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Coworking Spaces

Delivered May 25th, 2019. Contributors: Darius G., Sweta S., Saurav G., Maureen K. and

Part
01
of five
Part
01

The State of the Coworking Market

According to our research, there are 4,043 co-working spaces in the United States, as of the year 2017, while the expected yearly growth rate is 9% (2017 to 2022). In total, there are an estimated 27.3 million square feet of co-working office space in the United States. Vermont is undergoing the most notable growth in co-working spaces in the country as 12.1 spaces are opening up in the state every year per 1 million people. Nonetheless, New York City has both the greatest amount of flexible workspace and a higher share of office space than other large cities. Finally, a recent takeover that could fuel growth in the market is WeWork's acquisition of the data platform Euclid in 2019.

STATS ON THE INDUSTRY

The total number of co-working spaces in the United States is around 4,043, as of 2017. From 2017 to 2022, the projected average annual growth rate for this market in the country is about 9%. As reported by Colliers International, the yearly growth in the volume of co-working spaces is anticipated to be 6% between the years 2018 to 2022. Meanwhile, member growth in the United States is expected to rise by 14.7% every year. In 2018, co-working spaces occupied approximately 27.3 million square feet of total office space or 1.6% of all office space in the nation. That same year, 2,188 co-working spaces were established globally. Of that number, nearly 1,000 were in the United States, according to Co-Working Resources.

MAJOR ACQUISITIONS THAT COULD FUEL GROWTH IN THE INDUSTRY



  • Cross Campus, a provider of shared office spaces, acquired DeskHub in early 2019 to expand the company's presence on the West Coast.

WHERE THE CO-WORKING MARKET IS GROWING IN THE UNITED STATES AND WHY

The area of the United States that is experiencing the most growth in co-working spaces is Vermont, which has about 12.1 spaces opening each year for every 1 million individuals. This growth is caused by the growing startup scene in Vermont, along with the busy innovation hub in the city of Burlington. Following Vermont is the District of Columbia, Montana, Colorado, and New York with 11.1, 8.5, 8.0, and 4.4 spaces, respectively, per 1 million people. New York, however, has the highest amount of flexible workspace. The area also has a higher share (2.1%) of office space than the average large municipality. In fact, a co-working space is established in New York City every 7.5 days. Manhattan has the highest volume of added space, with over 3.3 million square feet in co-working leases supplied since the year 2016. Boston, Seattle, and San Francisco follow Manhattan.

The rise in co-working spaces in New York can be attributed to the presence of entrepreneurs, as well as the population. On the other hand, San Francisco's increase is the result of the entrepreneurs and tech industries present in the city. Co-working developed the quickest in Raleigh-Durham and Dallas. These particular areas were able to double their co-working locations in a span of 18 months thanks to tech firms seeking to entice second-tier markets beyond large municipalities.

Part
02
of five
Part
02

Coworking Market - Trends

According to our research, various trends in the US coworking market include sustainability, health and wellbeing, and that corporates are choosing coworking in a big way. Other trends include the growing popularity of niche coworking concept, new tech companies securing flexible workspaces, and that the property groups and real estate agents are moving into flexible workspaces.

Although there was no precompiled information providing the trends in the US coworking spaces market, based on our research, we were able to compile a list of six trends in the coworking spaces market that were specific to the U.S. Below is the methodology that we used while searching the requested information.

METHODOLOGY

While searching for the top trends in the US coworking spaces market, we could not find any trends specific to the U.S. However, we found different sources providing the top global trends in the coworking spaces market. But as the request is specifically for the US trends, we could not use those sources. Next, we again searched for the US-specific data and an article published by Inc.com provided the top 23 best co-working spaces in the U.S.

Later, we conducted separate research on the first five coworking market from the list regarding their qualities, facilities, and how they are unique in order to determine how they are at the top or what made them the best trend that coworkers are looking for in co-working spaces. We then made an analysis correlating this list to all the global trends that were found in our previous search.
Then we selected those trends from the list of global trends that have been used and/or are currently being used by the top five coworking spaces in the US. We used this strategy to derive the US trends from the list of precompiled global trends as no precompiled information was found for the trends in the US coworking spaces market. So, we chose only those trends that each top coworking spaces in the US are implementing and that made them successful among their competitors. Using this strategy, we were able to compile a list of six trends in the coworking spaces market that were specific to the US.

