Co-working company wisely chooses steady growth over venture money
Co-working space provider Jay Suites signed a 17-year sublease for 90,000 square feet of office space at 15 West 38th Street. Brothers Juda and Jack Srour co-founded the company in 2009. This will be Jay Suites eighth location in the City.
Juda Srour emails the Daily Beat: “We got tired of renting floor by floor… We said it’s time to do a full building. We are excited to bring this new venue to Jay Suites growing portfolio.”
Battle is Brewing: Although the battle for members between WeWork, IWG, Industrious, and Jay Suites is intense, the surge in demand for flexible office space has left enough business for all. The true colors of these companies will be revealed in the next downturn.
Worth Repeating: Over the past two years, a staggering 29.4 percent of new leases signed in the U.S. came from co-working spaces.