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Demand for flex real estate spaces remains firm as buyers continue to mix their overall real estate purchases in a bid to control costs while providing conveniences to work for their employees. Flex space, also known as flexible space, is typically a segment of real estate that provides customers with flexible office space based on their needs. Startups are increasingly preferring such real estate setups. Leasing by flex space sellers in January-March 2023 inched closer to that of technology companies for the first time ever, according to a report by Nasdaq-listed multinational investment management company <keyword id="813133" type="General" weightage="100" keywordseo="colliers" source="Orion">Colliers</keyword>. Flex occupiers leased 2.1 million square feet of space during the first quarter of 2023, accounting for 20 per cent, a few paces behind the technology sector's share at 22 per cent and together both segments accounted for nearly 42 per cent of the total leasing across top metros, the Colliers report revealed. "Large technology occupiers have also been leasing spaces in flex spaces due to their added benefits such as flexible lease terms, lower capex and modern workplace designs. This coupled with ongoing recessionary conditions and layoffs in the technology sector has led to a relative pushback in conventional leasing by these occupiers," it said. Bengaluru and Delhi-NCR were the most preferred locations for top flex operators for their expansion. Bengaluru accounted for nearly half of the total flex leasing during the quarter, followed by Delhi-NCR at 30 per cent share, the report said. "Share of the technology sector has declined steadily from 34 per cent in Q1 2022 to 22 per cent in Q1 2023, as corporates continue to focus on building in operational efficiencies through a hybrid model. While Hybrid working has impacted demand for conventional office spaces, it has also fueled demand for flex spaces across top markets. As long-term growth drivers for tech sector remain strong in India, the technology sector will continue to drive office leasing activity through a mix of conventional and flex spaces," says <keyword id="14448391" type="General" weightage="80" keywordseo="peush-jain" source="Orion">Peush Jain</keyword>, Managing Director, Office services, India, Colliers. Overall, the year 2023 has started on a cautious note registering a 19 per cent yearly decline in leasing activity across the top six Indian cities at 10.1 million square feet during the first quarter, according to the report. "On a sequential basis leasing continued to drop, indicating delayed decision-making by occupiers amidst continued economic uncertainties," it said. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/zomato-gold-swiggy-dineout-competitor-eazydiner-raises-40-crore/articleshow/99091065.cms">EazyDiner raises ₹40 crore from DMI Alternative Investment Fund</a> <a href="https://www.businessinsider.in/tech/apps/news/how-to-check-tds-dividend-income-and-income-tax-refund-using-the-ais-for-taxpayers-app/articleshow/99025288.cms">How to check TDS, dividend income, and income tax refund using the AIS for Taxpayers app</a> <a href="https://www.businessinsider.in/business/startups/news/ashneer-grovers-new-startup-crickpe-is-a-fantasy-sports-app-that-will-also-reward-cricketers/articleshow/98964195.cms">Ashneer Grover's new startup CrickPe is a fantasy sports app that will also reward cricketers</a>

Demand for flex realty upbeat even as overall sales dip in Q12023: Colliers

<div class="KonaFilter image-container display-table"><div><div class="image on-image">EdenEden co-founders Joe Du Bey and Kyle Wilkinson</div></div></div><ul class="summary-list"><li>Eden, a marketplace for office cleaners and other service providers, said on Tuesday that it closed a $25 million Series B fundraising round.</li><li>The funding was led by Reshape, a tech venture fund that invested in <a href="https://www.businessinsider.com/reddit-valuation-tencent-2019-2">Reddit</a>, <a href="https://www.businessinsider.com/bird-raises-150-million-bloomberg-2018-5">Bird</a>, and <a href="https://www.businessinsider.com/sonder-has-reached-unicorn-status-with-its-newest-fundraising-round-2019-7">Sonder</a>, and also included landlords and developers like RXR Realty, which <a href="https://www.businessinsider.com/fast-food-chains-turn-to-ghost-kitchens-and-mobile-restaurants-2019-9">invested in ghost kitchen startup Kitchen United with GV (formerly Google Ventures) this year</a>, Thor Equities, and Japanese developer Mitsui Fudosan. </li><li>There were multiple returning investors that had helped the company raise $15 million in previous rounds, including <a href="https://www.businessinsider.com/proptech-vc-fifth-wall-raised-503-million-in-newest-fund-2019-7">Fifth Wall</a>, Bessemer Venture Partners, and <a href="https://www.businessinsider.com/comcast-ventures-plans-to-boost-its-return-on-its-investments-2019-8">Comcast Ventures</a>.</li><li>Eden connects customers with office vendors like cleaners, IT help, technicians, and even snack providers.