Over the last decade, coworking spaces and related concepts have taken the commercial real estate sector by storm.
What used to be a niche industry focusing primarily on executive suites and conference facilities quickly became accessible to everyone from tech entrepreneurs and home-based businesses to major corporations looking for short-term, flexible space to service a multitude of different business opportunities.
Each space offers unique amenities tailored to a certain clientele, and while many in the commercial real estate industry remain skeptical of market saturation, others have come to believe coworking is here to stay as an important asset to the business community.
Surprisingly, the Washington, D.C. region has been one of the slowest markets to adopt coworking. In the Washington, D.C. metropolitan area only 0.5% of commercial office space is leased by coworking firms, compared to 3.5% in Austin, 3.0% in Seattle and 2.5% in New York City (New Knight Frank). Part of the reason for this is the nature of the entities doing business.
The federal government and its related contractors, lobbyists and law firms still cherish large swaths of private office space for varying reasons, often regarding security. Although the D.C. region has had a slow start in gaining traction for this alternative work environment, demand for coworking space could quickly pick up with the arrival of Amazon and the continued diversification of the economy toward more technical and innovative industries.
Back in 2015, Arlington Economic Development aided in recruiting 1776 and Eastern Foundry, two early entrants into the coworking space, in an effort to foster the growth of early-stage and fast-growing startups in Arlington.
The idea was to create an environment that provided the resources and office stock to meet the budgetary and business needs of the companies that were to be the future of our economy. Arlington’s commercial office market now features 21 coworking spaces, not including offerings like flexible spaces and speculative suites that developers and building managers are introducing to the flexible work environment.
As individuals and companies look to utilize space differently, coworking facilities are offering a convenient alternative to those who find themselves between “starting out of the garage” and signing a long-term lease. The ability to showcase a wide variety of real estate options allows Arlington to recruit the rapidly growing companies which will eventually require larger, long-term spaces and feed Arlington’s tax base.
As Arlington recruits nationally and internationally, coworking stock continues to be an important selling point to companies looking to make soft entries into our business ecosystem. It allows companies to ‘test the market’ while giving themselves time to find a permanent space should they be successful.
As the definition of coworking continues to grow and adapt, the void these spaces fill in the office market continues to be an invaluable asset as we build a more diverse, forward-thinking economy.
Tour Country Club Hills to discover its lush herbage, mature trees, and the Victorian and frame houses of the area in Neighborhood Spotlight.
A soggy weekend is on tap after an otherwise pretty nice final week of September. Obviously this week’s big story was the devastation in Florida, the huge scale of which…
Share your input on the Arlington Forestry and Natural Resources Plan by October 3.
A proposed bridge for bicyclists and pedestrians between Crystal City and the Southwest Waterfront area of D.C. has received $20 million in federal funding to move forward. When complete, the…
9th Street Chamber Music is back in business for its second season! 9SCM is disrupting the stereotypes of classical music as stuffy, dry, and elite through dynamic yet accessible performances and its one-of-a-kind String Quartet Intensive for young musicians in the DC Metro area.[9th Street Quartet](https://www.9thstreetchambermusic.com/9th-street- quartet)’s first concert is on Sunday, October 16 at 4:00 PM. The group will offer, for the first time, a ‘Playlist Shuffle’ themed concert featuring single movements of string quartet favorites. Tickets for this concert can be found here, and are $20 for adults and FREE for all students under 18.
Rehearsals began Monday, September 27 for the String Quartet Intensive, welcoming 32 new and returning members to the program. These talented musicians in grades 7 through 12 represent over fifteen area schools throughout Northern Virginia, DC and Maryland, and are an integral part of the growing 9SCM community. Their first performance will take place on Monday, November 28 at 7:30 PM.
Now you can have fun with your family and friends when deciding where to eat!
Just hop aboard The Lunch Train and set the destination for: breakfast, brunch, lunch, dinner, or nightlife!
– No app necessary. Simply go to the website if you’d like!
– No account necessary
– Use your current location or a desired location
– Add restaurants you’re interested in, invite your friends, and play the game!
Join us as we explore Vini Franchetti & their two sister vineyards Passopisciaro (Sicily) and Vini Franchetti (Tuscany) for our Sicily/Tuscany Wine Dinner!
Sunday, Oct 9 @ 6pm
Special Guest: This wine dinner we will be hosting the wine maker