Toms said he prefers the term “Co-creating space” for REC Philly which targets artisans, photographers or musicians looking for affordable and flexible workspace.
“We’re going back to the concept of the mall as a third space,” he said.
He said the national collapse of traditional retail, driven in part by the rise of online shopping, has coincided with the explosive demand for coworking spaces.
“We recently passed one million square feet of coworking space in PhiladelphiaAnd vacancy rates have largely kept up with that demand,” he said.
“But it’s very hard to find large office spaces in buildings that haven’t already been leased by a competitor.” Pairing the two uses had a symbiotic effect.
REC Philly gets a large format space in a central location.
The Fashion District gets hundreds of on-site workers that can provide a built-in customer base for new shops and dining while filling space leftover from the heyday traditional retail.