Coworking space heats up across Hollywood and West Los Angeles
- For the past decade, coworking space has thrived throughout Los Angeles, proving to be a major disruptor within commercial real estate. Since 2008, coworking space locally has grown by 500 percent, resulting in a net absorption of over 2.5 million s.f. Currently, coworking occupies 3.2 million s.f. within the market, but given its annual growth of 59 percent, that figure should grow significantly moving forward.
- Areas throughout West LA and Downtown have seen the biggest impact of flexible work space. Together, both markets account for over half of the coworking market share. Meanwhile, Hollywood is emerging as a major player within the industry, given increasing demand for space from entertainment and media companies.
- The growth of the shared economy is showing no signs of slowing, and its impact on the office market is likely to increase for the foreseeable future.
Source: JLL Research