Coworking Continues to be a Major Disruptor within L.A. CRE
Los Angeles is the second largest coworking market in the country. CBRE reports of the 222 million total square feet of the office space in the L.A. market, 4.1 million square feet of that is flexible space.
CBRE says, flexible space providers accounted for 4.4% of square footage leased in major deals in H1 2018, nearly double their share in H1 2017, and up from less than 1% in 2013. Flexible space providers have been the primary growth driver within the business services sector.
Meanwhile, researchers at JLL point out that coworking space has thrived throughout Los Angeles, proving to be a major disruptor within commercial real estate. Since 2008, coworking space locally has grown by 500%, resulting in a net absorption of more than 2.5 million square feet. Currently, JLL says coworking occupies 3.2 million square feet within the market, but given its annual growth of 59%, the firm predicts that figure should grow significantly moving forward.
JLL reports areas throughout West L.A. and Downtown have experienced the biggest impact of flexible work space. Together, both markets account for over half of the coworking market share. Meanwhile, Hollywood is emerging as a major player within the industry, driven by increasing demand by entertainment and media companies.
Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services.
In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company.
In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix.
Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator.
Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements.
Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!