In the past few years, coworking has witnessed strong growth as it spread its roots all across the globe. In like manner, leading coworking giants Spaces and WeWork are opening more locations in Santa Monica near Bergamot Station. Further, this location is considered to be Santa Monica’s media district harboring a great number of media, tech, and production companies. This means that it will attract more people because of its ideal work environment. Spaces has signed a lease of 69,208-square-foot for the Water Garden at 1260 26th Street. Similarly, WeWork is going to acquire 116,000 square foot Lantana Campus on Olympic Boulevard.
To date, there are 13 coworking spaces in Santa Monica which will soon increase to 16. In view of the current developments, it is clear that in the near future, Santa Monica will be flooded with coworking spaces.
Spaces Santa Monica Location:
The Water Garden location in Santa Monica is a wide green area that offers a great working environment. Additionally, this location is bustling with diverse retail services. So, working at this place will give you access to all the basic facilities. The campus includes 17 acres of space with outdoor communal spaces, zen gardens, fitness centers, cafes, and restaurants. Also, it is situated near the Silicon Beach area which is home to various tech giants like Hulu and Google. The deal was made public on 29th January by CBRE Group Inc. and J.P. Morgan Asset Management (advisors of Water Garden investors). In this transaction, real estate company CBRE is representing both sides (WeWork and the investors). Moreover, the lease is 10 years.
WeWork Santa Monica Location:
WeWork location in Olympic Boulevard, Santa Monica will be known by the name WeWork Lantana. This large space can accommodate around 1,100 members. Not to mention, this will be their third location in the city besides 312 Arizona Ave. and 520 Broadway. Being a commercial street, the area has great market potential and is good for business. It is not surprising that WeWork chose this particular location. Furthermore, WeWork covers roughly 1.2 million square feet in Los Angeles and has more expansion plans for the future.
Interestingly, Los Angeles is the second largest hub for coworking spaces. It has a total of 4.1 million square feet of shared office space out of the total 222 million square feet. Whereas, on the first number stands Manhattan with an office space of 9.2 million square feet as per the research of CBRE.