IWG will take over another former California WeWork location, this time in Downtown Los Angeles.
In 2014, WeWork signed a lease to take up over six floors of the city’s Fine Arts Building. It is unclear when the space was shuttered, but it was no longer showing up on the company’s website as of August 2021.
Now, IWG will open a 38,000 square foot Spaces location, taking up the ninth through 12th floors and penthouse as it prepares for companies embracing hybrid work policies.
“People increasingly want to live, work and socialize without having to spend hours commuting,” said Mark Dixon, CEO of IWG. “Companies are meeting these new expectations from employees by taking advantage of the many competitive benefits that hybrid brings, including reduced costs, improved productivity and increased talent retention.”
Recent data from Kastle Systems shows that around 41.5% of LA office workers have returned to the office, which is a slight increase from the 40.9% seen in mid-April.
IWG has committed to adding 1,000 new locations in suburbs this year, allowing it to better accommodate workers who need an office closer to their homes. Although the company warned of falling profits and shares, it is positioning itself as the ideal workplace solution in the post-pandemic era.