ORLANDO — The coworking trend continues here with Novel expanding into downtown Orlando with their purchase of a historic almost-a-century old, 100,323-square-foot building at 37 N. Orange Avenue.
Plans are to renovate the 11-story, former Angebilt Hotel (once downtown’s tallest) into modern and affordable workspaces.
Novel Coworking founder Bill Bennett says the company — which advertises itself as the nation’s largest with more than two million square feet in 28 US locations — was impressed with the area’s continuing job growth, particularly in professional services.
It was the latest of what is getting to be a crowded coworking market here. Among newcomers last year was E/SPACES, with the CEO of the Nashville-based company saying:
“We see Orlando as a booming market.”
It’s far from the only place where the market is booming elsewhere and in Florida
Coworking space catching on in major cities
In Chicago, coworking square footage has roughly tripled since 2014, with 99 locations in the city’s urban core.
In Miami, fully 3% of all office space is now designated as coworking, according to one recent report.
The advantage for companies is the flexibility and costs. Novel says with its volume and practice of ownership, it reduces clients’ rent up to 50% below competitors.
“Things are done at a much quicker pace than they were 10 or 20 years ago,” Novel Coworking National Corporate Accounts Manager Kayley DiCicco says. “You just don’t have the luxury of time to ponder decisions involving building out an office for 20 or 30 people.”
For developers and owners, landlords are increasingly filling vacancies with leases to co-working providers. They are betting they will play an increasingly central role in the future office market.