</li><li>One of Eden's closest competitors, Managed by Q, <a href="https://www.businessinsider.com/wework-acquires-managed-by-q-2019-4">was acquired by WeWork earlier this year</a> for $220 million. WeWork is now looking to sell Managed by Q, <a href="https://www.businessinsider.com/wework-wants-sell-3-businesses-managed-by-q-conductor-meetup-2019-9">according to media reports</a>, as the coworking company cuts non-core businesses after its failed IPO. </li><li><a href="https://www.businessinsider.com/prime">Visit BI Prime for more stories.</a></li></ul>Eden, a startup that connects customers with office cleaners and other service providers, said on Tuesday that it has closed a $25 million Series B fundraising round.Eden was originally launched with the help of <a href="https://www.businessinsider.com/comcast-ventures-plans-to-boost-its-return-on-its-investments-2019-8">Y Combinator</a> in 2015. The company is now active in 25 markets, including international markets like London, Berlin, Amsterdam, and Rio de Janeiro, and said it hosted more than $50 million in transactions over the last year. The latest funding was led by Reshape, a tech venture fund that has invested in <a href="https://www.businessinsider.com/reddit-valuation-tencent-2019-2">Reddit</a>, <a href="https://www.businessinsider.com/bird-raises-150-million-bloomberg-2018-5">Bird</a>, and <a href="https://www.businessinsider.com/sonder-has-reached-unicorn-status-with-its-newest-fundraising-round-2019-7">Sonder</a>. Eden declined to provide a valuation. The funding also included landlords and developers like RXR Realty, which <a href="https://www.businessinsider.com/fast-food-chains-turn-to-ghost-kitchens-and-mobile-restaurants-2019-9">invested in ghost kitchen startup Kitchen United with GV (formerly Google Ventures) this year</a>, Thor Equities, and large Japanese developer Mitsui Fudosan. There were multiple repeat investors who had helped the company raise $15 million in previous rounds, including Fifth Wall, <a href="https://www.businessinsider.com/proptech-vc-fifth-wall-raised-503-million-in-newest-fund-2019-7">proptech's biggest fund;</a> Bessemer Venture Partners, <a href="https://www.businessinsider.com/bessemer-venture-biggest-missed-investments-2016-7">one of Silicon Valley's oldest funds;</a> and <a href="https://www.businessinsider.com/comcast-ventures-plans-to-boost-its-return-on-its-investments-2019-8">Comcast Ventures</a>.Eden's service is something of a cross between Uber and the two giants of managed services in real estate, JLL and CBRE. Eden operates a marketplace of office vendors, including general and specialized cleaners, IT help, technicians, and even snack providers. The company says it has of hundreds of customers, including <a href="https://www.businessinsider.com/convenes-ceo-explains-flex-space-financials-metrics-2019-9">flexible office space provider Convene</a>. Joe Du Bey, the chief executive and cofounder of Eden, hopes that his company can become the ubiquitous source of workplace services for any industry, even between competitors in the flex-space market. The company was originally founded to provide IT support direct to consumers from W-2 employees. But Du Bey and his cofounders noticed early on that one of Eden's largest client groups was small businesses who needed tech support.Over time, the company focused only on enterprise customers, taking a marketplace approach instead of hiring employees directly, and moving towards a full suite of facilities services. Eden says its marketplace is relatively "closed" and that each vendor is extensively vetted through conversations with local office managers and real estate professionals. Each provider is rated based on the work they do, and Eden will issue a refund to a customer if any of the work is significantly below par. Du Bey said the company attracts vendors by offering free marketing as well as accounting and HR software. Du Bey compares Eden to JLL and CBRE, which offer their own sort of marketplace, but with personal relationships as the backbone instead of tech. Eden plans to use the fresh capital to continue growing to new markets and even potentially work directly with landlords.The company acquired facility-manager social network OrgOrg in 2018, but has so far avoided making any big changes to the website. Du Bey said that some integrations, such as providing Eden's ratings on OrgOrg and providing instant referrals to the service, may be in the cards in the future.One of Eden's closest competitors, Managed by Q, <a href="https://www.businessinsider.com/wework-acquires-managed-by-q-2019-4">was acquired by WeWork earlier this year</a> for $220 million. Managed by Q actually employs cleaners and other office service providers instead of Eden's marketplace approach.According to media reports, WeWork's new co-CEOs are now looking to sell Managed by Q as part of a push to cut noncore businesses after the coworking company's<a href="https://www.businessinsider.com/wework-wants-sell-3-businesses-managed-by-q-conductor-meetup-2019-9#managed-by-q-1"> failed attempt at an IPO</a>. Meanwhile, Business Insider has reported that WeWork is now outsourcing its US and Canada facilities staff to JLL starting in early December, <a href="https://www.businessinsider.com/wework-partners-with-jll-for-facilities-outsourcing-2019-11">per a memo to employees.