Stacey Messier is general manager of Cambridge Innovation Center New England, including the organization's flexible coworking space in Rhode Island, CIC Providence, located in the Wexford Building at 225 Dyer St.
CIC Providence was established in 2019 to provide shared workspaces and private workspaces for independent professionals and firms under 30-day membership terms. CIC stands for Cambridge Innovation Center, which is a global organization that formed in 1999, with similar coworking spaces in Boston; Cambridge, Mass.; Philadelphia; St. Louis; Rotterdam, The Netherlands; Warsaw, Poland; and Tokyo, serving more than 10,000 companies and organizations since its inception.
Studies have shown that coworking spaces have roughly doubled each year between 2006 and 2015. The industry has drawn attention recently following the November 2023 bankruptcy filing of national coworking company WeWork Cos. LLC and because of shifting trends toward office flexibility due to the COVID-19 pandemic.
PBN: Is flexible office space still on the rise?
MESSIER: The flexible office space continues to rise in popularity at both a local and global scale. We’ve seen many businesses opting out of their older, more traditional office spaces and joining flexible office space communities as they realize the bottom line benefits that flexible office and lab space can provide.
In fact, this past September, CIC observed the highest rate of new client sign-ups that we have ever seen. People are embracing the idea of shared office space and the value it can bring – it’s more than just cost per square foot. It’s about activation of shared space, and we’re excited about the opportunity to serve current and future CIC clients.
PBN: What are your observations about the demand for flexible office space in the Providence area?
MESSIER: In a world of hybrid and remote work, employers need something more than a pretty office to attract their team members to come together: companies are seeking engagement and inspiration. There’s something to be said about the power of proximity, and we’re certainly seeing that with clusters of like-minded organizations such as offshore wind.
CIC houses Rhode Island’s largest offshore wind cluster in Providence, consisting of more than 30 energy organizations, and we believe this is largely because of the opportunities these organizations all realize – there are many benefits to joining a vibrant ecosystem and innovation cluster.
PBN: How many people and how many businesses currently use CIC Providence?
MESSIER: CIC Providence currently is home to more than 230 organizations of varying sizes and stages of their life cycle – from solo entrepreneurs to larger established enterprises – that use our space for their flexible office needs. Over 30 of these are part of our thriving offshore wind cluster. … Nothing has changed since we opened in 2019 – when CIC Providence signed a 15-year lease for 63,000 square feet, or about 2.5 floors, in the Wexford building. However, we continue to explore opportunities to creatively reshape the space and our presence within the Greater Providence area.
PBN: Do you think large commercial landlords may start trying to eliminate the middleman of these coworking space companies, and instead start providing this service themselves and dealing directly with flexible-office space clients?
MESSIER: Demand for real estate expertise in shared and flexible workspace and laboratories has also never been higher, as it’s one of the most critical paths out of the pandemic-induced office downturn.
It’s no secret that commercial real estate is struggling and the industry leaders know that flexible, shared office and lab space are going to be one of the most important paths forward. The vast majority of companies are moving out of long-term lease spaces, and even large enterprises are embracing flexible models where they aren’t solely responsible for driving the culture and vibrancy within the building.
We have great relationships with landlords all over the world because of our expertise creating much more than office space. At our CIC Innovation Campuses, we combine workspace, high-impact programming, and intentional community and culture to become a physical center of gravity for the local innovation community and help to accelerate the local and global innovation ecosystem.
PBN: What are your thoughts about the future of coworking space services such as CIC Providence and others?
MESSIER: The future for the shared and flexible workspace and laboratories is strong. At CIC, we’ve seen record interest in flexible space across our core markets and expect this to grow in the coming years. At CIC Providence in particular, we are excited to continue activating the local innovation ecosystem and growing our support for important industries, including offshore wind.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