US COWORKING Spaces MARKET — TRENDS

1. SUSTAINABILITY

 Sustainability is one of the current trends in the US coworking spaces market that represents an environmental-friendly approach to businesses, work, and building management. Some of the operators are differentiating with green initiatives. WeWork, one of the best coworking spaces in the US, in 2018, committed to becoming fully carbon neutral by 2023. Due to the increased priority for members, eco-friendly flexible workspace relates to sustainability. Therefore, now, we can expect to see bicycle and car sharing initiatives, renewable energy sources, green web hosting, meat-free policies, and the eradication of single-use plastic.

2. HEALTH AND WELLBEING

Another current trend in the US coworking spaces market is 'health and wellbeing' which is already present in many of Asia’s forward-thinking coworking spaces. However, this is a challenge for operators in deciphering what 'health and wellness' mean to their specific community. This trend is very well visible in corporates as many of them now have added gyms, pools, bicycle storage, video games, ping pong, and various health foods at their cafe. Additionally, offering nap pods, onsite childcare, and nursing rooms are a few other initiatives linked to the 'health and wellbeing' trend.

Many of the US coworking spaces provide different types of amenities designed to attract more coworkers. It is also helpful to promote a healthy working environment such as things like providing yoga and fitness classes, climbing walls, relaxation areas are the examples of corporates adopting this trend. As published by Work Design, 2018, "our work is literally killing us." According to a study "the workplace is the fifth leading cause of death in the U.S." We are now in a phase of facing a global crisis in regard to mental health. The WEF (World Economic Forum) report revealed that for "ill-health and disability", depression is the number one cause all over the world with an estimated "300 million people diagnosed" from the condition. WeWork which has been recognized as the number one coworking markets in the U.S. keeps tremendous focus on community and events (lunch and learns, happy hours, networking events) in order to help in coworkers' wellbeing. This coworking space also offers fresh fruit water, bike storage, and micro-roasted coffee.

 Regus which is at number two among the top coworking space in the U.S. offers a communal kitchen with tea and coffee-making facilities. Workbar, 5th coworking space in the U.S. offers complimentary water, coffee, tea, fruit and snacks. It also has nursing rooms.

3. CORPORATES CHOOSE COWORKING IN A BIG WAY

There were many professional services companies that choose flexible workspaces with more legal, sales, finance, and accounting firms which moved to coworking. Based on a study conducted by CBRE, 3-quarters of all tenanting businesses occupying 30,000 sqm or more intend to cut their office leasing footprint and increase their use of coworking space. For corporates, moving to coworking spaces is a strategic move. Companies such as Google, Amazon, and Airbnb have already taken this initiative. Their teams in coworking spaces make sure that their workers are in environments that improve innovation. Moreover, large corporates choose coworking in keeping an ear on the ground for disruption of the industry, opportunity collaboration, and identification of talent. In a survey conducted by the Deskmag 2018 Global Coworking, expansion is one of the major trends in the industry. The need for more and bigger coworking spaces have become stronger.

The top third coworking space in the US market, Proximity Space, "boasts a wide list of amenities in its inspirational work environment." They believe "proximity" to each other, in a connected "space," is what will produce the opportunities of the future." The top fourth coworking space, CO+HOOTS shared space and great services, amenities, and collaboration. It offers access to an incredible local community.

4. TAKE OFF OF NICHE COWORKING CONCEPTS

With the continuous increase in competition in the US coworking market, it would become important to work in a niche segment and target or appeal to a specific audience. For niche coworking spaces, the appeal lies in their capacity to dedicate more floor space to relevant facilities. In these spaces, photographers get easy access to many different studios and all the equipment they need. Fintech startups can have a dedicated trade floor to monitor financial markets' workspace. Designers can have a shop in a coworking space that also offers areas for workshop, materials, catwalks, and studios. This will be the biggest differentiator for businesses in the coming years as there would be industry-specific resources like the above.