</a><ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/particle-pitchdeck-that-raised-the-iot-company-60-million-2019-11" data-read-more-link="" data-e2e-name="read-more-link">Internet-of-things startup Particle went from a failed Kickstarter to powering smart air conditioners and Jacuzzis. Here's the pitch deck it used to raise $40 million.</a></li><li><a href="https://www.businessinsider.com/softbank-portfolio-company-reonomy-raises-60-million-2019-11" data-read-more-link="" data-e2e-name="read-more-link">SoftBank portfolio company Reonomy raises $60 million in its quest to beat CoStar and become the real estate industry's main source for analytics</a></li><li><a href="https://www.businessinsider.com/google-nest-launches-first-pilot-greystar-multifamily-rental-apartment-denver-2019-10">Google Nest just launched a pilot with the nation's largest apartment manager - showing where it sees the next big opportunity selling smart devices</a><a data-read-more-link="" data-e2e-name="read-more-link"></a></li></ul><a href="https://www.businessinsider.com/intelligence/40-big-tech-predictions-for-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=wework&amp;itm_campaign=40-big-tech-predictions-for-2019-2"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/candy-corn-ingredients-made-of-gelatin-lac-resin-halloween-sugar-syrup-2017-10">Here's what candy corn is actually made of</a></h3> <div> </div> </div>

Eden, a startup that matches offices with cleaners and other workers, just raised $25 million from backers including Fifth Wall, RXR Realty, and one of Japan's largest developers

New Delhi, Co-working major <keyword id="4052133" type="General" weightage="20" keywordseo="Wework-India" source="Orion">WeWork India</keyword>'s revenue grew by 40 per cent to Rs 400 crore during the first quarter of this fiscal year on rising demand for flexible workspace across major cities from corporates, its CEO Karan Virwani said. The company, which is owned by real estate firm Embassy Group and <keyword id="2918346" type="General" weightage="20" keywordseo="Wework" source="Orion">WeWork</keyword> Global, has started its 50th centre at Saket in South Delhi, marking its entry into the national capital market. The new centre, comprising 54,000 square feet area and around 700 desks, is located in a commercial building developed by realty firm Eldeco. In an interview with PTI, Virwani said the company has completed six years since it opened the first centre in India and now it has 50 centres and around 90,000 desks across seven cities. "It has been a great journey of growing both the co-working/flexible workspace segment and WeWork India as a brand. In the last three years, since COVID, the adoption of flex space growing significantly," he said. The demand is increasing as more and more employees are coming back to offices, Virwani said, adding that the country's economic growth is also supporting demand. "In 2021-22, we close the financial year with around Rs 800 crore of revenue and we were negative Rs 50 crore EBIDTA (Earning Before Interest, Depreciation, Tax and Amortisation). During the last fiscal, we achieved a turnover of around Rs 1,400 crore and Rs 250 crore of EBIDTA," Virwani said. The company was profitable at the post-tax level also during the last fiscal year, he said. Virwani hoped that the company would maintain growth during the current fiscal. In the first quarter of 2023-24, Virwani said the company has posted a revenue of Rs 400 crore, up 40 per cent from the year-ago period. The EBIDTA was about Rs 70 crore. "We are targeting 50 per cent growth in this full fiscal year," he added. On the operational front, Virwani said the average occupancy level at its centres is at around 80 per cent and the company would target to increase it further. He said that a lot of new demand is coming from the existing clients. "The past few years have clearly highlighted that the future of work is flexible, and India Inc is increasingly adopting flex working as a way of life". Asked about US-based WeWork Global's recent statement that "substantial doubt" exists about the company's ability to continue as a going concern, Virwani said WeWork India business will have no impact from the development globally. "We have always been a separate entity where the majority anyway is owned by Embassy Group. We have run and build the India business in an extremely healthy way. So, India business is fully isolated from what is happening globally," Virwani said. In WeWork India, Embassy Group holds a 73 per cent stake, while WeWork Global has a 27 per cent shareholding. Asked whether Embassy would consider WeWork Global stake in India business, he said, "I will always be a buyer of this company's equity if anyone is willing to sell it whether it's at a discount or even a slight premium. We see a long-term value to be much much higher than what it is today. So I am always going to be a buyer." Virwani described WeWork Global as a great partner who helped India business during the tough COVID period by making investments. WeWork Global, which is a leading provider of flexible workspace, had in June 2021 invested USD 100 million in WeWork India. WeWork India has 50 centres, covering 6.5 million square feet area across 7 cities -- New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune and Hyderabad.

