driving distance of several business hubs. These include Ottawa, Detroit, Cleveland, and Buffalo.

The city also has two major airports. Toronto Pearson International Airport is 27 kilometers west of Downtown Toronto. This is Canada’s busiest airport, flying to over 160 direct destinations worldwide.

The Billy Bishop Toronto City Airport is even closer - only three kilometers away. Flying to 20 North American cities, it’s a popular and convenient connector for business travel.

With other business hubs like New York City and Boston reachable in around 90 minutes by plane, coworking in Toronto could open your business to a world of opportunities.

4. Highly-educated talent pool

Toronto has six publicly funded universities and four private institutions. Combined, these account for over 205,000 students. This creates a steady pipeline of qualified, skilled, and fresh talent for business growth.

Many of the city’s universities have specific programs to support innovation and startup incubators. For example, Toronto Metropolitan University’s DMZ incubator is one of the top university incubators in North America. It has accelerated over 815 startups, raised CAD 2.54 billion in funding, and created 5029 jobs for the community.

A shared office in Toronto could give you access to priceless networking opportunities. From new employees to like-minded visionaries who love to brainstorm, there’s no telling who you could meet.

With so much fresh and emerging talent in one city, even a drop-in coworking space in Toronto could open doors for your business.

5. Competitive business costs

Despite its reputation as a global business contender, the cost of doing business in Toronto is lower than many leading hubs. Federal tax rates in Canada are lower than in the US. With Ontario’s low provincial rates, the combined corporate income tax rate in Toronto is 26.5%. This is around 13% below the US on average.

Toronto also has the lowest development charge rates in the region. Additionally, businesses can benefit from a range of grants, incentives, and rebates. Together, these make Toronto an appealing and cost-effective city for doing business.

6. Diversified economy

Toronto is famous for its financial sector, but it also hosts plenty of other thriving industries.

Often used to create the look of New York City, it’s a popular destination for film and television production. There are also 24,700 designers earning CAD 2.4 billion in annual wages. This spans specialisms such as architecture, interior design, graphic design, and industrial design.

Other prominent industries include life sciences, tourism, fashion, and creative technology. Together, they form a robust, diverse, and stable economy where new and established businesses can thrive.

7. Tech hub

Along with a wide range of growing industries, Toronto is home to the third-biggest tech hub in North America. With over 24,000 companies and 289,000 technology workers, there’s no shortage of talent or innovation.

Major players like Apple and Google have long had a presence in Toronto. And, more recently, tech giants like Reddit, Wayfair, and Pinterest have invested in Toronto as a place to conduct business. This supports the city’s global status as a leading tech hub.

The region also attracts talented visionaries from all over the world with the Canada Start-Up Visa program. This boosts the local economy by recruiting entrepreneurs to Canada and linking them to investors.

When you combine its current reputation with its investment in attracting new talent, there’s no denying that Toronto is an excellent location for starting and growing a tech business.

8. Toronto’s food, culture, and entertainment

Like many global business hubs, Toronto also has a diverse food scene. This is great for entertaining clients and investors. However, it's also a key part of promoting mental wellness and work-life balance.

From local favorites like poutine and peameal bacon sandwiches to an array of international cuisines, there are many excellent options to try. Top locations in Toronto for food include Old Toronto, Kensington, Baldwin Village, and Koreatown.

For culture and entertainment, Toronto has plenty to offer. From the Toronto Music Garden to the Distillery District, there’s no shortage of things you can enjoy as part of a healthy work-life balance.

How much are coworking memberships in Toronto?

Toronto is a cost-effective city for business. And, when it comes to streamlining costs and minimizing overheads, you can’t beat a coworking space in downtown Toronto.

A coworking space in Toronto day pass could cost as little as CAD 39. This is lower than other Canadian cities like Montreal and Quebec City, which cost CAD 49 and CAD 45 respectively.

Or, if you don’t want to commit to one shared coworking space in Toronto, you can hot desk with a flexible membership package for only CAD 149 per month.

The best coworking spaces in Toronto

Every business is a little different, and every office space has its advantages. Whether you’re looking for a dedicated desk in a calming spot where you can concentrate or want networking opportunities in a tech hot spot, there’s a coworking office in Toronto to suit your needs.

Best coworking space for startups in Toronto - 5200 Yonge Street

Startups that want to hit the ground running will love 5200 Yonge Street. Based in the North York Centre, the office features a modern design with plenty of natural daylight. If you want to impress clients, this is worth considering.

By day, you can brainstorm with like-minded entrepreneurs in the many comfortable lounge areas. By night, you can entertain clients and investors in this vibrant and luxurious suburb’s many gourmet restaurants and great bars.

