The meteoric rise of coworking has been going on for more than a decade, with freelancers, entrepreneurs and even larger companies benefiting as a result. Notably, the pandemic was the trend’s first major hurdle, with spaces sitting empty for months. But now, things are looking up for the industry once again, as evidenced by Premier Workspaces’ announced plan to take over, partner with or create as many as 100 new shared office locations throughout the next few years.
Premier Workspaces (formerly known as Premier Business Centers) — one of the largest coworking space operators in the U.S. that also handles executive suites — has announced plans to invest in distressed office space locations with backing from its real estate holding company investor, The Bascom Group, LLC.
Unlike other coworking operators, Premier primarily manages properties operated by larger, institutional tenants and owners, with a focus on private offices, rather than hotdesking. One example of Premier’s business model is the company’s recent management deal with the Irvine Company. After the company’s previous office operator defaulted, Premier assumed management of more than 200,000 square feet of office space across six properties in southern California, reducing operational expenses and rethinking product offerings. The result is that Premier’s coworking spaces are commonly counted among the best in top locations across the U.S.
“Over the past nearly 20 years, Premier Workspaces has taken over and repositioned 74 distressed or bankrupt shared workspace locations,” said Premier’s Chief Executive Officer, Jeff Reinstein. “There is no company in our industry that has the same track record or depth of experience as Premier Workspaces in taking over and repositioning failed shared workspace locations.”
The operator relies on a controlled mix of master leases, subleases, and partnership agreements to maintain its status as a quality operator and tenant. This model made it so that Premier was able to add five new entries to its list of managed locations in 2020, arguably the most difficult list for the coworking industry. Now, the company is betting on the growing needs of organizational office space, as well as the convenience of full-service office solutions, such as those offered by Premier.
If you’re looking to join the innovative coworking trend and benefit from top-tier office amenities, welcoming communities and networking opportunities, check out our selection of top coworking offices across some of the most competitive markets in the US:
- coworking spaces in Manhattan
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