LocalWorks Adds Nine New Locations in DC-IL-Boston Markets
Property owners are partnering with LocalWorks to rapidly monetize vacant office space. The leading space-as-a-service provider company recently expanded to 25 property partnerships across five states. With a platform that seamlessly manages all aspects of a coworking or shared office space business, LocalWorks offers a completely hands off solution for property owners seeking to add flex office space to their portfolio.
BOSTON, Jan. 14, 2022 /PRNewswire-PRWeb/ -- Space-as-a-Service operator LocalWorks.us recently added multiple partnerships with property owners in Massachusetts, Maryland, Northern Virginia and Illinois.
The company specializes in partnering with commercial real estate owners who seek to monetize vacant office space. Using its "space-as-a-service" platform, LocalWorks allows property owners to respond to the accelerated demand for private office rentals from individuals and businesses seeking flexible lease terms.
"Covid has accelerated the demand for short-term or flex office space. At the same time, many people want to avoid the open space or coworking concept - so we are seeing significant interest in private offices," said LocalWorks CEO Barry Greenfield.
By partnering with LocalWorks, property owners can quickly monetize vacant space. Typically a location will begin producing revenue within thirty days and is fully rented up within four to six months.
In exchange for providing offices, owners receive the majority of monthly gross revenue while LocalWorks markets, manages and operates the day-to-day flex workspace business. "By utilizing second gen previously officed space, there are no TI requirements in order for us to begin operations," said Greenfield.
This fall, the company opened new locations in Bethesda, Silver Spring and Rockville, Maryland. In December and January, LocalWorks has opened six new locations in Arlington and Tysons Corner, Virginia, Naperville and Downers Grove, Illinois and new Massachusetts locations in Wellesley and Lawrence.
With 25 locations under their belt, LocalWorks has built a platform that appeals to both property owners and small businesses. Occupancy is above 90% at almost all locations.
"While we're still focused on Boston, DC and the Chicago suburbs, we see a great opportunity in most major markets and expect to expand nationally in 2022," said Greenfield.
Media Contact
Barry Greenfield, LocalWorks, 1 2022109556, [email protected]
SOURCE LocalWorks
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