What is Coworking Office Space?

 

Coworking: The Who, What, Why & Where for Startups & Entrepreneurs

As a marketer one of my prime resources for promoting all our products are the questions that potential clients ask about our services. Since coworking is a new offering in the flexible workspace category that we didn’t have a lot of questions about, I used a tool which identifies the questions in the suggestions that users get when they enter search terms into Google. The best content that I can add to a site is content that answers questions our website visitors may have about our offerings.

Coworking: What Does It Mean?

Easily the $64 question as even the spelling is disputed as to whether it is coworking or co-working. What it means depends on who you’re asking. To some users it means:

  1. All non-traditional office space (flexible workspace)
  2. A workplace design and environment
  3. Office space with themed amenities that are in tune with their lifestyle or business (women only, startups, themed incubators, child care etc.)
  4. A membership rather than a rental fee

Coworking office space providers would have you believe that only coworking office space can provide the above, but all flexible workspaces provide the same benefits. In reality coworking only differs from all other flexible workplace options in that it provides office space based on a membership fee rather than a monthly rental fee. Often the memberships are not less expensive than other types of flexible space because they provide fewer services for a monthly membership.

Flexible workspace providers have options that offer comparable services for a monthly rental with no lease. No lease is the main difference between traditional office space providers and flex space providers.

The “shared economy” disrupts traditional businesses and services by more efficient use of things. Some examples of disruption are hotels by Air BNB and taxis by Uber and others like it. The current obsession by millennials with disruption of traditional business models has made traditional flexible space providers join the “shared economy”. The changing attitudes of workers towards traditional office environments, their desire for flexible schedules, as well as significant cost reductions have the corporate giants embracing flexible office space and coworking.

Some of the same advocates and “providers” of coworking office space make it seem like mentorship, whereby support and collaboration only happen in coworking spaces when in reality most flexible workspaces offer the same benefits — they just don’t see the need for the hype.

Coworking: What it Really Means!!

Coworking has become a catch phrase for all office space that is not based on a lease. Yes, there is the myth that abounds that coworking is about workspace design and an environment of collaboration between members. However, in reality when you have 20 or 30 businesses working on the same floor and using the same coffee and break room, entrepreneurs are going to talk and it’s likely going to be about business. Serviced office providers have been providing networking events and “how to” seminars for decades. Providing collaboration and business opportunities to their office space residents is good and smart business!

The other distinguishing difference is coworking is based on a membership and generally the membership does not include services like reception services, phone services and mail services. Some coworking office space providers do provide these services. So be sure when you are comparing fees the services are comparable or reflected in the price.

Coworking: What Are Coworking office Spaces?

Coworking office space is a part of a bigger category of office space known as flexible office space. Flexible office space is considered to be all office space not based on a lease. Coworking office space is a paid membership for access to an “open office” design with many other business services available. Some coworking spaces have meeting rooms, however, some coworking office space is in churchs, libraries and restaurants when the premises are not being used by the public.

I recently read a report that the open coworking design was being rejected by SME and situations where unrelated companies are sitting in close vicinity. This has been problematic and more “private” options are being sought as a result. We have seen this reflected in enquiries for team office space and executive office suites where we offer private entrance from the hall with direct and private access to the adjoining team space.

Coworking: How does it Work?

Entrepreneurs and members pay a membership fee for the services and amenities of the coworking space. Seating and membership services are provided on a “first come, first served” basis. Often this also means that coworking space does not have 24/7 365 days a year access.

Coworking space works for many small and medium sized businesses because it is cost efficient and provides flexibility in rental terms and space used. It is worth noting that the greatest flexibility is provided by coworking spaces that also provide mail forwarding and call answering services which assures no matter what happens to a business’s revenue stream clients will always be able to contact them.

Coworking: Why is it so Popular?

Quite simply the popularity of coworking is no different than the popularity of flexible workspace and workplaces! Popularity is mainly the result of 3 factors:

  1. the changing attitudes of younger workers towards the workplace and office space
  2. younger workers desire for flexible work schedules
  3. significant cost reductions over traditional office space

It is not just coworking that is popular! All flexible workspaces and workplaces are hot office space markets for entrepreneurs, startups and SME businesses! Coworking and all flexible workspace is worth it because it provides business services and workspace that provide the benefits of all three of the factors that are driving the popularity of coworking and flex space.

Looking to Learn More?

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Hotels

1. Jennifer Smith
General Manager
The Omni King Edward Hotel
37 King Street East
Toronto, ON
M5C 1E9
Tel: 416-863-9700
Website: www.omnihotels.com/hotels/toronto-king-edward

2. Mark Perry
General Manager
Executive Hotels and Resorts (Boutique)
8 Colborne Street
Toronto, ON
M5E 1E1
Tel: 416-350-2419
Website: www.spazen.ca or www.cosmotoronto.com

3. Emeline Boul
General Manager
Hotel Victoria (Boutique)
56 Yonge Street
Toronto, ON
M5E 1G5
Tel: 416-363-1666
Mobile: 647-574-5832
Website: www.hotelvictoriatoronto.com

4. Omkar Sawant
Reservations Manager
One King West Hotel
1 King Street West
Toronto, ON
M5H 1A1
Main: 416-548-8100
Reservations: 1-866-470-5464
Website: www.onekingwest.com

