Coworking Companies

Part
01
of four
Part
01

Top Coworking Companies Identification

A list of 25 coworking or shared workspace companies was compiled in the spreadsheet; however, the companies are privately held companies and the financial information is not publicly available. Regus is the top coworking company and the only company listed as public. Their 2016 annual report listed their revenue at 2.2 billion pounds or roughly $3.1 billion. WeWork is in second place generating $1 billion a year in revenue according to WeWork's chief executive and co-founder, Adam Neumann. The top 25 companies have been added to the attached spreadsheet.

FINDINGS

To find the top companies, I first located a list of companies operating in the US. The companies used to propagate the list were mentioned repeatedly throughout my research. I then looked for annual reports or mentions of revenue in news articles. I also looked through company websites to find revenue figures. Because the companies are listed as private, revenue information is not available publicly. I was only able to find revenue for two companies, which meant I needed to find a way to estimate the revenue in the remaining companies in order to rank them. I used Owler as a tool to give an estimate of company revenues. There is no date listed to reflect the year the revenue is from but it did give me a way to put the companies in order. Companies that did not have information filled in or were not found on Owler were marked as NA and put at the bottom of the list in no particular order. I also marked the year of revenue as NA. Lastly, I used a conversion tool to convert Regus' annual revenue from pounds to USD.

CONCLUSION

Regus and WeWork are the top two workspace companies operating in the US with over $1 billion in revenue annually. The top 25 companies have been added to the attached spreadsheet. Company websites, revenue, and the revenue year have also been added where applicable. It might be necessary to rank the remaining companies by the number of locations or customers once those fields are filled in. The filled in spreadsheet can be viewed here.
Part
02
of four
Part
02

Top Coworking Companies 1-9

While location information is widely published by coworking companies, additional information, such as number of customers or number of workstations, is not easily found. In the following cases, specific information is not published, and it was not found through other sources, such as articles and reviews.

-Regus does not publish number of customers.
-Hackerlab does not publish number of workspaces or number of customers.
-NextSpace does not publish number of workspaces or number of customers.
-The Yard does not publish number of customers.
-SerendiptyLabs does not publish number of workspaces or number of customers.
-Galvanize does not publish number of workspaces or number of customers. They do note that they support over 3,000 members.
-VentureX does not publish number of workspaces or number of customers.

The list of company information for this request can be found in this document. 


Part
03
of four
Part
03

Top Coworking Companies 10-17

While preexisting information on the number of workstations and the number of customers was not always readily available, we were able to compile partial data for some coworking spaces. The available data from 25N Coworking, Impact Hub, Industrious, Techspace, TheHive44, Workbar, The LAB Miami and Proximity Space have been filled into the attached spreadsheet. Below you'll find an overview of our findings as well as an outline of our research methodology so that you can better understand why certain information was unavailable.

METHODOLOGY

Unfortunately, despite searching company websites, press releases and articles about the various companies, often the number of workspaces and the number of customers was not publicly available. This is likely due to the fact these coworking spaces are privately held and not required to release company metrics. Where necessary, notes have been included in the column "I" of the spreadsheet that describes any assumptions made to estimate the number of workspaces or customers.

HELPFUL FINDINGS

The co-working spaces studied ranged greatly in size and scope, from smaller locations like TheHive44 and The Lab Miami who had only one location through to Impact Hub with >16,000 members and >95 locations. In one case, where the total number of customers was unavailable, information on workstations and square footage per office were available. It is noted that Techspace operates in offices located in both Arlington, VA and Austin, TX that are 20,000 square feet each. The precise number of workspaces per each of their 10 locations was available with 2929 total workspaces.

CONCLUSION

In conclusion, despite the inconsistent availability of certain data points such as the number of customers and workspaces, some data points were found. Precise information was likely inaccessible due to the fact that these coworking spaces are privately held and not required to publish metrics. In one case, where exact figures were not available, supplemental data was provided. For example, the number of square footage was offered alongside the number of workstations instead of the exact customer count. The available requested information can be found in the attached spreadsheet.
Part
04
of four
Part
04

Top Coworking Companies 18-25

As requested, I've compiled data on the number of customers, locations, and workstations for selected coworking companies. I've populated rows 20-27, columns F-J of the attached spreadsheet with the relevant data. Unfortunately, I was not able to find all of the requested data, despite extensive searching through company websites, company reports, trusted media sites, third-party websites, customer reviews, and other sources. It seems that, in some cases, the data was simply not publicly available from any recent sources which may be due to the proprietary nature of the information (e.g., newer companies may not want to divulge their standing in the market). There were also a few cases in which I had to triangulate an estimate based on available data, or in which I had to use a source that was slightly older than the usual Wonder sourcing timeframe of two years. I've noted these instances in the spreadsheet. You'll find all the data in the spreadsheet, as well as a brief summary of my findings below.
Sources
Sources

From Part 02