Is coworking filling the workplace gap? More planned for Las Vegas
International Workplace Group is adding four more office space locations in Las Vegas in the next year as the demand for hybrid office space and coworking locations continues to rise.
IWG, which has 22 locations spread across the valley, will be opening four more, which include floors in 302 E. Carson St., 3820 Meadows Lane, 7401 West Charleston Blvd. and 4220 South Maryland Parkway. That would bring the total to 26, and IWG said Las Vegas is one of the cities they are targeting with a new push for space, which will include 37 new spaces in the western part of the U.S.
The company usually partners with commercial real estate owners, developers and franchisee investors to offer hybrid work stations, meeting rooms and coworking offices that are outfitted with relevant technology.
Coworking spaces have been on the rise in the U.S. and globally for years, but the sector’s growth hit a wall during the COVID-19 pandemic as lockdowns shuttered office space and people retreated to their homes for work.
But, according to a report from osDORO, a global coworking space based in Singapore, the entire workplace landscape went through a dramatic shift in 2020 and 2021, with the rise in remote work and the subsequent fatigue brought on by working from home.
Coworking spaces have been the benefactor of some of this shift, according to the report, as many self-employed people or companies look to institute a hybrid workplace to encourage interaction in shared office spaces.
And there has been a rise in location requests for employees when it comes to new jobs, as the report stated that more than a quarter of 5,000 Americans surveyed said they would only accept a new job if it was located “conveniently” from their home.
The city of Las Vegas recently opened two large coworking spaces in the downtown area, at 801 S. Main St. and 300 S. Fourth St., aimed as a business incubator for burgeoning tech companies.
Mark Dixon, the chief executive officer and founder of IWG, said Las Vegas is a key market they are targeting in the western part of the U.S.
“Las Vegas market is a fantastic place for us to boost our expansion plans,” he said in an email response to the Las Vegas Review-Journal. “The demand for hybrid working solutions is rapidly growing with businesses of all sizes embracing the model. Not only are employees increasingly wanting to work close to home for an improved work/life balance, but businesses are realizing that they have a lower cost base and access to the best talent.”
Commercial real estate across the U.S. finds itself in a peculiar position, especially in cities with high amounts of office space within their city centers. San Francisco has been one of the hardest-hit cities, as approximately 31 percent of office space within the downtown core available for lease or sublease. Bay Area residents are also choosing both Las Vegas and Reno as top destinations to move to, according to a recent study.
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.
