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.
Knotel continues its Manhattan expansion
New York-based coworking firm Knotel has signed a deal for a 39,000 square feet of space at United Group’s Midtown location.
The company will take over five of the 12 floors in the 85,237 square foot building located between Fifth and Sixth avenues.
As of 2019, Knotel said it has completed over 2 million square feet of deals in Manhattan and has expansion plans in the future.
“Landlords and occupiers alike are seeing the flexible office as the new normal—a valuable way to manage their portfolios and real estate requirements,” said Eugene Lee, global head of real estate and business development at Knotel.
This deal adds onto Knotel’s 625,000 square feet of space since the beginning of 2019.
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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.