WeWork India revenue up 40% in Apr-Jun to Rs 400 cr on rising demand for co-working space: CEO

<ul class="summary-list"><li>The coronavirus pandemic is transforming how employers, real-estate services providers, and landlords are thinking about the office.</li><li><keyword id="6434828" type="UNKNOWN" weightage="60" keywordseo="architects">Architects</keyword> are already laying out the floorplans of the near-future. And companies are rethinking how much office space they really need.</li><li>Many experts see the very concept of the office transforming from a place you go every day to more of a hub for high-stakes meetings and collaborative work.</li><li>Business Insider has talked with dozens of experts to learn what <keyword id="47357" type="PERSON" weightage="60" keywordseo="offices">offices</keyword> will look like when you go back to work, and what it will take to return to normal.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>The coronavirus pandemic is proving to be a huge catalyst that's transforming how employers, real-estate services providers, and landlords are thinking about the office.Top architects are already laying out the floorplans of the near-future, while companies that have been forced to go remote are rethinking how much office space they really need.Many experts see the very concept of the office transforming from a place you go every day to more of a hub for high-stakes meetings and collaborative work.Meanwhile, the remainder of your workweek will likely be spent in a dispersed network of sites that could include your own home. Technology as well as safety-focused upgrades will be key to making this new ecosystem work. Business Insider has talked with dozens of experts to learn what offices will look like when you go back, and what it will take to return to normal. Here's everything you need to know. <h2>Rethinking communal space</h2><div type="image" title="gensler architecture diagrams" height="1000" width="2000" msid="75555711" hostid="261"></div>Even before the coronavirus, the world's largest architecture firm was sounding the alarm on the looming challenges with the increasingly common open-floor plan in offices. Now, organizations are looking to revamp designs to encourage employees to eventually return to the office. Potential changes ahead include health checkpoints in reception areas and the greater use of ventilation methods to allow for more outside air, according to Gensler co-CEOs Andy Cohen and Diane Hoskins. Read the full story here: <h2><a href="https://www.businessinsider.com/how-will-offices-change-after-coronavirus-architecture-ceos-say-2020-4?r=futureoffice-teaser">3 ways that offices will change post-coronavirus, according to the co-CEOs of the largest architecture firm</a></h2><h2>The pros and cons of temperature-taking</h2><div type="image" title="coronavirus thermometer gun" height="2136" width="4272" msid="75555715" hostid="261"></div>As reopening the workplace draws nearer, major landlords are split on what type of screening protocols they will use to help prevent a resurgence of the coronavirus. Popularized in Asia, temperature-taking has become a common screening method that some landlords say they will impose on workers and visitors as they enter office buildings. But checking for fever brings up privacy, logistical, and liability issues that have made some major owners wary. Landlords say that a lack of protocols from government has created confusion around the issue. Read the full story here: <h2><a href="https://www.businessinsider.com/how-effective-temperature-taking-will-be-when-offices-reopen-2020-4?r=futureoffice-teaser">Mandatory temperature-taking is largely seen as a critical way to return workers to offices. But some big NYC landlords are worried about its effectiveness.</a></h2><h2>The timeline for getting back to the office</h2><div type="image" title="cleaner coronavirus office meeting room" height="2500" width="5000" msid="75555717" hostid="261"></div>The return to the office will likely be marked by two waves: before a vaccine, and after a vaccine. In the short term, offices will feel emptier than before as people return in shifts to workplaces with more private spaces, cubicles separated by plastic guards, and hallways signposted for one-way traffic.In the long term, the office might convert into the social backbone of a company while focused individual work will take place remotely.Read the full story here: <h2><a href="https://www.businessinsider.com/when-businesses-will-reopen-offices-how-go-back-to-work-2020-4?r=futureoffice-teaser">What to expect when you're back in the office: 7 real-estate experts break down what the transition will look like, and why the workplace may never be the same</a></h2><h2>Reimagining how people work </h2><div type="image" title="spotlight webinar 5 4x3" height="1001" width="2001" msid="75555721" hostid="261"></div>Business Insider's Dan Geiger spoke with experts from JLL, Goodwin Procter, and Warburg Realty about the future of <keyword id="6354553" type="COMPANY" weightage="60" keywordseo="real-estate">real estate</keyword>. The three agreed the crisis has forced everyone from corporate execs to bosses of smaller businesses to rethink how they use offices. Companies are considering a more distributed form of working, with traditional offices sharing space with virtual reality <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech">tech</keyword>nology, a range of coworking centers, remote work, and even hotels as potential places where work can be done. Meanwhile, landlords are considering whether investing in tech that promotes public health could add value to their buildings.Read the full story here: <h2><a