In light of the rising demand for flexible workspaces and coworking spaces across the U.S., International Workplace Group (IWG) is planning to add four more office spaces in the Las Vegas area in the coming year.
Adding to its already existing 22 locations across the valley, IWG’s four new ones will be located at 302 E. Carson St., 3820 Meadows Lane, 7401 West Charleston Blvd. and 4220 South Maryland Parkway. Las Vegas is one of the areas that IWG is targeting for the expansion of its portfolio, as the western part of the U.S. is set to include 37 new spaces belonging to the operator.
To provide hybrid workstations, meeting spaces, and coworking offices equipped with the latest technology, IWG typically collaborates with commercial real estate owners, developers and franchisee investors.
Coworking spaces have been growing both domestically and internationally for some time, but the COVID-19 outbreak put a stop to their expansion as lockdowns forced individuals to work from home.
But a survey by Singapore-based global coworking space osDORO claims that due to the surge in remote work and the associated fatigue of WFH, the workplace environment saw a significant change in 2020 and 2021. As a result of this shift, coworking spaces have risen in popularity, as many self-employed workers, freelancers or companies have instituted a hybrid work policy, to drive, at least partially, more workers to shared office spaces. At the same time, the report revealed that over a quarter of the 5,000 U.S. respondents said they would only accept a new job if it was conveniently located in the proximity of their homes.
In order to serve as a business incubator for rising tech companies, the city of Las Vegas has opened two sizable coworking spaces in the downtown area at 801 S. Main St. and 300 S. Fourth St. Las Vegas is a crucial market they are targeting in the western region of the United States, according to Mark Dixon, the chief executive officer and creator of IWG.
“Las Vegas market is a fantastic place for us to boost our expansion plans. 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”, Mark Dixon declared in an email response to the Las Vegas Review-Journal.
In the U.S., commercial real estate is currently in an atypical situation, particularly in cities with large concentrations of offices in their downtown areas. One of the most impacted cities has been San Francisco, where 31% of the office space in the central business district is available for lease or sublease. According to a recent report, Bay Area residents are also selecting Las Vegas and Reno as their top relocation choices.
