In The Loop: IWG Takes Over WeWork Location, Coworking Growth, And WeWork On Demand

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International Workplace Group (IWG) will take over a former WeWork location in Williamsburg.

IWG Takes Over Former WeWork Location

International Workplace Group (IWG) announced this week that it is taking over a former WeWork location in Williamsburg. The space spans 79,000 square feet and is located across the East River from Manhattan’s Lower East Side. The workspace  location will be operated under IWG’s coworking brand, Spaces, and is slated to open on December 1. IWG has experienced an increase in demand for suburban locations, compared to pre-COVID levels. This is the second WeWork location that IWG takes over; two weeks ago the company announced that it was taking over a former WeWork location in Hong Kong

Coworking Spaces Expected to Double or Triple in Next 5 Years

The Commercial Observer reported this week that “the number of coworking and flexible workspace locations around the country is expected to double or triple within the next five years, despite a recent slowdown in growth in the market sector in the past year.” This according to a recent report from Colliers International. Despite the slowdown in growth caused by the coronavirus pandemic, operators and landlords alike see a bright future for the flexible workspace industry as more tenants expect increased flexibility in the future. 

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    WeWork to Roll out On Demand Offering

    Bisnow reported this week that “after a successful New York-based pilot program over the past few months, WeWork is rolling out its On Demand offering in 160 U.S. locations.” WeWork On Demand is a membership offering that provides users with access to coworking space and meeting rooms that can be booked in advance or at a moment’s notice. WeWork On Demand is the coworking company’s response to the uncertainty created by the coronavirus pandemic. According to reports, “the WeWork On Demand app gained users at an average pace of 28% per week over the two-month pilot, including an 84% jump in the final week.”

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