Despite low vacancies and infamous high costs, one coworking operator is banking on the Bay Area.
According to Industrious CEO Jamie Hodari, the company has plans to expand its footprint across the Bay Area in the coming months as it continues to make an impression on the country’s largest companies.
For instance, the company recently opened its first Silicon Valley location in the lobby of JPMorgan Chase’s Palo Alto offices.
“We have a good number of deals under negotiation in San Francisco and a few that are pretty much ready to announce,” said Hodari in an interview with San Francisco Business Times.
While details of its new locations are still under wraps, reports say that Industrious is looking to open a space within a mall on Market Street in San Francisco, where it will potentially take up over 45,000 square feet on the shopping center’s fifth floor. However, the lease has yet to be signed.
Hodari says that San Francisco is more than its downtown business districts, which offers vast opportunities for the operator to service different pockets.
“Units that we have in vibrant central business districts in New York City, Austin, etc. are doing very well,” added Hodari. “Units in true financial downtowns where people don’t live and work — in downtown Dallas, parts of downtown Philadelphia — those are struggling a bit more.”