While faith in the coworking model has been challenged recently, West Covina-based TailoredSpace is confident in its continued demand. In fact, the company recently announced plans to nearly double its portfolio by the end of the year with the addition of eight new locations.
“Coworking, much like hybrid work, is here to stay,” Drew Sanden, chief executive and co-founder of TailoredSpace, said. “While people want the flexibility of working from home, that isn’t always the easiest solution when home includes other distractions.”
To combat this, TailoredSpace promotes flexible coworking and communal spaces for fixed-price monthly fees – where members can rent a desk starting at $225 a month or a fully furnished private office starting at $650 a month.
Although Los Angeles’ market for coworking has shrunk from 5.6 million square feet at the end of 2019 to 3.6 million square feet today, according to data from Jones Lang LaSalle Inc., experts believe the model is still a viable option for businesses.
“I think the state of the office market and office needs is still heavily dictated by employees versus employers,” said Jackie Benavidez, a vice president and office broker at CBRE Group Inc. “I think employees are focused on the experiential officing model, and I think coworking options meet many of those needs.”
Benavidez noted that some of these benefits include having collaborative areas paired with private options, drinks on tap and feeling a sense of community.
“And I think you’re able to achieve a lot more flexibility as an employer especially when you have a lot of the workforce still working in these hybrid models,” Benavidez said. “I think it’s really helpful to be able to dictate on a month-to-month basis what your capacity needs will be and what that headcount looks like so you’re not paying for parking spaces when you don’t have employees coming in.”
While the company made its debut in 2019, making it still relatively…
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