Co-working is breathing new life into obsolete and vacant retail, and giving landlords some relief. According to a new report from JLL, co-working companies leased a combined 75,000 square feet of vacant retail spaces in Los Angeles last year. Glendale, Santa Monica and Central Los Angeles were key markets were co-working operators turned to retail spaces as a new venue for space. Register Now *May exclude premium content Already have an account? Sign In Now
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.