5. Van Nguyen
General Manager
Cambridge Suites Toronto
15 Richmond Street East
Toronto, ON
M5C 1N2
Direct: 416-601-3757
Hotel: 416-368-1990
Website: www.cambridgesuitestoronto.com

Restaurants

1. Michael Pagliaro
Carisma (Italian)
15 Toronto Street
Toronto, ON
M5C 2E3
Tel: 416-864-7373
Website: www.carismarestaurant.com

2. Patti Shaw
Terroni (Italian)
57 Adelaide Street East
Toronto, ON
M5C 1K6
Tel: 416-203-3093
Website: www.terroni.com

3. Declan
Restaurant 20 Victoria – Michelin guide approved
20 Victoria Street
Toronto, ON
M5C 2A1
Tel: 416-804-6066
Instagram for reservations: https://www.instagram.com/twentyvictoria/

4. Mana
Nami (Japanese)
55 Adelaide Street East
Toronto, ON
M5C 1K6
Tel: 416-362-7373
Website: www.namirestaurant.ca

5. Restaurant Lucie
100 Yonge Street
Toronto, ON
M5C 2W1
Tel: 416-788-9054
Website: www.restaurantlucie.com

6. Niam H
Cantina Mercatto
20 Wellington Street East
Toronto, ON
M5E 1C5
Tel: 416-304-0781
Website: www.cantinamercatto.ca

7. Siva Sathasivam
Uncle Tony’s
38 Wellington St E
Toronto, ON
M5E 1C7
Tel: 416-455-6650
Website: https://uncletonys.ca/

8. Pizzaiolo
104 Yonge Street
Toronto, ON
M5C 2Y6
Tel: 416-860-0700
Website: www.pizzaiolo.ca

9. Robin Singh
Woods Restaurant and Bar
45 Colborne Street
Toronto, ON
M5E 1E3
Tel: 416-214-9918
Website: www.woodsrestaurant.ca

Health and Wellness

1. Thom Tullo
Morpheus8 by Inmode
47 Colborne Street
Toronto, ON
M5E 1E3
Tel: 416-863-6564
Website: www.amanspa.ca

2. Altitude Athletic Training
56 Colborne Street
Toronto, ON
M5E 1E3
Tel: 416-366-3838
Website: www.altitudeathletictraining.com

3. Physioheath Studios
33 Victoria Street, #130
Toronto, ON
M5C 2A1
Tel: 416-368-2525
Website: www.physiohealth.com

Our Amenities

We are by far the most experienced and best coworking team in the market – established in 1980

  • We are the highest Tech centre in the market
  • We have a very modern, high quality, brand new facility located at:

   18 King Street East, Suite 1400

      Toronto, Ontario   M5C 1C4 Canada

    • 18 King Street East is a boutique Class A building – East of Yonge: easy street parking, less traffic, excellent restaurants and lovely parks – St. James Park @ Church & King and Berczy Park @ Wellington East, Scott and Front Streets – Very high energy and engaging area
    • A few steps (a few seconds) to the Yonge Street subway/underground PATH network and streetcar available outside building
    • Building is located in Toronto's vibrant financial district
    • Plenty of parking available in the area including street parking and reserved parking in the 18 King building 
    • Adjacent to the building huge outdoor food courtyard - Beer Bistro www.beerbistro.com and Craft Beer Market www.craftbeermamrket.ca restaurants and bars with onsite catering services
    • Onsite amenities:  Tim Horton's, Beer Bistro, Convenience store and Starbucks across the street 
    • Nearby amenities:  underground PATH network, numerous restaurants, banking, Starbucks plus a wide array of nearby shops and services 
    • New modernized office layout fully furnished with meeting spaces and training rooms plus café lounge area
    • We are leaders in the service of training/meeting rooms with full conference facilities, high quality hot and cold catering
    • Largest training room and conference facilities accommodate up to 60 people classroom style
    • Ultra-high-speed - 1 GIG pipe = 1,000 x 1000 fiber-optic network, which will deliver internet connection speeds faster than most North American services
    • Private shower room
    • Indoor Reserved Parking at the current building rental rate
    • Bicycle parking
    • Rent a space to accommodate your team for meetings, training sessions, corporate events or coworking space or flexible office space for one day, one week, one month or one year, or whatever term suits your business
    • Telsec has over 650 locations in 40 different countries worldwide available for their clients.  Office clients receive up to 8 hours of meeting space per month at no charge at any ABCN member location.  Plus, Office and Virtual Office clients may rent a space from any member location at special member rates which varies depending on the location 
    • King Edward Hotel is located across the street - recently completed a $40 million renovation and boutique hotels close by within walking distance
  • Dining and entertainment at high quality restaurants only minutes away – Carisma, Terroni, Woods Restaurant & Bar and Michelin Rated - Restaurant 20 Victoria. Plus numerous lunch and takeout eateries nearby

         Please check out our 70 second video on our home page or click here:

Take a look at our facilities www.telsec.net    

Telsec will Customize Your Client’s Office(s) Layout to Meet Their Requirements

You are welcome to drop-in any-time, a quick call would be appreciated to ensure our availability Vanessa 416-574-1112 or Josie 416-606-4349 or e-mail josie@telsec.net.