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.
Google rumored to take space in Reston
Reston, Virginia may be a recipient of a portion of Google’s $13 billion nationwide real estate expansion as it is in talks to leasing 90,000 square feet within Comstock Holding Company’s Reston Station development.
The company would move into the 360,000 square foot office building on Reston Metro Plaza.
The developer, Comstock, inked a deal with coworking operator Spaces for 40,000 square feet in the space. Two more office buildings are planned at the Reston Station development. It also features a 448-unit apartment building, retailers, Starbucks and more.
The Latest News
Delivered To Your Inbox
Google already occupies 45,000 square feet at Reston Town Center, which expires in 2025, but includes an early termination option for 2020.
Just last week, Google CEO Sundar Pichai announced the $13 million plan to increase its real estate holdings across the country, with specific plans for growth in Virginia.
Latest on Daily Digest
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.