Office REITs Gauge the Risks and Rewards of Coworking

In early 2018, Washington Real Estate Investment Trust acquired a 398,000-square-foot office building in Rosslyn, Va., and got to work converting some of the space for a new co-working venture dubbed Space+.

The spot launched in July 2018, and WashREIT leased 90 percent of the initial 96,000 square feet in 90 days. Leases were structured to be flexible, with terms as short as one month and move-ins within 24 hours of signing the lease. Space+ has since grown to 107 suites, either planned or delivered by late September, in 16 properties across the Washington, D.C., area.