Highlights include

• Disabled facilities
• Outside seating area/terrace
• On-site parking

Information about 5200 Yonge Street

• Location: 5200 Yonge Street, Toronto, ON, M2N 5P6
• Starting cost: From CAD 149 per month
• Opening hours: 24/7 for Private Office and Dedicated Desk members, reception hours for other members
• Nearby transport links: North York Centre Metro Station (a three-minute walk away) and Yonge St at Park Home Ave Bus Stop (a two-minute walk away)

Best coworking space for networking in Toronto - Royal Bank Plaza

Royal Bank Plaza is ideal for those who want to rub shoulders with big players in the finance industry. Based in an iconic skyscraper, it’s a prestigious Toronto location.

With JPMorgan Chase, Norton Rose Fulbright, and the Royal Bank of Canada already in the building, you’ll enjoy many networking opportunities.

Union Station is right next door, which makes for a convenient commute. And, for after-work networking, there’s an array of bars and restaurants. For entertaining clients, fine dining restaurants Canoe, Ki Modern Japanese + Bar, and Bymark are all nearby.

Highlights include

• Disabled facilities
• Fully equipped meeting rooms
• On-site parking

Information about Royal Bank Plaza

• Location: 200 Bay St, North Tower, Toronto, ON, M5J 2J2
• Starting cost: From CAD 149 per month
• Opening hours: 24/7 for Private Office and Dedicated Desk members, reception hours for other members
• Nearby transport links: Union Station Train and Light Rail Station (a five-minute walk away) and Bay Street Tram Stop (a two-minute walk away)

Best coworking space for remote workers in Toronto - Canada Permanent Trust Building

Canada Permanent Trust Building is ideal for remote workers who want a conveniently located office. Complete with high-speed internet and access to conference rooms, it has everything you need to get the job done.

Comfortable breakout areas are available for team building and casual brainstorming. And, for times when employees need to concentrate in peace, there are plenty of quiet corners to facilitate productivity.

Highlights include

• Collaborative break-out areas
• Access to Toronto’s PATH network
• Ornate decor

Information about Canada Permanent Trust Building

• Location: 320 Bay Street, 101, Toronto, ON, M5H 4A6
• Starting cost: From CAD 149 per month
• Opening hours: 24/7 for Private Office and Dedicated Desk members, reception hours for other members
• Nearby transport links: King St West at Bay St West Side Tram Stop (a two-minute walk away) and King Metro Station (a four-minute walk away)

Best coworking space for small teams in Toronto - 80 Atlantic Avenue

Right in the heart of Toronto’s creative and tech scene, 80 Atlantic Avenue is ideal for fostering collaboration. This flexible space offers everything you and your team need to get the job done.

From large tables where you can problem-solve to small break-out areas where you can catch up with colleagues, there’s an option to suit any occasion. And, when you need a break to refuel and regroup, the bustling Liberty Village neighborhood has plenty of cafes and eateries to try.

Highlights include

• Outside seating area/terrace
• Showers
• Bicycle storage

Information about 80 Atlantic Avenue

• Location: 80 Atlantic Avenue, Toronto, ON, M6K 1X9
• Starting cost: From CAD 149 per month
• Opening hours: 24/7 for Private Office and Dedicated Desk members, reception hours for other members
• Nearby transport links: King St West at Atlantic Ave Transit Stop (a three-minute walk away) and Exhibition Loop Transit Stop (a seven-minute walk away)

Best coworking space for entrepreneurs and freelancers in Toronto - Gladstone

Blending modern and industrial styles, Gladstone is ideal for those who want to network in a professional environment. It’s also at a lower price point compared to Toronto’s financial district. This makes it an excellent option for freelancers keeping overheads to a minimum.

Take your pick from an array of shared desks, quiet booths, and break-out spaces. Or, for client calls, you can use private meeting rooms and dedicated lounge areas. For after-work networking, nearby bars include Melody Bar, The Rhino Bar & Grill Inc., and Bar Poet.

Highlights include

• Collaborative break-out areas
• Fully equipped meeting rooms
• Lounge area

Information about Gladstone

• Location: 34 Minowan Miikan Lane, Toronto, ON, M6J 0G3
• Starting cost: From CAD 149 per month
• Opening hours: 24/7 for Private Office and Dedicated Desk members, reception hours for other members
• Nearby transport links: Queen St West at Sudbury St Tram Stop (a four-minute walk away) and Dufferin St at Melbourne Ave Transit Stop (a six-minute walk away)

Most accessible coworking space in Toronto - Queen Richmond Centre

Queen Richmond Centre is a comfortable and accessible option to consider. The office has everything you need to run your business including meeting rooms, an on-site lunch restaurant, and a business lounge. The building also has disabled facilities as well as elevator access.

The area hosts businesses from a wide range of industries. These include academia, finance and business, research, and more. Old Toronto, Downtown Toronto, and the Distillery District are also within easy reach.

