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How CRE giants hope to cash in on the flexible space movement
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Unlike other co-working operators, Industrious focuses on private offices and management agreements with landlords.
Commercial real estate services firm CBRE has just invested $200 million to acquire a 35 percent share of flexible workspace operator Industrious, with plans to purchase another 5 percent in the near future, making CBRE Industrious’ largest shareholder.
According to Bloomberg, Industrious, which now has more than 100 locations in 50 U.S. cities, plus Singapore, is already backed by approximately $200 million from other investors, including Brookfield Properties.
As part of the deal, CBRE is merging its own flexible workspace operation, CBRE Hana, with Industrious. When the transaction closes, 10 CBRE U.S. and U.K. Hana locations will be operated by Industrious.
February 6, 2021
In an S-1 filing ahead of its ill-fated IPO attempt, WeWork included a recession among its risk factors. What it didn’t anticipate was a pandemic.
Over the past year, offices have shuttered around the world. Downtown centers became ghost towns, and revenue dropped sharply for coworking spaces as clients ditched short-term leases. In the second quarter of 2020, US flex office space leasing activity was down 45% year-over-year, according to a report from CBRE. Just this week, coworking space Knotel filed for Chapter 11 bankruptcy.
But it’s not all bad news. Over months of Zoom calls and Slack check-ins, office workers have had plenty of time to mull what it would mean to go (back) to the office. And while demand for flexible space has fallen, commercial real estate analysts say the future for coworking looks bright in part because big companies are now joining solo entrepreneurs in prizing office-space flexibility. Before the pandemic, commercial real estate fir
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