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WeWork is continuing its march toward domination of the metro Denver office market this year by adding new locations and expanding existing space that has the coworking company on pace to grow by more than 200% in the market.
By the end of this year, WeWork, which had just two Denver locations in December 2017, plans to have 10 locations in Denver and one in Boulder. WeWork started 2018 with 2,040 desks and is expected to grow from 4,100 desks at the beginning of this year to more than 13,000 desks by January.
“So many people are realizing that there’s more to work than just work,” WeWork Vice President and General Manager Nathan Lenahan said. “WeWork is part of that conversation.”
WeWork will lease 30K SF on three floors at Canyon 28 in Boulder. The space, expected to open in the third quarter, will have 540 desks.
It also signed a new lease for 85K SF on two floors at Junction 23 @ Denargo in RiNo. Projected to open in the fourth quarter, the space will add 2,000 desks to WeWork’s growing portfolio.
“Denver is a great example of WeWork trying to go more local and being in different parts of the city to make sure we’re providing enough value for our members,” Lenahan said. “Denver will be the fastest-growing market in the U.S. and Canada for all of WeWork.”
Not all landlords welcome WeWork with open arms, saying that if the coworking firm overwhelms a building, other tenants feel swallowed up.
But Lenahan said WeWork, which tries to occupy at least 40K SF for an average of 10 years wherever it goes, is sought after by landlords. He noted that the WeWork-occupied Triangle Building sold in 2017 for $154M, making it the most expensive office building ever to trade in Denver on a per-square-foot basis.
“Our relationship with landlords continues to improve,” Lenahan said. “We really add to the offerings landlords make.”
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