According to GCUC, the spaces that appeal to members with specialized needs will continue the growth in sector-specific flexible, serviced working spaces. The top second US coworking space Regus offers office space, virtual office, co-working, and meeting rooms in 475 cities across the U.S. Workbar, the top fifth coworking market in the U.S., provides innovative and cozy coworking spaces, meeting rooms, event spaces, and a variety of social meetup and educational workshops. It offers workspaces that fit the coworker's needs. It has featured a variety of functional workspaces built for any work style.

5. NEW TECH SECURING FLEXIBLE WORKSPACES

With the use of AI (artificial intelligence) and automation, Abacus has provided its tenants the opportunity to conveniently compare, book tours, and negotiate office rental rates online. Likewise, the chatbots and voice assistants are also having their way in the workplace. In a study conducted by Spiceworks, it was found that at least 40% of businesses will have their one or more AI chatbots on company-owned devices as compared to "25% of mid-size companies and 27% of small businesses." Regus, the top second coworking spaces in the U.S. offers an app for booking workspace and more. Proximity Wave which is the third top provider of coworking spaces in the U.S. has a digital concierge built right into the Proximity Platform. Coworkers in these spaces can mount an iPad on their front door to receive alerts for deliveries or visitors. This is also useful for the guests to have a tour of the coworking space. The iPad is also helpful in case of upcoming bookings at a glance and to easily see if the room is currently in use when mounted outside of the conference room. The Proximity Platform is helpful as it is "an innovative combination of coworking software and hardware built to make the managing of coworking space easy." They have kept everything needed in one easy space for coworkers benefits so that they don’t have to use "digital duct tape to piece together several types of software to make their coworking space work." Workbar, the fifth top coworking space provider in the U.S. offers a technology platform and access to the Workbar network.

6. PROPERTY GROUPS AND REAL ESTATE AGENTS MOVING INTO FLEXIBLE WORKSPACES

Various property groups and real estate agents have also moved into flexible workspaces. Many of the big property companies have launched their coworking businesses. CBRE opened a flexible office business called Hana. Some landlords and developers will build coworking hubs in commercial spaces or partner with flexible workspace operators to share a portion of the ongoing profits. They have started to offer coworking spaces to tenants too and they are building their own brands and also partnering with existing brands.
Real estate groups have realized the potential in the coworking spaces market. This coworking industry has made a large impact on the real estate industry and now, real estate insiders are moving towards the market. So, coworking is set to innovate and improve the real estate industry. Regus, the top second coworking space provider in the US, has partnered with brokers, franchise, landlord, and workplace recovery channel partners.


Part
03
of five
Part
03

Coworking Market - Topics

After examining numerous reports/articles from credible sources, we were able to compile a list of eight co-working topics that are getting coverage in the media. These topics include 1) the advantages and disadvantages of co-working spaces, 2) co-working serving as a way of fighting loneliness, 3) the benefit of expanding one's professional networking, 4) entrepreneurs and others becoming more productive, and 5) co-working helping people to separate home from business. Additional topics include the prevalence of millennials in co-working spaces and the available online tools that facilitate the remote way of working.

CO-WORKING TOPICS COVERED BY THE MEDIA

BEATING BACK LONLINESS

People that operate as freelancers can frequently experience loneliness. Loneliness can often lead to both social and health issues. Co-working serves as a means to combat loneliness as it enables individuals to work with various people. As reported by Harvard Business Review, co-working can help people to stay sane.

EXPANDING ONE'S PROFESSIONAL NETWORKING

As listed by Meld Co-working, those engaging in co-working can bestow their projects with others, frequent after-hour events, be collaborative, and work with several specialists in multiple fields. With the diverse groups usually involved in co-working, including females and entrepreneurs, individuals are likely to locate an environment that suits them properly.

