Netherlands-based workplace provider SPACES is coming to Santa Monica, they’ve signed two lease deals in Los Angeles, totaling approximately 59,000 square feet.
SPACES recently signed a lease for 28,822 square feet at 730 Arizona Avenue in Santa Monica. The building boasts multiple balconies and patios, and is within walking distance of a variety of stores and restaurants. CBRE’s Danny Rainer represented the company in the transactions.
SPACES signed its first location in Southern California – a 10-year lease on 145 S. Fairfax Ave. in Los Angeles – for 29,791 square feet announced in late January.
SPACES provides a dynamic and professional work environment with a wide selection of services and a cultural program of events, according to CBRE. SPACES aims at attracting entrepreneurs, corporates and mid-sized companies.
“To meet our clients’ diverse needs we are expanding in Southern California with a variety of workspace options designed for businesses of all sizes, at all stages of development,” said SPACES Founder Martijn Roordink. “Our two new locations provide customers with the options and services they need to do great work and be successful.”
The fastest-growing office-using employers are those with 5-10 employees. The growth of these smaller employers is helping buoy demand for co-working spaces, according to the latest CBRE research.
The number of co-working spaces in office markets around the country is likely to rise in 2016 as more companies, including Fortune 500 enterprises, are taking space at these types of facilities, according to a January report. This is driven by demand from companies small and large – the co-working sector has a five-year compound annual growth rate of 21 percent – attracted to the flexibility of the model and lower costs as average office asking rents have been on the rise nationally, according to CBRE.
“The growth in this sector is impressive,” said Rainer. “We are seeing a tremendous interest from co-working spaces replicas relojes suizos for Class A and non-traditional office buildings that feature lots of amenities in highly sought-after neighborhoods. These new SPACES locations will provide their respective neighborhoods with amazing collaborative work space operated by the best global operator, it’s very exciting.