Industrious Opening Coworking Space In D.C. Multifamily Building
A major residential development in D.C.'s Capitol Riverfront neighborhood is tacking on 41K SF of flex office space.
"Capitol Riverfront is the neighborhood to be in D.C. right now," said Peri Demesthias, senior director of real estate growth at Industrious. "As we continue to expand across the DC market, it's important to work with strategic landlord partners that understand the value of flex, which we absolutely accomplished here."
Industrious' business model differs from WeWork in that it signs partnership agreements with landlords rather than leasing space directly. The provider said its revenue sharing formula varies from property to property.
This is the 13th workspace for Industrious in the D.C. market. In April, the provider inked a deal with Carr Properties to manage 89K SF of coworking space across three locations, two in D.C. and one in Bethesda.