Flexible office space provider Industrious laid off 90 employees in early April 2020, representing approximately 20 percent of its total workforce, with an additional 10 percent facing furloughs or reduced hours. The cuts, driven by the severe economic impact of the COVID-19 pandemic and a nationwide shutdown, primarily affected teams in design, real estate development, and finance. With business activity sharply declining—new location signings dropped from seven or eight per month to just two or three—the company scaled back these non-customer-facing operations. Senior executives, including CEO Jamie Hodari who took a 75 percent salary reduction, also implemented pay cuts. Industrious, which operates shared office spaces in 35 U.S. markets, provided laid-off staff with severance, extended health coverage, and adjusted stock option terms. The layoffs reflect broader struggles in the flex office and commercial real estate industry during the pandemic.
