Major office space provider IWG has started adopting the franchisor model, pioneered by fast-food company McDonald’s, in its effort to edge further away from WeWork.
Hotel and coworking management firm announces first NYC location
Selina, a coworking firm that marks WeWork CEO Adam Neumann as an investor, has plans to open its first New York City location.
The hotel and coworking company announced a 20-year lease for all 63,000 square feet of the 138 Bowery building. It will include 90 hotel rooms, 2,000 square feet of coworking space, a rooftop bar, and retail space.
Emmut Properties developed the 138 Bowery building as a mixed residential and hotel building, but ended up leasing the entire building to a hotel operator instead, according to Yoav Gery, the company’s president. In 2015, the company bought the development site for $47 million.
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Selina was founded in Panama in 2015. It manages hostels and office space buildings tailored to the ever-growing digital nomads of the world. It has since expanded its services throughout Latin America and Portugal and is aiming to open 15 U.S. locations by 2020
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America’s malls are becoming more and more vacant, but coworking companies are taking advantage of these empty spaces to expand their services in a nonconventional way.
Flexible workspace provider Knotel has once again expanded its presence in central London, signing three new deals across the city totaling 40,000 square feet.
Office Evolution, the nation’s biggest coworking franchisor, will expand its footprint in Mount Pleasant as it continues to cater to small business owners in the area.
Although coworking spaces are often categorized as servicing major cities, tier II cities are having their moment as many startups continue to flood into these areas.
Amy Nelson, CEO of The Riveter, has made it her business to promote inclusivity of women in professional settings while also providing men tools to value gender equality.
A survey of 1,000 WeWork members found that, while some use the space out of convenience, others find the culture to have an effect on their professional identities.
While WeWork is expected to file for an IPO this year, its valuation and recently announced losses have left investors worried about the sustainability of the company.
IWG has started rolling out a franchise model, similar to that of McDonald’s, enlisting franchisees to take the reins in subleasing Regus and Spaces offices to companies.
Chicago-based Novel Coworking has purchased Denver’s 195,753 square foot, 17-story boutique office property Trinity Place in Uptown that is currently 65% leased.