It’s no surprise that coworking spaces are shaking up the business world. Many companies are abandoning their traditional offices, selling assets like desks and rolling chairs, and downsizing square footage to move into modern outsourced workplaces, like Industrious and WeWork. With this growing trend, competition is increasing, though no two models are identical and profits can be hard to achieve. This week’s timely discussion with Jamie Hodari, CEO and Co-Founder of Industrious, touches on just that and drills into what sets a company like Industrious apart from others.
The three major takeaways from this conversation are just that:
- Not all of these coworking businesses need to have a “unicorn model” that completely disrupts the office industry.
- As reflected in most Leading Voices in Real Estate episodes: A great leader can elevate an entrepreneurial idea to a successful business.
Industrious is a company that follows this model to a T. The company is the largest premium flexible workspace provider in the U.S. with over 84 locations in more than 45 cities. Founded in 2013, Industrious has raised over $222 million and expects to be profitable in Q1 2020. They work in partnership with landlords, unlike the tenant of landlord models, and have secured over 20 landlord partners including Hines, EQ Office, Macerich, Jamestown LP, and most recently Equinox at Hudson Yards. Lastly, Jamie has guided the company to this growth through thoughtful decisions, by evaluating his competition, creating Industrious as a best-in-class coworking space, and partnering with established companies who are looking to revolutionize as well.
To some, Jamie has had an atypical journey to the CEO of an entrepreneurial business. He grew up in suburban Detroit, Michigan, next door to Justin Stewart, who’s remained a close friend and co-founding business partner of Industrious. He started his career as a journalist at the Times of India. He also previously ran the education non-profit Generation Rwanda, analyzed investments at the hedge fund Birch Run Capital, and was a project finance lawyer at the law firm Sullivan & Cromwell. Prior to Industrious, he was the CEO and Co-Founder of Kepler, a rapidly growing experimental university that Scientific American called a “daring global experiment” to bring “top-tier instruction to the neediest parts of the planet.” He’s an Ivy League triple threat, holding a J.D. from Yale Law School, an M.P.P. from Harvard University, and a B.A. from Columbia University.
Episodes will be released the first and third Mondays of every month, with our next interview on November 4 with Paul Smithers, CEO, President, and Director of Innovative Industrial Properties, Inc. the pioneering REIT for the medical-use cannabis industry.