Office provider LABS has launched its 96,100 square foot flagship property LABS House in Bloomsbury, London that features coworking, offices, and full-service dining.
JLL’S top 10 markets for coworking
A new report from JLL shows Los Angeles as coming in tenth in the nation for coworking spaces.
New York and San Francisco took the first and second position while Silicon Valley came in third. Austin, Boston, Northern Virginia, Washington D.C., Seattle and Denver rounded out the list.
Josh Wrobel, managing director at JLL, said that some portions of Los Angeles are the most saturated in the coworking market due to nature of short-term contracts in the entertainment industry.
“As such, if you segment out the West Los Angeles market, including Hollywood, flexible office space’s saturation has exceeded 5% of the market, which would put it ahead of every other market in the country from a percentage of occupancy perspective,” said Wrobel.
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Wrobel also said that the saturation of Hollywood is bound to lead flexible office space companies to expand into Hollywood submarkets, such as Miracle Mile and Burbank.
Content industries are expected to drive the growth of coworking into new Los Angeles neighborhoods.
Flexible offices spaces are a perfect fit for Los Angeles, according to Wrobel. He said it gives owners an opportunity to ignite outside areas that employees can take advantage of.
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Colliers International revealed the success of the office market last year due to high demand for coworking and tech firms, but predictions for 2019 are uncertain.
Shared office space providers as tenants have become the norm for many landlords and building owners, and now many REITs have adopted coworking as it continues to expand.
Brookfield Properties has teamed up with Convene to spruce up the 73,000 square foot Brookfield Place into a full-service events venue that accommodates up to 500 people.
Many coworking operators pride themselves on massive, rampant expansion, but some industry experts believe this growth could lead to failure and consolidation in 2019.
Coworking has expanded into many major markets of the nation over the past few years, but some firms are finding their client base to be working moms in the suburbs.
Howard Hughes, the development team behind Chicago’s Bank of America Tower, announced that luxury coworking brand No18 will take up two floors in the 55-story building.
WeWork has officially become one of Seattle’s largest office space occupiers, along with Amazon and Microsoft, and has a total footprint of about 1.7 million square feet.