Tuesday, February 12, 2019

Coworking Company Spaces Leases A Second Philadelphia Location

by Steve Lubetkin, Globest.com
Spaces, the coworking brand of IWG that originated in the Netherlands, is leasing 48,069 square feet at 1626 Locust Street in Philadelphia, its second location in the city. The building’s owner is Cross Properties.

Spaces’ first Philadelphia location is at the Hale Building, where it occupies 37,735 square feet.
“Rittenhouse Square is an ideal place for Spaces to open their second Philadelphia location. Their unique coworking environment provides a strong collaborative workplace for the many entrepreneurs and corporate users in Center City.”

“Our community of achievers are looking for a unique and inspiring workplace that fosters work-life integration,” says Michael Berretta, vice president of network development for IWG. “Our expansion in Philadelphia is yet another example of the rising demand from businesses of all sizes for flexible workspaces.”

Over the past two years, 550,000 square feet of new coworking and incubator spaces have been added to the Center City market. Spaces’ new lease will bring the city of Philadelphia’s total coworking footprint up to more than 900,000 square feet, spread between 22 different providers. Yet coworking space still only represents less than two percent of the total Center City office inventory, indicating great opportunity for continued growth.
Spaces will occupy all of 1626 Locust and is expected to move into the new location at the end of 2019.

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