Workspace provider Regus has signed a 10-year lease for the Falchi Building, indicating the growing need for office space in the burgeoning neighborhood.
The firm, which provides work stations, services and support to companies, is leasing more than 34,000 square feet of space at the Long Island City office and retail building at 31-00 47th Ave.
Although Regus boasts more than 2,000 locations in 100 countries, its new Long Island City space marks the firm’s first in Queens as the company has realized the potential in the market.
More and more companies are willing to move to trendy and growing areas like Long Island City, which has thousands of residential units coming to the neighborhood in the coming years. Also, as the population increases, there will be a need for more office space, particularity for creative small businesses and start-up tech companies, according to experts.
A variety of other work space providing companies have popped up in Manhattan recently, making more competition for Regus. The entry in Queens also helps Regus expand its footprint.