Creative Coworking Leader Spaces Set to Open in Booming Legacy Submarket
Creative Coworking Leader, Spaces, Set to Open in Booming Legacy Submarket
| August 19, 2019
Innovative coworking company will open four new locations totaling more than 170,000 square feet in DFW by the end of 2019
Dallas, Texas – Aug. 19, 2019–CBRE announces its client Spaces, a global coworking provider, will add four new locations totaling 173,395 square feet of coworking space in Dallas-Fort Worth over the next six months. The first location at Legacy Central in east Plano opens this week, with three additional centers opening at the Shops at Legacy and West Plano Village in Plano, as well as The Epic in Deep Ellum.
The new location at Legacy Central, located at 6550 Chase Oaks Blvd, is the third Spaces in the Dallas-Fort Worth metroplex. The company currently operates locations in Uptown Dallas and Southlake. Spaces has prioritized expanding throughout the metroplex in both urban and suburban markets in order to grow their larger network and make locations more easily accessible to its growing client base.
“IWG has been operating in DFW for nearly 30 years under our Regus brand and the area now serves as the U.S. hub for our Spaces brand, so we are very familiar with the uniqueness of the region. Dallas is a great, dynamic and vibrant city with very distinct submarkets. We are building an extensive network of locations across these submarkets to ensure our members have easily accessible locations close to home or to their clients,” said Michael Berretta, Vice President of Network Development for IWG.
“Spaces members are able to use any of IWG’s 53 locations locally and any of the more than 1,100 locations across the country, so we want to ensure there are multiple locations outside of just the Dallas urban core. People can come in and get their work done without having to worry about a long commute.”
Market response to Spaces has been very positive, as evidenced by strong pre-leasing activity at all four locations. Spaces will occupy 48,171 square feet at Legacy Central, 47,046 square feet at the Shops at Legacy, 31,152 square feet in West Plano Village and 47,026 square feet at The Epic. Each of these offices will have the same forward-thinking and collaborative design themes that characterize the global Spaces brand.
“We’re seeing a big demand for the perfect blend of edgy, cool and professional environment that Spaces offers,” said Baron Aldrine, Executive Vice President at CBRE. “Spaces has done a fantastic job of leveraging their long-standing customer relationships to really understand the market and drive their choices. They are meticulous in choosing locations and have taken their time to ensure they’re going into very unique and creative ‘live, work, play’ developments.”
According to research from CBRE, DFW is the seventh largest flexible space market in the U.S.
“We see a great runway for demand in the coworking business,” Mr. Berretta added. “Companies are always looking for flexibility and with no long-term leases and flexible prices, this is a cost-effective solution that appeals to companies of all sizes.”
“The pace of change is accelerating faster than ever before and companies are looking to maximize real estate agility to address their portfolio needs and to maintain a competitive edge,” saidSteve Rigby, Executive Vice President at CBRE. “Flexible office space is now going mainstream as companies across the spectrum are integrating more agile co-working spaces within their longer-term enterprise solutions.”
The newest Spaces location at Legacy Central will open on August 26. The locations at the Shops at Legacy, West Plano Village and The Epic are scheduled to open later in 2019 or early 2020.
Spaces is owned by IWG plc, formerly known as Regus, a global office space and service operator. IWG operates more than 3000 locations across 900 markets in over 120 countries and is growing by one new location each day.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
Spaces is a creative working environment with a unique entrepreneurial spirit. We offer dynamic working areas to help you think, create and collaborate. Unlike other businesses in this sector, Spaces offers a culture that goes beyond business logistics to build a community of interesting people doing exciting things. We support our members to build their networks and connect with like-minded people.