IWG’s Spaces Replaces Another WeWork in LA
Space includes more than 38,000 square feet at the historic Fine Arts Building
By Greg Cornfield May 20, 2022 7:05 pm
reprints
IWG, among the world’s largest providers of flexible workspaces, opened another Spaces location this week in Downtown Los Angeles. It’s the second former WeWork (WE) location in L.A. to be rebranded as a coworking Spaces.
The flex space includes more than 38,000 square feet on the ninth through 12th floors as well as the penthouse floor at the historic Fine Arts Building at 811 West 11th Street. The landmark building originally opened in 1926 to house galleries and workspaces for artists, and now is coworking space and offices.
The Fine Arts Building is near the Los Angeles Central Library as well as a Metro station. IWG’s partner representative for the space is Manchester Capital Management.
The downtown location comes online less than a month after IWG opened a Spaces in West Hollywood, which also replaced a former WeWork space.
Tenants continue to update their return-to-office plans, with many allowing employees to split their time between company headquarters, a local office or co-working space, and home. Research commissioned by IWG shows 70 percent of job candidates are insisting that companies have a hybrid work policy, and half of existing employees say they would quit their job if forced back to the office five days a week.
“People increasingly want to live, work and socialize without having to spend hours commuting,” IWG’s CEO Mark Dixon said.
With Regus and Spaces, IWG added more than 2 million new customers to its global network of flexible workspaces in 2021, and the business is set to add 1,000 locations globally in 2022.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
