Obsolete or vacant US retail spaces are ripe for converting into co-working locations, according to a report by JLL. It said such buildings are generally centrally located, offering flexible workers access to shops and restaurants, while at the same time generating revenues for landlords above the standard retail rate. The report, which was commissioned in partnership with the National Retail Federation (NRF), found that there were more than 650,000 empty storefronts across the US, including nearly 200,000 in New York City.
Obsolete or vacant US retail spaces are ripe for converting into co-working locations, according to a report by JLL. It said such buildings are generally centrally located, offering flexible workers access to shops and restaurants, while at the same time generating revenues for landlords above the standard retail rate. JLL said in 2018 co-working firms leased a total of 75,000 sq ft of vacant Los Angeles retail space.