In the midst of WeWork’s turmoil, the company’s rivals—such as IWG, Industrious and Convene—are racing to capture a larger market share, pitching themselves to tenants and landlords as more stable providers of flexible office space.
“You have to separate the issues at WeWork from the co-working business model,” Tamara Lawson, chief financial officer at QuadReal Property Group Ltd., said Wednesday at the Bloomberg Canada Fixed Income Conference in New York.
Lawson said QuadReal doesn’t have any business with WeWork, but the firm does invest in some of its rivals, including Convene.
Google has been expanding in Toronto and was negotiating in June to rent space at an upcoming office development downtown, Bloomberg reported at the time.
The city’s downtown office market ranks among the tightest in North America, thanks to growing financial-services and tech companies and a shortage of space.