IWG spaces replace WeWork in West Hollywood
GTIwhich claims to be the world’s largest provider of flexible workspaces, is opening a The spaces outlet in West Hollywood, California.
The 31,000 square foot coworking lease partially replaces an old 48,000 square foot We work space to 925 La Brea Avenue North between Melrose Avenue and Santa Monica Boulevard. Owner’s Representatives, CIM Groupdid not immediately respond to requests for comment.
WeWork terminated its lease in the 63,331 square foot building last year after the company flopped when analysts realized it was losing money fast and viral reports spread of its former CEO’s erratic behavior.
Spaces West Hollywood will include 160 private offices and coworking spaces, 12 meeting rooms and 10 phone booths for clients ranging from startups to more established companies. It’s currently $430 per person for a full month of office space and $254 per person for a coworking membership on the Website Marketing Room Spaces Available.
It opens as companies reconsider their work plans to adapt to the growing popularity of hybrid working in the wake of the pandemic.
The flexible office space market in the United States has been reduced during the coronavirus pandemic, with 144 suppliers reducing their footprint by 12.2 million square feet – mainly in Los Angeles, San Francisco and Manhattan. But larger providers like IWG have expanded over the past year as businesses needed a new, flexible space.
Research commissioned by IWG shows that 70% of job applicants insist on hybrid work policies, and half of existing employees would quit their jobs if forced back into the office five days a week. In addition, research from Global workplace analysis found that companies can save more than $11,000 per year, per employee, by implementing hybrid working.
“Companies are quickly realizing that one size doesn’t fit all when it comes to hybrid working,” said Mark Dixon, founder and CEO of IWG. “They are now adapting their approach to meet the new expectations of their employees, while taking advantage of the many competitive advantages that the hybrid brings, including reduced costs, improved productivity and increased talent retention. . »
Gregory Cornfield can be reached at [email protected].