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As the trend grows, the Westside remains home to the bulk of co-working space

• Los Angeles currently ranks third in the country in terms of total inventory occupied by co-working companies. Co-working operators account for almost 2.8 million square feet of office space in the Los Angeles metro market. While co-working operations can be found across the metro area, over 1.2 million square feet is located within the tech-heavy and venture-capital rich Westside submarket. Shared workspace operators have also been drawn to Downtown’s urban vibe and rich amenity base.

• WeWork has seen significant growth since opening its first LA location in 2014, and currently has 16 locations, 8 of which are in Westside and Hollywood markets. Other operators such as Spaces, Industrious and Serendipity Labs have seen significant growth in the market. EQ Offices, the US office portfolio company owned by Blackstone’s real estate fund, announced that it will be partnering with Industrious to directly manage 110,000 square feet of flexible office suites in the Howard Hughes Center in Culver City.

• While co-working spaces have always been places for incubating the next generation of companies, the market is increasingly seeing traditional tenants and even local government agencies drawn to co-working operators who are  able to offer flexible lease terms and creative build-outs which will  serve their employees growing desire to work in creative environments.

Source: JLL Research




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