href="https://www.businessinsider.com/jll-goodwin-warburg-on-real-estate-industry-after-coronavirus-spotlight-bi-2020-4?r=futureoffice-teaser">'We should be prepared for a new normal': 3 real estate experts on how the coronavirus is transforming offices and accelerating the rise of industrial property</a></h2><h2>Companies think twice about new leases</h2><div type="image" title="empty office space" height="1750" width="3500" msid="75555724" hostid="261"></div>Major office tenants have begun to rethink big leasing decisions costing tens of millions of dollars as the coronavirus crisis has threatened to bring on a recession and casts uncertainty over the future of the office space. Raymond James Financial, Freshly and other major tenants have put big leasing decisions on hold. And Manhattan's once-booming office leasing market has already begun to dip amid the crisis and as tenants increasingly grow hesitant to sign deals. Read the full story here: <h2><a href="https://www.businessinsider.com/nyc-office-tenants-delay-big-leases-amid-corona-2020-4?r=futureoffice-teaser">Major tenants are delaying big leases in NYC as they re-think their office space needs for the post-coronavirus world</a></h2><h2>Overhauling workplace continuity and contingency planning </h2><div type="image" title="digital wall street virtual remote work 2 4x3" height="1001" width="2001" msid="75555726" hostid="261"></div>Three factors make this crisis unlike any other, even compared to era-defining moments like 9/11: the disease has no geographical center, so there's no way to move operations away from it; it is transmitted between people, so work has to be done remotely; and it is not a singular event, but instead a global pandemic. Workplace continuity plans need to be able to run for much longer than they may have been previously designed to. If transmission of the virus slows but does not stop, businesses could find a middle ground between full density and remote work by clustering employees in different, geographically scattered locations. The longer-term response is also fertile ground for the development and adoption of technology. Read the full story here: <h2><a href="https://www.businessinsider.com/how-coronavirus-could-usher-in-new-paradigm-for-remote-work-2020-3?r=futureoffice-teaser">Real-estate services giant JLL explains how the coronavirus could usher in a permanent 'paradigm shift' towards more remote work</a></h2><h2>What the future holds for flex space </h2><div type="image" title="Regus's coworking space in Linz Promenade in Linz, Austria" height="1500" width="3000" msid="75555727" hostid="261"></div>Millions of workers suddenly forced out of the office are discovering that they can work from home – and in some cases that they want to work from anywhere but home. Employers making real-estate decisions are weighing how to safely bring their employees back, and, bigger picture, exactly how and where they'll have offices in the coming months and years. Before the pandemic, flexible-office companies like WeWork made up a growing sliver of real estate – 2.3% of leasable space in the US as of the first quarter of 2020 — and the sector has grown an average of 23% per year since 2010. Now, insiders predict a short-term pinch for the industry, as employees fear returning to dense floors and some of the small businesses that relied on these spaces cut headcount. Read the full story here: <h2><a href="https://www.businessinsider.com/the-future-of-flexible-office-after-a-coronavirus-pandemic-2020-4?r=futureoffice-teaser">The coronavirus is a 'nuclear bomb' for companies like WeWork. 10 real-estate insiders lay out the future of flex-office, and how employers are preparing now.</a></h2>Read the original article on <a href="https://www.businessinsider.com/how-offices-and-remote-work-will-be-transformed-by-coronavirus-2020-5">Business Insider</a>

Offices are transforming forever. Here's what to expect when you go back to work — and why it won't be like you remembered.

<div class="KonaFilter image-container display-table"><div><div class="image on-image">WeWorkWe take a look at WeWork's biggest landlords.</div></div></div><ul class="summary-list"><li>Flexible office provider WeWork's top US landlords include industry giants like Blackstone and Brookfield, a slew of New York City-based firms, and itself, according to a Business Insider analysis of data from CoStar Group. </li><li>The list along, with data from WeWork, provides one of the most comprehensive looks so far at who's leasing to the coworking company as it prepares to go public. </li><li>With a hotly anticipated IPO on the horizon and details of WeWork's financials - and wide losses - emerging, more attention is being paid to the company and those that touch it.</li><li><a href="https://www.businessinsider.com/heres-the-latest-wework-news-2019-6">Read more of BI's WeWork coverage here.