Toronto’s Centre for Social Innovation to sell Annex coworking space; cites rising interest rates, downturn in coworking revenue
Why It Matters
Rising interest rates are making it more difficult for non-profit landlords to hang on to existing properties or create new ones, reducing the availability of commercial space for charities, non-profits and social entrepreneurs.
The Centre for Social Innovation, one of Toronto’s best-known non-profit landlords, will sell its 36,000 sq. ft. coworking space in the Annex neighbourhood in the next 12 months.
While the non-profit hopes to sell to a socially-minded buyer, the organization’s CEO Tonya Surman said the building’s 275-odd existing tenants will likely be forced to find a new workspace — at the non-profit’s other coworking site or elsewhere — and the community stands to lose a prominent event space.
Surman said they hope to fetch more than $20 million for the 720 Bathurst St. property, allowing the organization to pay off its mortgage with Vancity Community Investment Bank and to maintain its other coworking space, a 64,000 sq. ft. property on Spadina Avenue near Toronto’s Chi
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