Industrious to add flex office in Hollywood
28K sf site marks firm’s ninth in LA
Industrious, a flex office provider, is opening a new location in Hollywood, its ninth in Los Angeles.
The New York-based firm is opening a 28,000-square-foot location at 7083 Hollywood Boulevard in May, Industrious said on Tuesday.
The flexible office brand signed a long-term deal with Vanbarton Group, which owns the building. Terms of the agreement were not disclosed.
“We’re seeing great demand for this submarket,” said Industrious’ director of real estate, Jerome Fried.
The demand for flex space runs counter to the condition of the market for standard, long-term office deals. Almost a third of all office space was vacant in Hollywood in the fourth quarter, according to Newmark.
Industrious differs from most others in the segment, providing its members with private offices, either on month-to-month or yearly contracts.
Fried said flexible office spaces are more appealing to companies right now, given they can sign shorter leases.
Flexible office providers rebounded to some degree in 2021 after sustaining enormous losses during the first year of the pandemic, according to a recent CBRE report.
Industrious was one of those rebounders: the firm reported a 31 percent year-over-year increase in revenue in the third quarter of 2021.
Those gains as the supply of flex office space was trimmed by 8.7 percent year-over-year in the same period, according to CBRE. That is anticipated to change this year, CBRE said, as more flex office firms look to “gain a foothold in existing markets and grow their scale in existing ones.”
Industrious has eight other locations, including spaces in Century City, Glendale, Pasadena and Downtown Los Angeles.