Jamie Hodari

When everything’s in flux, people look for flex. That’s why the post-COVID disruption to the office market has been such a boon for flex office operators, particularly Industrious, which has become the third-largest flex operator globally after IWG and WeWork. 

“All the trends that have merged over the last few years, which has had a complicated impact on office and long-term leasing, have mostly played to the benefit of flex,” said Jamie Hodari.

Hodari founded Industrious together with a friend, Justin Stewart, in 2012. The company initially sought to differentiate itself by opening locations in retail centers and other nontraditional office locations — leaning into the growing sentiment that the lines around work, life and play were blurring. 

Later, Hodari learned from key rivals (looking at you, WeWork) to limit Industrious’ exposure by opting for management agreements rather than leases. And the larger his company grew, the more negotiating power it had with landlords. 

That would serve Industrious well during COVID. After a brief retrenchment at the beginning of the pandemic, Industrious has been able to capitalize on the ongoing office reset, providing the type of flexible and adaptive workplace management necessary in this new era of hybrid and distributed workplace. 

Industrious now has over 200 locations in 10 countries, with 30 openings planned this year, as well as 50 new signings. In 2023, Industrious also partnered with Nuveen, one of the largest office landlords in the country, to manage its entire portfolio of office locations, providing a flex-like offering for Nuveen tenants who can access meeting rooms, shared spaces or private areas in any Nuveen location. 

Industrious also became profitable for the first time, after seeing revenue triple since before COVID.  

“We really stuck to our guns about being in prime markets, and in the management-sharing model,” said Hodari. “That allowed us to have cash in the bank when demand for flex started picking up post COVID.”

It also allowed the firm to be a leader in shaping the new workplace. “We deliver a great day of work,” said Hodari.