IWG’s Spaces Replaces WeWork in West Hollywood
The flexible coworking space spans 31,000 square feet on La Brea Avenue
The 31,000-square-foot coworking lease partially replaces a former 48,000-square-foot WeWork space at 925 North La Brea Avenue between Melrose Avenue and Santa Monica Boulevard. Representatives for the property owner, CIM Group, did not immediately respond to requests for comment.
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 coworking membership on the Spaces website marketing available room.
It opens as companies reconsider their workplace plans to accommodate the growing popularity of hybrid work following the pandemic.
The market for flexible office space in the United States was pared down during the coronavirus pandemic, with 144 providers cutting their footprints by 12.2 million square feet — mostly in Los Angeles, San Francisco and Manhattan. But larger providers like IWG have grown over the past year as companies needed new flexible space.
Research commissioned by IWG shows 70 percent of job candidates are insisting on hybrid work policies, and half of existing employees would quit their jobs if forced back to the office five days a week. Additionally, research by Global Workplace Analytics found that businesses can save more than $11,000 per year, per employee, by implementing hybrid working.
“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.”
Gregory Cornfield can be reached at firstname.lastname@example.org.