A major co-working operator could soon set up shop in the Valley. That’s the word from a Phoenix executive who says companies are looking for more flexibility when it comes to office space.
Co-working involves a shared working environment where members pay to rent space. The Valley already has several co-working locations where entrepreneurs and small businesses collaborate, but Ryan Bartos with Jones Lang LaSalle said the current market doesn’t offer enough space and a bigger player is needed to accommodate larger start-ups and established companies evaluating the area.
“They utilize the co-working facilities as kind of a testing ground to see what the labor outlook looks like, the market,” he said. “And if they feel like they can recruit and they’re having success, that’s when they’ll leave the co-working facility and establish long term locations,” he said.
Bartos says the downtowns of Phoenix, Tempe and Scottsdale are most attractive to large co-working operators.
“Markets that tend to have a 24-7 you know urban feel, walkable amenities,” he said. “And the buildings tend to have floor plates that are a little bit bigger, so mid-to-high rise type buildings.”
He expects a major co-working operator to open in the Valley within six months.
