Industrious to add flex office in Hollywood

28K sf site marks firm’s ninth in LA

Los Angeles /
Feb.February 16, 2022 08:00 AM
Industrious’s Jamie Hodari (Loopnet, LinkedIn, Illustration by Kevin Cifuentes for The Real Deal)

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.





    Related Articles

    arrow_forward_ios
    Langdon Park Capital's Malcolm Johnson (iStock, Langdon Park Capital)
    Kennedy Wilson JV spends $37M on first LA multifamily buys
    Kennedy Wilson JV spends $37M on first LA multifamily buys
    DTLA office buildings
    LA office leasing slows with deals “falling out of contract”
    LA office leasing slows with deals “falling out of contract”
    Jeff Bezos and Water Garden at 2450 Colorado Avenue (Getty, Google Maps)
    Amazon signs LA’s largest office lease of year
    Amazon signs LA’s largest office lease of year
    Related Companies CEO Jeff Blau and Related's Justin Metz with the Godfrey Hotel Hollywood (Getty, Related, GodfreyHotelHollywood.com, iStock)
    Related spends $115M on stake in new Hollywood hotel
    Related spends $115M on stake in new Hollywood hotel
    From left: 17877 & 17875 Von Karman Ave in Irvine, PGGM CEO Edwin Velzel and MetLife CEO Michel Khalaf (LoopNet, PGGM, MetLife)
    MetLife, PGGM buy Irvine creative office in biggest OC deal of year
    MetLife, PGGM buy Irvine creative office in biggest OC deal of year
    From left: Massachi Industries' Alex Massachi and DM Development's Mark McDonald with 1725-1739 N. Bronson Ave
    Development duo moves ahead on 128-unit high-rise in Hollywood
    Development duo moves ahead on 128-unit high-rise in Hollywood
    FS Investments' Michael Forman and Tishman Speyer's Rob Speyer with 555 South Aviation Boulevard (Tishman Speyer, LoopNet, iStock)
    Tishman Speyer notches priciest LA office sale of year
    Tishman Speyer notches priciest LA office sale of year
    Vectra CEO Raju Shah and 640 North Sepulveda Boulevard (Vectra, LoopNet)
    Mostly vacant Bel-Air office building sells for $32.5M
    Mostly vacant Bel-Air office building sells for $32.5M
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...