</a></li></ul>WeWork's landlords have, so far, avoided much of the media coverage swarming around the startup.Business Insider took a look at who's leased out the most square footage to the fast-growing, but money-losing, coworking company.We analyzed June numbers from real estate data provider CoStar Group to understand who's renting to flexible office provider WeWork in the United States. Since its 2010 founding, WeWork has upended the staid real estate industry, shot to the top of tenant lists in cities like<a href="https://www.google.com/search?q=wework+biggest+new+york+business+insider&amp;oq=wework+biggest+new+york+business+insider&amp;aqs=chrome..69i57.6184j1j9&amp;sourceid=chrome&amp;ie=UTF-8"> New York</a>, and its valuation has ballooned to $47 billion. It's now<a href="https://www.businessinsider.com/wework-ipo-2019-4?r=wework-lp"> laying the groundwork to go public</a>.With a hotly anticipated IPO on the horizon and <a href="https://www.businessinsider.com/wework-reports-2018-financial-results-2019-3?r=wework-lp">details of WeWork's financials - and wide losses - emerging,</a> more attention is being paid to the company and those that touch it.To be sure, WeWork's landlords are keeping their total exposure to the company relatively small, though they work with competing coworking firms as well. Coworking is seen as primed for explosive growth, and large real estate companies will have to decide how much they want to work with young flex-space firms that haven't been tested through a downturn.WeWork said there were inaccuracies in the CoStar data, but declined to provide a list of its US landlords. It did give Business Insider a list of its top 20 global landlords, but did not include square footage. That global list from WeWork contained six of the 10 names listed in CoStar's US data.Most of the landlords on the CoStar list either did not respond to requests for comment or declined to comment.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Shayanne Gal/Business Insider</div></div></div>The CoStar data was dominated by private landlords. And it may stay that way, with publicly traded real estate investment trusts (REITs), which are subject to quarterly scrutiny from investors, conscious of how much they of space they want to lease to coworking companies. "We've noticed that most REITs want to keep their coworking exposure, whether to WeWork or a peer, to under 5%," said Danny Ismail, an office analyst at research firm Green Street Advisors.And according to CoStar data, REITs currently own 6% of US office inventory, which suggests that they are already roughly providing a fair share of WeWork's office space compared to private landlords.Boston-based private real estate investment firm Beacon Capital was No. 1 by far on CoStar's list, and No. 2 on the global landlord list provided by WeWork. Nuveen Real Estate is listed as the No. 2. landlord for WeWork, according to the CoStar data. The WeWork global list had "TIAA-CREF" as the No. 4 worldwide landlord. Nuveen Real Estate, formerly branded as TH Real Estate, was renamed earlier this year and is <a href="https://www.nuveen.com/global/thinking/news/2019/launch-of-nuveen-real-estate">the investment management arm of TIAA. </a>(TIAA did its own rebranding in 2016, <a href="https://www.tiaa.org/public/about-tiaa/news-press/press-releases/pressrelease632.html">switching from TIAA-CREF</a>.) Blackstone is WeWork's No. 7 US landlord according to the CoStar data, renting more than 300,000 square feet to the flexible office provider. WeWork is still just a drop in the bucket for Blackstone, the world's largest alternative investment manager, representing less than 1% of the firm's vast office portfolio. Some of the top WeWork landlords, like <a href="https://www.businessinsider.com/r-equity-office-embraces-flexible-workspace-adopts-eq-office-name-2018-6">Blackstone</a> and <a href="https://www.businessinsider.com/with-eden-health-convene-delivers-primary-care-in-the-workplace-2019-6">Brookfield Properties</a> (No. 5 on the US list), have also invested in or leased spaces to other co-working companies. The We Company, WeWork's parent, takes eighth place in the US, according to the CoStar data. The We Company did not appear on WeWork's own list of top 20 landlords globally.Boston Properties was the only publicly traded real estate investment trust that cracked the top 20 US landlords, according to CoStar. But a<a href="https://www.globest.com/2018/07/25/a-peek-into-dock-72-at-brooklyn-navy-yard-image-slideshow/?slreturn=20190619111608"> large development in the Brooklyn Navy Yard</a> will likely push the REIT up the US list. Boston Properties was No. 10 on WeWork's list of the top global landlords.See more: <a href="https://www.businessinsider.com/heres-the-latest-wework-news-2019-6">WeWork, the $47 billion co-working company, is gearing up for a huge IPO this year. Here's everything we know about what's going on.</a>WeWork had 485 locations at the end of the first quarter, up from 127 just two years ago, with<a href="https://www.businessinsider.com/wework-sees-2-billion-profit-on-desks-2019-5?r=wework-lp"> no signs of slowing growth</a>. The company, which is focusing on partnering more and more with big firms in addition to startups and entrepreneurs, <a href="https://www.businessinsider.com/wework-not-close-to-profitable-loses-hundreds-thousands-every-hour-2019-7">lost almost $2 billion in 2018</a>. Its international business was more than 40% of revenue by the second half of 2018, up from 28% in the first quarter of 2017.Real estate services firm Jones Lang LaSalle<a href="https://www.us.jll.com/en/trends-and-insights/research/flex-space"> projects that by 2030 30%</a> of US office space will be controlled by flexible working providers, including executive office suites, co-working setups and incubators, up from 5% now. The We Company is also working to buy up more of its own real estate. With a $1 billion infusion from Ivanhoe Cambridge, a real estate company whose parent is Canadian pension fund Caisse de depot et placement du Quebec, it<a href="https://www.businessinsider.com/wework-ark-fund-to-buy-commerical-properties-2019-5"> set up a $2.9 billion fund earlier this year to buy buildings that WeWork will lease.