Co-working breathes life into obsolete retail space
75,000+ SF of prime retail was leased out to co-working companies throughout Los Angeles in 2018.
- As retailers across America think about how to repurpose vacant space, 75,000+ SF of prime retail was leased out to co-working companies throughout Los Angeles in 2018. Expansion is occurring across Glendale, Santa Monica, and central Los Angeles. CTRL Collective, which occupies a former Bally’s Fitness in Pasadena, will also be expanding into Manhattan Beach in 2019.
- Corporate brands are choosing to occupy some of these co-working spaces, including Legal Zoom, Vans, and Beachbody. Five of these six spaces are housed in ground floor street front retail. The lowest price point for membership access at these spaces ranges from $275 to $349 a month.
- Work Well Win, an Austin, Texas concept will be occupying the 30,000 SF Third Street Promenade lease recently vacated by Barnes and Noble. Their focus is wellness-oriented, with a stated aim of targeting “mature healthy professionals.”
- Major regional mall operators such as Macerich have announced that they will soon be converting obsolete mall stores into shared working space as well. Given the strong demand for co-working space in the Los Angeles region, we predict additional operators will move into the retail category. Click here to read or national report.
Source: JLL Research