WeWork remains the dominant coworking operator in Los Angeles
The demand for flexible office space persists in Los Angeles
May 29, 2019
- The demand for flexible office space persists in Los Angeles as their overall space inventory surpassed an aggregate of 5.0 million square feet in Greater Los Angeles.
- The growth of flexible space operators in the market has paralleled the rapid expansion of high growth industries who are growing their presence in the market. Coworking operators have been able to provide much needed swing space for media and tech tenants while these companies ramp up their headcounts and establish longer term real estate strategies.
- WeWork continues its ongoing expansion in the market. The operator has grown from two locations in 2014 totaling almost 80,000 square feet to 25 locations totaling over 1.6 million square feet today, surpassing IWG’s combined inventory across its Spaces and Regus brands.
- As WeWork grows, the company is now looking at new pockets of the market which have been untapped by co-working companies. Following the interest of high growth tenants in technology and new media, WeWork has committed to spaces in Santa Monica, Beverly Hills, the Arts District and Historic Core in the CBD and a media dominated corner of the San Fernando Valley.
Source: JLL Research