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.
Dallas-Fort Worth is emerging as a big player in the coworking market
JLL research has found that the Dallas-Fort Worth area ranks 12th among the country’s top 15 markets for the coworking and flexible space industry.
In 2018, the sector took up about two-thirds of the nation’s market supply and has grown by 23% on average each year since 2010. Clay Curlee, JLL vice president of workplace strategy, said that the Dallas-Fort Worth area, in particular, has a huge demand for flexible real estate.
JLL said that coworking is driven by “large-scale inbound corporate migration, both in terms of headquarters and back-office campuses.”
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Numerous factors go into were operators decide on a new space. Locations that are easily commutable and near targeted labor pools, restaurants and coffee shops top the priority list.
Culture within coworking spaces tends to be shaped by the neighborhood it resides in. For example, small operators may have better luck in East Dallas as it has a creative and entrepreneurial feel, but South Dallas may be better suited for newer talent.
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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.