</a> Buildings that the fund is purchasing include ones<a href="https://www.businessinsider.com/wework-ceo-adam-neumann-office-space-landlord-2019-1"> WeWork CEO Adam Neumann had purchased and subsequently leased out to the company</a>. <h2>Limited exposure</h2>No landlord with more than 10 million square feet of US office space currently leases more than 5% of its square footage to WeWork, per CoStar data. With those numbers, a CoStar analyst said no major US landlord risks over-exposure to the company, for now.WeWork leases under <a href="https://www.businessinsider.com/weworks-new-debt-offering-exposes-problems-in-its-business-model-2018-4">separate subsidiaries,</a> so if the company were unable to fill the space, the subsidiary can file for bankruptcy and protect WeWork while cancelling the lease. WeWork is still on the hook for a guaranteed six months to a year of lease payments, but they're protected from the full cost of a 15-year lease, according to media reports. See more: <a href="https://www.businessinsider.com/real-estate-skeptical-of-weworks-accounting-pitch-2019-5?r=wework-lp">WeWork's CEO says the way it rents out office space makes companies' financials look better. Some experts aren't sure how legitimate the pitch is.</a>Ismail at Green Street Advisors noted that flexible office providers usually have more people per square foot than traditional office space, where employees might work in cubicles and offices rather than in open floor plans. Coworking floors can stress shared facilities like elevators and potentially lower a building's value to traditional tenants. On top of those challenges, landlords are conscious of the mismatch between long leases and WeWork's short-term rentals to its own customers. RXR Realty, a privately held real estate company focused in the New York City area, holds the tenth spot on the US landlord list according to CoStar's data. "There are lots of small users working together in businesses that may not have the capacity to weather a downturn," RXR' chief executive and chairman Scott Rechler said, referring to startups and entrepreneurs that rent coworking spaces. Still, some private firms have also invested in WeWork's competitors or developed their own coworking services. Brookfield, in fifth place on CoStar's list and the No. 3 spot on the global list, is also an investor in co-working firm<a href="https://www.businessinsider.com/club-75-rockefeller-center-penthouse-executives-networking-photos-tour-2019-4"> Convene,</a> which was founded in 2009 and has 25 locations in 5 cities. "We are one of the largest property owners in the world," a Brookfield representative said in a statement. "Responding to our tenants' desires for flexibility is important, so we lease to a number of flexible space providers in addition to Convene, as well as provide our own offering where it makes sense." Cohen Brothers Realty Corporation was No. 4 on the US list and No. 19 on WeWork's list. CIM Group came in ninth on the US list and 17th on WeWork's global list.Are you a WeWork employee with a story to share? Contact this reporter via encrypted messaging app Signal at +1 (646) 768-1627 using a non-work phone, email at <a href="mailto:mmorris@businessinsider.com">mmorris@businessinsider.com</a>, or Twitter DM at <a href="https://twitter.com/MeghanEMorris">@MeghanEMorris</a>. (PR pitches by email only, please.) You can also <a href="https://www.businessinsider.com/how-to-tip-business-insider-securely-guide-signal-securedrop-2017-6">contact Business Insider securely via SecureDrop</a>. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/what-causes-hurricanes-irma-harvey-jose-sahara-africa-easterly-atlantic-2017-9">Most hurricanes that hit the US come from the same exact spot in the world</a></h3> <div> </div> </div>

We got a peek at WeWork's top landlords. Here's who is most exposed to the fast-growing, but money-losing, coworking company as it prepares to IPO.

<div class="KonaFilter image-container display-table"><div><div class="image on-image">IndustriousJamie Hodari, CEO and co-founder of Industrious</div></div></div><ul class="summary-list"><li>Flex-office startup Industrious has nabbed $80 million in Series D funding, with investments from landlord-partners, <a href="https://www.businessinsider.com/proptech-vc-fifth-wall-raised-503-million-in-newest-fund-2019-7">Fifth Wall Capital</a>, <a href="https://www.businessinsider.com/equinox-membership-prices-reviews-nyc-guide-2019-5">Equinox</a>, and others. Industrious is up to 80 locations in 45 cities since launching in 2013, and has raised $222 million overall. </li><li>The company is inking more management partnerships with landlords, where it designs and operates an office and its amenities, but doesn't pay a traditional lease. Its CEO said that's key to turning profitable. </li><li>Coworking giant WeWork, which lost nearly $2 billion last year and is valued at $47 billion, said in a filing last week it is "actively pursuing" alternatives to traditional leases.</li><li>WeWork recently made its detailed financials public as it lays the groundwork for an IPO, in turn casting a spotlight on the prospects for its competitors. </li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories</a>.