Retail properties are expected to see a 25% growth in coworking spaces through 2023, according to panelists at ICSC RECon’s Coworking Craze panel.
Preston Pesek, CEO of Spacious, discussed the importance of taking advantage of these underutilizing retail spaces and how the model of a drop-in workspace differs from traditional coworking.
“Landlords and retailers have been supportive of this idea because it brings customers to the center on a daily basis,” said Taylor Alvey, Vestar VP of leasing. “Additionally, most of Vestar’s properties have freeway visibility, providing a great benefit to hotel and multifamily owners.”
Now, firms are seeing a spike in larger corporations seeking flexible offices spaces for smaller teams as well.
Overall, experts believe that the sector is showing no signs of slowing down and is finding new ways to capture a wider variety of customers. Rather, coworking is just now starting to evolve with its entrance into retail properties, restaurants, and hotels.