How Industrious Is Riding A Wave Of Demand For Coworking Space In D.C.

Industrious co-founder and CEO Jamie Hodari recently remarked that the coworking industry is seeing the “biggest wave of demand” in its history. Driving that tsunami is the increasing popularity of flexible and hybrid work arrangements.

This isn't a wave that is likely to crest anytime soon, either. The market for coworking space is projected to experience compound annual growth of 9.6% for much of the rest of the decade.

Industrious is making the most of this rising coworking tide in places such as the Washington, D.C., metro area, where it has opened a half-dozen new locations this year. The company now operates 15 shared spaces in the DMV region, which consists of the District of Columbia and parts of Maryland and Virginia.

Industrious General Manager Chris Caron credits his company’s success in the DMV to its ability to adapt quickly to changing work preferences and bring a human touch to its interactions with clients. Like other metro areas, D.C. was strongly impacted by the work-from-home trend, which emptied both downtown offices and the local businesses that had served their employees.

“The DMV definitely went through a big change during the pandemic, and what used to be its main centers of business are now less busy while big and small companies, like everywhere, are trying to get out of traditional multiyear leases in favor of a hybrid model,” he said. “We are growing at a nice pace here in D.C. as we work to meet our members’ changing needs.”

Today’s office priorities include smaller workspaces that cater to employees who work hybrid schedules. People might be in the office only two or three days a week, but that office still must meet their professional needs while also providing a welcoming environment that won’t make them pine for their couches.

Caron said Industrious is uniquely suited to meet those criteria because of its emphasis on hospitality. Thinking of Industrious simply as a provider of office space doesn’t tell the whole story, he said.

“The people we hire take good care of our clients and everybody who comes through the door because, at the end of the day, we're in the people business,” Caron said. “I know we have beautiful spaces and offices, but it's the people that separate Industrious from all of our competitors.”

Caron said Industrious prioritizes making the users of its spaces feel “welcomed, empowered and delighted.” In this way, clients can be more confident that their employees are satisfied and productive when they come into the office.

“We are constantly evolving and digging deeper into what it means to really be hospitable,” Caron said. “We make it a point to know every single member enough to have meaningful conversations, and we try to anticipate their needs before they arise. We want people to feel as if this is their home away from home.”

This attitude — combined with its more than 160 coworking spaces across the country — has allowed Industrious to maintain long-term relationships with its clients even as their workspace requirements have changed in recent years.

Caron cited a D.C.-area Industrious member, a tech contractor with clients around the globe, that downsized its office space during the pandemic lockdown but began to grow again and has since moved to increasingly larger shared offices. Along every step of this client’s journey, Industrious was able to meet its changing needs with the variety of office stock it manages.

“It's been a great partnership, and they've grown with us over the years even as their business itself grew, contracted and then grew again,” he said. “They continue to benefit from the flexibility of shared space, and a traditional office space with a long-term lease just doesn’t work that way.”

The client’s employees “love coming into the office” because of the many amenities available in its Industrious space in a restored historic building in D.C., Caron said. Close to public transportation and the National Mall, the building features rooftop work and meeting space, a fitness center with racquet courts, and a conference center. Other all-inclusive amenities include 24/7 secure access, secure WiFi, and daily breakfast and snacks, all overseen by on-site staff.

Caron said he is optimistic that the wave of demand for shared workspaces will continue to roll on, particularly in the DMV, where the biggest employer is the federal government.

“D.C. is said to be recession-proof, but I think the game-changer for us will be when the government lifts the remote work policy and gets people back in the office,” Caron said. “It's not only going to help the small businesses and the restaurants here in D.C., but it’s going to benefit us because we can help the government think differently about what they spend on and how they utilize workspaces.”

This article was produced in collaboration between Industrious and Studio B. Bisnow news staff was not involved in the production of this content.

Studio B is Bisnow’s in-house content and design studio. To learn more about how Studio B can help your team, reach out to studio@bisnow.com.