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California  + Los Angeles  + Office  | 

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.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., 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, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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