Highlights include

• Outside seating area/terrace
• Sandwich service
• Bicycle storage

Information about Queen Richmond Centre

• Location: 111 Queen Street East, Toronto, ON, M5C 1S2
• Starting cost: From CAD 149 per month
• Opening hours: 24/7 for Private Office and Dedicated Desk members, reception hours for other members
• Nearby transport links: Queen St East at Jarvis St Transit Stop (a one-minute walk away) and Queen Metro Station (a five-minute walk away)

Coworking space with the best transport options in Toronto - Hullmark Center

Whether you want a simple commute or need easy access to a range of clients all over the city, Hullmark Center in North York is well-positioned.

The building offers internal access to the Sheppard-Yonge Metro Station. This connects to over 70 locations across Toronto. It’s also close to highways 401 and 404. This makes it an excellent choice for entrepreneurs or freelancers who need to travel further afield to visit clients.

The office space itself has everything you need to be productive. From quiet corners to collaborative spaces, there’s a variety of flexible options so you can work your way in comfort.

Highlights include

• Collaborative break-out areas
• Fully equipped meeting rooms
• Direct transport links across the region and beyond

Information about Hullmark Center

• Location: 4773-4789 Yonge Street, Hullmark Corporate Center, North York, ON, M2N 0G3
• Starting cost: From CAD 149 per month
• Opening hours: 24/7 for Private Office and Dedicated Desk members, reception hours for other members
• Nearby transport links: Sheppard-Yonge Metro Station (a two-minute walk away) and Yonge St. at Sheppard Ave. Bus Stop (a three-minute walk away)

Coworking space with the best parking in Toronto - Eaton Centre

Offices in the heart of Toronto’s commercial district that also have parking are hard to find. With secure underground parking as well as easy access to public transport, Eaton Centre delivers on all counts.

Offering views of Lake Ontario and proximity to Yonge-Dundas Square, this office is great for impressing clients. Fine dining establishments like Luna, Byblos Downtown, and Carisma are also within easy reach.

Highlights include

• Secure underground parking
• Vending machines
• Business lounge

Information about Eaton Centre

• Location: 1 Dundas Street West, Toronto, ON, M5G 1Z3
• Starting cost: From CAD 149 per month
• Opening hours: 24/7 for Private Office and Dedicated Desk members, reception hours for other members
• Nearby transport links: Dundas Metro Station (a one-minute walk away) and Dundas St West at Bay St Bus Stop (a four-minute walk away)

Most affordable coworking space in Toronto - 325 Front Street West

325 Front Street West is an excellent option for startups and small businesses looking to keep costs to a minimum. Here you can maintain proximity to Toronto’s thriving financial and entertainment districts at a lower price. Start small with a cost-effective hot desk and scale up as your business grows.

The office has all the amenities you need to get your work done by day. By night, you can network, entertain clients, and enjoy a healthy work-life balance thanks to the array of restaurants, bars, and entertainment venues within walking distance.

Highlights include

• Gym and fitness room
• On-site restaurant
• Secure underground parking

Information about 325 Front Street West

• Location: 325 Front Street West, Toronto, ON, M5V 2Y1
• Starting cost: From CAD 149 per month
• Opening hours: 24/7 for Private Office and Dedicated Desk members, reception hours for other members
• Nearby transport links: Spadina Ave at Front St West North Side Tram Stop (a five-minute walk away) and St Andrew Metro Station (an 11-minute walk away)

Best coworking space for larger companies in Toronto - 3080 Yonge Street

Based in Bedford Park on the outskirts of Toronto, 3080 Yonge Street is a great option for large or growing companies. With big communal desks, quiet spaces, meeting rooms, and more, there’s plenty of space for teams to collaborate or settle in to concentrate.

Communal areas like the on-site coffee bar and outside terrace offer plenty of opportunities for inter-business collaboration as well as business-to-business networking. And, with transport links to Downtown Toronto, you can access the city’s clients and resources with ease.

Highlights include

• On-site lunch restaurant
• On-site dry cleaning
• Secure underground parking

Information about 3080 Yonge Street

• Location: 3080 Yonge Street, Toronto, ON, M4N 3N1
• Starting cost: From CAD 149 per month
• Opening hours: 24/7 for Private Office and Dedicated Desk members, reception hours for other members
• Nearby transport links: Lawrence Metro Station (a one-minute walk away) and Lawrence Station Bus Interchange (a one-minute walk away)

Discover coworking offices in Toronto with Regus

Toronto is an established business hub with a global reputation, but it’s also expanding quickly. This makes it an exciting location for new and small businesses. And, with a demonstrated and growing appetite for coworking, Toronto has plenty of flexible workspaces to choose from.

Explore our numerous Toronto office locations to find the ideal option for your business. Alternatively, you can opt for a coworking membership. This allows you to work from various locations for an all-in monthly fee.

If you’re still not sure what you need, get in touch with our Regus office experts for some friendly advice. From virtual offices to event spaces, they can guide you through our solutions to find the right fit for your business.