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- Category: Coworking Industry
A co-working space targeting interior designers and other creative professionals plans to open at the site of the former Source Mall in Westbury early next year.
WanderLoft plans to lease nearly 11,000 square feet above Dave & Buster’s, according to a news release from property owner Lesso Mall Development Long Island Inc. Lesso Mall Development is a subsidiary of Hong Kong-based China Lesso Group Holdings Ltd., a maker and seller of home building materials.
Lesso purchased the mall for $92 million in 2017 with plans to conduct a $25 million renovation and open a home furnishings retail store earlier this year. Lesso now expects to open its retail operation, Lesso Home New York Market, in 2019, Lesso said in the release.
A majority of the property will be geared toward “home renovators and building professionals,” a spokeswoman for Lesso said.
WanderLoft will join existing tenants that plan to remain at the property, including Cheescake Factory and the Fortunoff Backyard Store.
“We want to use our space to inspire our members to create,” said Tiffany Choi, managing director of WanderLoft, which is a startup company. Choi said that while co-working spaces have become widespread in recent years, WanderLoft will offer creative professionals something different.
“Because the co-working space is so saturated, you really need a niche to make yourself stand out,” Choi said. The facility will have tiered memberships starting at $300 a month for open seating, with more private office space starting at $750 per month. In addition to conference space rentals, the facility will also have a communal photo studio, event spaces and a materials library for designers.
The Westbury space will be WanderLoft’s first location.
Co-working spaces vary in their offerings to tenants, with some offering scheduled conference-room time, furniture, high-speed internet, and shared secretarial services. Many offer packages that can be paid for on a daily, monthly or annual basis, and can include private, designated office space or simply access to open desks.
The market for co-working and flex space experienced “sensational growth” in 2017, according to a report done by the Instant Group, a London-based co-working space consultant and researcher.
New York, California and Texas lead the nation as the states with the most co-working centers. In recent years the commercial real estate sector has seen the “niche-ification” of co-working centers that are more tailored to specific audiences, the report found.