</li></ul>Industrious, which just nabbed $80 million in fresh funding, is moving away from signing traditional leases and doing more partnerships with landlords instead. We spoke with the coworking company's CEO and co-founder, Jamie Hodari, who explained how that approach works and why he thinks it can help Industrious become profitable. The latest funding round for Industrious came little more than a week after coworking giant WeWork unveiled its detailed financials - a key step towards an IPO that also revealed <a href="https://www.businessinsider.com/wework-47-billion-and-4-billion-lease-disparity-dangerous-recipe-2019-8">$47 billion in future lease obligations and a nearly $2 billion loss in 2018. </a>Industrious is moving away from leasing office space and then re-renting it to its customers, and instead focusing on management partnerships with landlords. And the company pegs its hopes for turning a profit in the near term largely on the success of those contracts, which it predicts will be a majority of its office portfolio by 2020. The company has 20 landlord partners so far, with management contracts accounting for 80% of the deals it has signed in 2019. In those kinds of agreements, Industrious designs and operates an office and its amenities but does not pay a traditional lease to a landlord, similar to the partnership model popular with hotels. Landlords share in the upside of a successful flexible office space.READ MORE: <a href="https://www.businessinsider.com/weworks-ipo-filing-showcases-its-real-estate-risks-ipo-2019-8" data-read-more-link="" data-e2e-name="read-more-link">Here are the old-school real estate problems that WeWork's technology hasn't solved. It may mean a less than lofty valuation on IPO day.</a>Industrious is not alone in preferring management partnerships, Hodari said. But he thinks it is well-positioned to be flexible in making the shift. Hodari estimated that more than a third of deals Industrious is negotiating would have the company manage tenant experience for the whole building, and not just in flexible office space. Indeed, WeWork is also "actively pursuing" alternatives to pure leasing setups, <a href="https://www.businessinsider.com/weworks-ipo-filing-showcases-its-real-estate-risks-ipo-2019-8">according to its recent S-1 filing</a>, and looking at doing more arrangements like management deals and participating leases. WeWork noted in the filing that it has limited experience with negotiating these kinds of alternatives. According to Hodari, here's what the numbers behind management deals can look like.First, Industrious and the landlord negotiate the terms of the contract. They then build the space, with a landlord putting up 90-95% of the capital and Industrious funding the rest. Industrious is paid in two ways: a management fee of 5-7% of the office's revenue, and then 30-50% of the marginal profits over a benchmark, usually what the market rate for the office is. Hodari said that the landlord usually ends up making 30% more than market rate with this sort of partnership.Industrious' $80 million in Series D funding, which it announced on Thursday, came from a group of landlord-partners, <a href="https://www.businessinsider.com/proptech-vc-fifth-wall-raised-503-million-in-newest-fund-2019-7">Fifth Wall Capital</a>, <a href="https://www.businessinsider.com/equinox-membership-prices-reviews-nyc-guide-2019-5">Equinox</a>, and others. Since launching in 2013, it has grown to 80 locations in 45 cities and has raised $222 million. The company declined to provide a valuation in its latest funding round. Another coworking competitor, Knotel, on Wednesday <a href="https://www.knotel.com/knotel-blogs/knotel-completes-usd400-million-financing/">said it secured $400 million in financing</a> from Wafra, an investing arm of Kuwait's sovereign wealth fund. Industrious plans to use its latest fundraise to continue growing its network, including international expansions for the first time. It plans to acquire some new locations through M&amp;A, something it has done twice since its Series C with acquisitions of Assemble and TechSpace. As the flexible office market has grown, Industrious is one of a <a href="https://www.businessinsider.com/as-coworking-booms-firms-may-shutter-specialize-or-merge-2019-8">few companies who has turned to M&amp;A to increase network size</a>.READ MORE: <a href="https://www.businessinsider.com/weworks-top-landlords-real-estate-private-equity-2019-7" data-read-more-link="" data-e2e-name="read-more-link">We got a peek at WeWork's top landlords. Here's who is most exposed to the fast-growing, but money-losing, coworking company as it prepares to IPO.</a>Industrious has also been experimenting with flexible working spaces in places other than traditional office buildings. It has signed a deal with mall operator Macerich and opened a location in the Scottsdale Fashion Square mall in Arizona earlier this year. That's a response to companies working to identify what their staff wants out of a workplace as a way to retain talent."When you get more responsive to that, you pull away from the idea that work can only happen in a glass and steel high-rise with a cold marble lobby," Hodari said. "It's not the only way to work"Industrious also aannounced a partnership with gym company Equinox in May, and their first partnered space is slated to open this fall at <a href="https://www.businessinsider.com/35-hudson-yards-luxury-building-tour-new-york-city-photos-2019-3">Hudson Yards</a> in New York. Integrating workplaces with retail and wellness spaces has been a recent trend in the flexible office industry, with RXR Realty partnering with Convene in its multi-use buildings at <a href="https://www.businessinsider.com/club-75-rockefeller-center-penthouse-executives-networking-photos-tour-2019-4">75 Rockefeller Plaza</a> and <a href="https://www.businessinsider.com/with-eden-health-convene-delivers-primary-care-in-the-workplace-2019-6">530 Fifth Avenue</a> in Manhattan.. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/violent-video-games-ban-mass-shooting-shootings-2018-3">Violent video games are played all over the world, but mass shootings are a uniquely American problem</a></h3> <div> </div> </div>

Industrious' CEO tells us why the coworking startup is ditching leases and managing property instead - bigger rival WeWork is eyeing a similar pivot to help erase losses

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