US: Flexible workspace provider IWG is opening a Spaces property in West Hollywood.
The Swiss company signed a 31,000 square-foot lease that partially replaces a former 48,000 square-foot WeWork space at 925 North La Brea Avenue. The property is owned by CIM Group.
WeWork terminated its lease at the building last year.
Spaces West Hollywood, which opens on May 5, will include 160 private offices and coworking spaces, 12 meeting rooms and 10 phone booths.
The opening coincides with rising demand for flexible workspace. A JLL survey in December 2021 found 41 per cent of office tenants expected to increase use of flexible office space due to the pandemic, an increase from 29 per cent in a 2020 survey.
Last month, IWG invested $350 million into office listing service Instant Group, with both companies aiming to create the world’s largest online marketplace for flexible office space.
“Companies are rapidly appreciating that one size does not fit all when it comes to hybrid work,” 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 hybrid brings, including reduced costs, improved productivity and increased talent retention.”
