What’s going on:
IWG is slated to hold a grand opening for a new 26,000-square-foot coworking space, according to Portland Business Journal. The new space will open under IWG’s Regus brand.
The move comes at a time when Portland’s office vacancies hover at over 25% as remote and hybrid work environments continue to impact the economics of the city. It also highlights how more companies in Portland are choosing to maintain hybrid and remote work environments, increasing the demand for alternatives to traditional office spaces.
Why it matters:
Remote work became a necessity during the Covid-19 pandemic, and now it has become a preferred choice for many businesses and employees in the workforce. The increased demand for coworking spaces indicates that an increasing number of professionals in Portland are seeking new kinds of work environments that offer more flexibility, work-life balance, and opportunities for networking and collaboration. IWG’s 26,000-square-foot space indicates that despite rising vacancy numbers in Portland, there is growing acceptance of and adoption of remote work.
How it’ll impact the future:
Portland’s trend reflects a trend in the U.S. observed in other cities like New York and Los Angles. The increase in demand for coworking spaces could drive innovation and competition within the commercial real estate sector in the country. Property developers and coworking providers might differentiate themselves in the market by offering unique amenities, services, and tailored environments to attract and retain customers. The competition may result in improved offerings and better experiences for professionals seeking coworking spaces.