Industrious will take over at least seven coworking spaces that have struggled to stay afloat throughout the pandemic.
Many coworking operators have been forced to give up space or file for bankruptcy over the last year. However, Industrious’ model of signing management contracts to operate spaces for landlords, rather than leases, has allowed it to maintain some resiliency.
The coworking spaces the company plans to take over by June 30 are located across Chicago, Los Angeles, New York and Washington D.C.
Of the seven workspaces it is taking over, at least five are WeWork locations.
“We added more than 1 million square feet of new space last year, and some of those locations included pre-built spaces where another flex operator didn’t work out,” said Jamie Hodari, CEO of Industrious. “We’re proud to partner with landlords to improve outcomes for their spaces when there’s a good fit, and it’s clear there are increasingly more opportunities to do just that.”
So far, WeWork has revealed it will be giving up multiple locations in Washington D.C., as well as closing down spaces in New York City.
It will also be giving up space in Chicago, Los Angeles and the Bay Area, but has not specified which locations would close.