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A Nashville-based coworking concept is expanding to Atlanta, planting its first location in the Cumberland/Galleria area.
E|Spaces is taking a full floor at 1600 Parkwood Circle, or roughly 32,000 square feet, according to an announcement. The six-story office building sits a short drive across Interstate 75 from The Battery Atlanta, the mixed-use project that surrounds the Atlanta Braves’ Truist Park.
Despite the high-profile bankruptcy of WeWork, the U.S. coworking sector continues to grow. In the third quarter, Atlanta had 4.5 million square feet of coworking space. That was up from 4.36 million in the second quarter, according to data from Coworking Cafe, part of commercial real estate data and research firm Yardi Matrix.
The sector’s growth comes as companies continue to evaluate their real estate needs following the pandemic. Flexibility has become a priority for many office occupiers. Even as return-to-office mandates become more prevalent, some employees still work outside the office one or two days a week. E|Spaces offers private offices and suites, collaborative workspaces, and meeting rooms. The company says its rates are below traditional office leases.
“Many companies want to go back to work, but they also want to go back and be smart about where they’re going,” Jon Pirtle, CEO of E|Spaces, recently told Nashville Business Journal, a sister publication of Atlanta Business Chronicle. “I think a lot of companies have learned we don’t have to spend these huge amounts of our cash flow on rent that we don’t necessarily need. E|Spaces is Nashville’s fastest-growing coworking company, the Journal reported. In addition to Nashville, E|Spaces has locations in Chattanooga, Knoxville and Orlando.
Some flexible workspace operators are leaving downtowns and going into neighborhoods so workers can be close to home. Consider how Atlanta-based Switchyards is expanding. Its newest location is opening in Avondale Estates. “Our customer tends to be a little more outside of the downtown corridor,” Pirtle told the Nashville Business Journal in September.
In Cumberland/Galleria, E|Spaces benefits from free parking and access to Buckhead, Midtown, Marietta and Downtown, Pirtle told Commercial Property Executive. A spokesperson for E|Spaces said the company would consider Atlanta for further expansion. “We are open to continuing to grow in the Atlanta markets as long as we find the right opportunity,” said the spokesperson. Avison Young’s Chris Godfrey, Kirk Rich and Monica Speak represented the landlord of 1600 Parkwood Circle in the deal. Patrick Braswell of Record Real Estate Partners LLC represented E|Spaces.