IMPROVING PRODUCTIVITY

The mindset that a business office helps to create allows workers in co-working spaces to concentrate on their specific projects. As research highlighted by Office Vibe indicates, co-working settings helped entrepreneurs in the following ways:

  • They became more productive (64%).
  • They were able to focus more (68%).
  • They were more confident (90%),.

LACK OF PRIVACY

As reported by Startup Talky, co-working presents some disadvantages. One limitation of co-working is the absence of privacy. According to Inc., this can be observed as a deal-breaker. The ambiance can become boisterous and distracting sometimes, especially if someone needs to take several calls throughout the day.

PERSONALITY CONFLICTS

Another disadvantage of co-working is that people have to operate alongside others who are unlike them. Since there is no human resources department available to offer assistance, any conflicts that arise will have to be resolved amongst those involved. A few adequate measures, as suggested by Shared Space, to manage these issues include:

SEPARATING HOME FROM BUSINESS

Some individuals that work from their residence are unable to identify where work concludes and home begins. Co-working assists them in making this separation. It provides them with the necessary structure to observe it as an office, as well as a work-related location, unlike home where one has their belongings, family duties, and pets.

CO-WORKING AND MILLENNIALS

More than three-fourths (78%) of co-workers are below 40 years of age, according to Office Vibe. Everything that characterizes millennials' work vibes can be discovered in a co-working environment such as:

ONLINE TOOLS THAT ENABLE THE REMOTE WAY OF WORKING

Human beings are living the era of the smartphone, where their computer and phone serve as their primary tools for work and connect them with co-workers in remote areas. Hence, productivity will increase if they utilize the correct online tools. Tapkey lists some software that can enhance the way one co-works, including Coworkify, Optix, Nexudus, FreshBooks, OfficeRnD, and Cobot, among others. Basic online tools that are beneficial to remote workers can be attached to this list, such as:


Part
04
of five
Part
04

Coworking Market - Businesses

The types of businesses that choose coworking spaces include startups, corporations, and non-profit organizations. The businesses choose coworking spaces for reasons such as affordability and flexibility. More information on the topic has been presented below.

Businesses that mainly choose coworking spaces

We selected the three types of businesses by referring to multiple sources. First, we found out the common member companies/businesses using coworking spaces from Vox and WeWork. Thereafter, we matched the companies with the types of businesses mentioned on Marketing 91.

1. Startups/Entrepreneurs

According to the report by Launch House, startups choose to work in coworking spaces due to the advantages such as affordability and flexibility. Most startups begin with little financial funding, and they don't start with big profits in the first three years of business. From a cash-flow perspective, coworking spaces are ideal for startups. Renting a traditional office is not very practical for a startup as most of the commercial leases ask for "high upfront costs and long-term commitment." Coworking spaces offer more affordable spaces with short-term rents. Some coworking spaces even offer hourly and weekly options.

The coworking facilities provide amenities needed by normal businesses. Such amenities include professional meeting space, office equipment such as printers, scanners, and copiers, and high-speed internet. Additionally, coworking spaces provide many opportunities to interact and network with other similar-minded individuals who can share potential ideas for collaboration and even provide the support that startups might need. There are many successful startups that started their business in coworking spaces. Instagram and Spotify are two examples of such businesses.

TECH COMPANIES/CORPORATIONS

According to a report, the continued growth in the coworking space industry is mainly due to larger corporations embracing coworking behavior. A growing trend shows that large corporations choose to take advantage of the benefits and opportunities that coworking spaces provide. Most of the large corporations that have utilized coworking spaces are tech companies. Some examples include IBM, Microsoft, Facebook, and Salesforce. As coworking spaces are known for their collaborative atmosphere, businesses use these facilities to get easy access to innovators for creating innovative ideas and recruiting new talents.  

Some employees of large corporations have the ability to work better at flexible and convenient locations. This results in higher productivity. Additionally, such corporations appreciate the cost-effectiveness of using coworking spaces. The coworking spaces help the corporations in saving office rent, furniture expenses, equipment expenses, and the cost of utilities.

