Justin Stewart, president and co-founder of Industrious
Co-working firm Industrious is continuing to expand in Los Angeles County, this time with ShopCore Properties.
The two companies are developing a 27,000-square-foot co-working office at the One Colorado mixed-use development in Pasadena at 24 E. Union Street, the Los Angeles Business Journal reported. The Industrious Old Pasadena site is expected to open in the third quarter of 2020 and will include private offices and event space.
New York-based Industrious is also planning a 22,275-square-foot location at 444 S. Flower Street in Downtown Los Angeles and just opened a 24,000 square feet in Glendale.
The firm also has other locations around Los Angeles County, including one in West Hollywood; an 18,900-square-foot office Downtown; an agreement with Blackstone’s Equity Office to run at least 100,000 square feet at the Howard Hughes Center campus near Playa Vista; and 40,000 square feet in Century City.
Co-working companies took over the Los Angeles office market the past few years, spurring a spike in supply. Prices for a desk in at co-working offices in L.A. last year dropped 11 percent.
Overall, co-working companies continue to lead office leasing in Los Angeles. Industrious, Spaces and market giant WeWork all leased new spaces in the first quarter. WeWork alone signed leases for 319,000 square feet in the first four months. [LABJ] — Gregory Cornfield
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