Series - Editorial Fellowship: Transforming Funding Models

Toronto’s Centre for Social Innovation to sell Annex coworking space; cites rising interest rates, downturn in coworking revenue

Author Gabe Oatley
The nonprofit organization hopes to fetch more than $20 million for the property, shoring up its financial position

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.

var TRINITY_TTS_WP_CONFIG = {"cleanText":"Toronto\u2019s Centre for Social Innovation to sell Annex coworking space; cites rising interest rates, downturn in coworking revenue. The Centre for Social Innovation , one of Toronto\u2019s best-known non-profit landlords, will sell its 36,000 sq. ft. coworking space in the Annex neighbourhood in the next 12 months.\u00a0 While the non-profit hopes to sell to a socially-minded buyer, the organization\u2019s CEO Tonya Surman said the building\u2019s 275-odd existing tenants will likely be forced to find a new workspace \u2014 at the non-profit\u2019s other coworking site or elsewhere \u2014 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 organiz

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