By Hayley Ringle – Reporter, Phoenix Business JournalFeb 18, 2020, 8:00am EST
Manhattan-based coworking firm Industrious LLC plans to open its fourth Valley location in downtown Phoenix at the Monroe Building.
Industrious is taking more than 30,000 square feet on the entire 14th and 15th floors, with an expected opening in July or August, said Justin Stewart, president and co-founder of Industrious.
“When you think of Phoenix you think of downtown Phoenix,” said Stewart in an exclusive interview with the Business Journal. “It was always important for us to have a downtown Phoenix location. We already feel very confident we’re going to have a strong membership.”
Despite several coworking spaces that have recently opened or expanded in the downtown area — including Industrious’ New York City rival WeWork, Novel Coworking and the Department — Stewart said Industrious is confident in its brand and what it offers that’s different than other coworking spaces.
“From a service and design element, we’re just a notch above,” said Stewart, who refers to his company as a “premium” workplace provider. “We perform better and we operate better. We know when we’re going into a market they’ll be touring the other coworking spaces. If you’re looking for more elegant, more upscale, more focused on getting work done, you will choose Industrious.”
Stewart sums up the difference like this: WeWork is a Hilton, while Industrious considers itself a Four Seasons, he said.
“From our end, we’re very conscious of over cannibalization of ourselves as well as an industry as a whole,” Stewart said.
Industrious has partnered with landlord ViaWest Group to establish its space in the 19-story building at 111 W. Monroe St. Stewart said the partnership is “different than a traditional lease, with more of a revenue share structure that is more advantageous for ViaWest.”
Danny Plapp, director of leasing for ViaWest, said Industrious will bring a national presence to recruit out-of-state businesses to downtown Phoenix, as well as allowing local tenants the opportunity to attract local talent.
“The Monroe is going through a complete overhaul of the lobby that will create a sense of community and collaboration for its tenants,” Plapp said in a statement.
The Monroe building is home to Integrate.com Inc., the Phoenix-based cloud marketing software and media services provider, which put its name on the building in May 2018. The building also houses Phoenix-based Solera Health and Silicon Valley software firm Gainsight.
Each Industrious location is designed differently, and this spot will be a mix of modern architecture and Spanish influence, Stewart said.
“From a spacious element, this location will have more space and amenities than any other coworking space in the city,” he said. “It will feel a lot less dense. We try purposefully to not cram people in.”
Industrious offers wellness and relaxation rooms, kitchens with free breakfast, snacks and food in the afternoon, local coffee and local revolving art.
Industrious made its initial move into the Valley in June 2018 with a 20,000-square-foot space in Old Town Scottsdale.