NON-PROFIT ORGANIZATIONS

According to a report by City Desk Miami, non-profit organizations (NPO) are starting to use coworking spaces to "stimulate and motivate their workers" and save money. Non-profits are usually looking for ways to cut up their expenses and spend the funds in their marketing, fundraising, and other ongoing project goals. By using coworking spaces, the NPOs get "practical and affordable workspace solutions". Coworking spaces provide an opportunity for non-profits to network, collaborate, and outsource ideas. This also improves productivity among NPO workers and the chance of expanding their professional network.

Additionally, coworking spaces provide NPOs with a professional business front. They can use the facilities for meeting their clients and donors instead of using public places. One of the successful non-profit organizations that started its journey in a coworking space is Charity: Water. It has funded 21,000 projects since its launch in 2006 in a coworking space in New York.

Additional findings

  • As of 2019, there are about 5,026 coworking spaces in the United States, with more than a million members.
  • The coworking industry is expected to grow over the next five years. The coworking spaces and members are expected to grow at a rate of 16.1% and 4.7% respectively.
  • WeWork, one of the largest coworking space company in the US, reported that 75% of its members are first-time entrepreneurs, startups, local companies, and non-profits. The remaining 25% comprises big corporations.
Part
05
of five
Part
05

Coworking Market - Businesses Leaving

REASONS WHY BUSINESSES LEAVE COWORKING SPACES

In short, businesses leave coworking spaces because of various reasons, including outgrowing the space, insufficient customer support, and the space not being affordable. In order to give you comprehensive information, we searched leading industry publications, databases and reports such as Coworking Resources, Think Big Partner, Upsuite and LinkedIn to find different reasons. The second strategy was to study these reasons in the reports, publications and databases to locate those that were repeated more than once in trustworthy sources. We have identified five reasons that have been detailed below.

THE BUSINESS OUTGROWS THE COWORKING SPACE
Shared workspaces are designed to have businesses that eventually grow and then move out. Successful businesses grow and succeed until the coworking space they are using can no longer accommodate them. Moderate to high-growth companies will eventually outgrow a coworking space and need to find a new home, which is likely to be a commercial real estate.

Examples of Businesses That Left For This Reason
Our research identified two businesses that left coworking spaces because of their companies outgrowing the coworking space. One example is Uber which operated from RocketSpace, a tech space in San Francisco in 2011, and expanded and outgrew the space to be represented in 80 countries across the globe with operations in almost 800 metropolitan areas. The other example is Instagram which was born in a coworking space called Dogpatch Labs, and gained popularity across the globe, outgrowing the space and was later purchased by Facebook for a $1 billion .


THE COWORKING SPACE NOT BEING AFFORDABLE
Businesses using coworking spaces may struggle to afford the space due to high prices and the fact that they cannot afford the cost. For new businesses, when funding becomes a problem, the luxury of a coworking space goes. It could be that the business is in a temporary slump, lacking cash between funding rounds or the business is failing. In this case, coworking is one of the first things to be cut from the expense budget.


THE BUSINESS NOT BEING ABLE TO DEVELOP OWN CULTURE
Medium-sized businesses leave coworking spaces because of culture. The Number 1 reason businesses join a coworking space is for community. The businesses always want to develop their own company culture and find this impossible to do in a coworking space. They realise that they can't build a brand that attracts and retains talent in the open and inclusive environment of a coworking space and leave to go and build a unique culture somewhere else. Businesses choose to use a coworking space because they want to feel a community spirit and sense of belonging.

LACK OF COWORKING SPACE MAINTENANCE
Coworking spaces are used by many people and equipment and furniture will wear and tear because of this. Maintenace needs to be done to keep everything functioning how it did when the customer moved in. Failure to do this leading to defects will make businesses leave the coworking space. Interior spaces that are worse for wear should be addressed. Something needs to be done about bathrooms that are dirty and smelly, printers that keep jamming, and dusty environments that make it difficult for businesses to work comfortably.

