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A co-working lounge in The Yard.

WASHINGTON, DC–As The Yard, a co-working provider, executes on an aggressive expansion program for the US, it is in advanced talks to use ex-retail spaces in at least two locations, according to co-founder Richard Beyda. “Retail has been a little bit challenging for the last few years and there is a lot of vacant big box spaces,” he tells GlobeSt.com. “Forward-looking developers are converting those spaces into creative office use — and we are trying to get ahead of the curve and take down those spaces quickly.”

JLL highlighted this trend in a recent issue of its newsletter The Investor. It noted that WeWork was in talks with UK department store Debenhams to open a co-working center in the retailer’s flagship store in London’s Oxford Street. JLL also cited an interview Mark Dixon, chairman of IWG Group, which owns the Regus and Spaces office brands, had with Bloomberg in which he said he would be opening more facilities in retail buildings. “We would expect to have quite a few locations in a year or two in more retail-type situations,” Dixon said. “They are quite convenient for people if they have good parking and good facilities.”

Growth Trajectory For The Yard

It is not surprising that the The Yard is forward-looking about its space needs. The company has set an aggressive expansion schedule for the next two years. It plans to open a new location in South Williamsburg, Brooklyn within the next two weeks and it has an additional nine locations it is negotiating that it hopes to open over the next 12 months. Following those nine new locations will be an additional 20 locations over the course of the next year.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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