Co-working offices emerged a decade ago as offbeat, bare-boned affairs that served start-ups and the self-employed. But now their appeal has broadened even to mainstream companies.
The two companies share a common lead investor — Japan’sA WeWork co-working space in New York.
WeWork, which started out nine years ago in New York with six floors in a SoHo building, now has more than 400,000 members paying for access to 45 million square feet worldwide. That’s more space than exists in all of downtown Los Angeles. One of the most high-profile new entries is the Wing, a New York-based company founded by two female entrepreneurs that opened a branch last month in West Hollywood. It’s taken a niche approach by tailoring its offices and services to women’s needs and preferences.
The Wing also offers “support circle” meetings to talk about parenting issues, mental health, physical illness and recovery from addiction, as well as other programs. At the Wells Fargo Center in downtown Los Angeles, Convene sends up breakfast every morning for about 200 workers at the headquarters of the financial firm Oaktree Capital Management. Catering is just one of the New York company’s services.
By packing people in more densely than conventional offices, co-working is expected to reduce overall office demand in the country as much as 3% by 2030, in an industry accustomed to growth, a recent report by Green Street said.Landlords, who like to lock in tenants for a decade or more, will feel pressure to offer more short-term leases to compete with the easy in-and-out options offered by co-working operators.
Hana will provide some traditional co-working space along with private, customized office suites pitched toward rapidly growing companies that may have offices elsewhere in the complex and need extra space. Hana will also offer meeting rooms and catering to other tenants or visitors.
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