Industrious, the third largest co-working and shared office space company in the US behind WeWork and IWG, has ambitions ultimately to expand into Europe.
The fast-growing Brooklyn, New York-headquartered company currently has 35 locations across 25 cities and financial backing from US private equity groups.
Though there is no set timeline for Industrious to open in Europe, sources said London was a particular ambition, and major office landlords are beginning to take note.
A spokesperson said in an emailed comment to EuroProperty: ‘International expansion is definitely on our radar, and something we’re super excited about,’ though she played down talk of immediate plans.
Industrious’s foreign ambition is matched by another co-working group – Convene – which recently appointed CBRE to find an initial five or six centres of between 40,000 and 60,000 sq ft (3,700 and 5,570 m2) in London’s West End, Docklands, City, City fringe, South Bank, and Midtown.
Estimates put flexible workspace as accounting for nearly 20% of office space in London while competition is intensifying in the UK regions.
Founded in 2013, Industrious has more than tripled its footprint in three years with locations including Seattle, Los Angeles, New York, Washington DC and Orlando.
In 2016 it won $70 mln of backing from private equity firm Riverwood Capital. Occupancy rates at its sites are running at 93%.
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This article first appeared in EuroProperty, a PropertyEU weekly publication
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