INSUFFICIENT CUSTOMER SUPPORT/POOR CUSTOMER SERVICE
Businesses should work in an environment where there is a pleasant customer experience, including their complaints being responded to in a timely manner. Businesses should get information on when to escalate an issue to a manager for quick solving and high level customer service. Customers expect help whenever they need it, and so there must be accommodating, friendly, and professional staff at coworking spaces to help, failure of which they leave the coworking space.
In concIusion, affordability, lack of maintenance, poor customer service, lack of culture development, and outgrowing the coworking space contribute a great deal to the reason why businesses leave coworking spaces.








Sources
Sources
From Part 01

Number of coworking spaces U.S. 2017 Statistic

statista.com
Publication Year: 2018

2019 US Flexible Workspace Report US National Colliers.pdf

drive.google.com
Publication Year: 2019

U.S. Coworking Forecast: 2018 to 2022

smallbizlabs.com
Publication Year: 2018

Coworking Statistics, Surveys, Research Papers and Studies (Global, Regional & National)

coworkinghandbook.com
Publication Year: 2019

WeWork acquires office services company Managed by Q - SiliconANGLE

siliconangle.com
Publication Year: 2019

WeWork just made its first acquisition of 2019, snapping up a visitor identity and behavior company – TechCrunch

social.techcrunch.com
Publication Year: 2019

Xconomy: San Diego’s DeskHub Snapped Up by Co-Working Company Cross Campus

xconomy.com
Publication Year: 2019

Coworking Growth Forecast and Statistics in 2019

coworkingresources.org
Publication Year: 2019

What’s Influencing the Coworking Industry in 2019?

globalworkspace.org
Publication Year: 2019
From Part 02

6 trends set to change the coworking industry in 2019 - Office Hub

office-hub.com.ph
Publication Year: 2019

Coworking Spaces Revolution - Innovation & Trends 2019 | Carmelon Digital Marketing

carmelon-digital.com
Publication Year: 2018

Coworking Megatrend Predictions for 2019 (and a Bombshell)

workdesign.com
Publication Year: 2018

23 of the Best Coworking Spaces in the U.S.

inc.com
Publication Year: 2017

WeWork Pricing & Membership Plans | WeWork

wework.com

Office Space for Rent | Serviced Offices | Regus US

regus.com

Proximity Software Features - We Have Everything You Need

proximity.space
Publication Year: 2019

Swing Space | Workbar

workbar.com

Truly Flexible Coworking Memberships In and Around Boston | Workbar

workbar.com
From Part 03

Coworking Is Not About Workspace - It’s About Feeling Less Lonely | HBR Ascend

hbrascend.org
Publication Year: 2019

Reducing social isolation: Why coworking is not only about the space

born2invest.com
Publication Year: 2018

How to maximize coworking

futureofgood.co
Publication Year: 2019

Five Ways that Coworking Increases Human Connection - MELD Coworking

meldcoworking.com
Publication Year: 2018

The 6 Benefits of Coworking Spaces | Small Business BC

smallbusinessbc.ca
Publication Year: 2017

11 Incredible Coworking Statistics (Infographic)

officevibe.com
Publication Year: 2017

Advantages and Disadvantages of Coworking Space 👍 👎

startuptalky.com
Publication Year: 2018

Before You Commit To That Coworking Space, Know The Pros and Cons

inc.com
Publication Year: 2018

Six Tips for Managing Coworking Conflict Like a Boss | SharedSpace

sharedspace.work
Publication Year: 2019

Coworking Benefits: The Global Movement You Should Care About

coworkinghandbook.com
Publication Year: 2019

Co-working spaces and millennials – a match made in heaven!

yourstory.com
Publication Year: 2018

6 Benefits of Coworking With Strangers

entrepreneur.com
Publication Year: 2017

The Top 9 Tools for Coworking Spaces

tapkey.com
Publication Year: 2018
From Part 04

U.S. Coworking Forecast: 2018 to 2022

smallbizlabs.com
Publication Year: 2018

2018 WeWork Economic Impact Report - Newsroom

wework.com
Publication Year: 2019
Quotes
  • "Approximately 75 percent of WeWork members are small businesses, including first-time entrepreneurs, local companies and nonprofits, and growing startups. "
  • "They report that proximity to other entrepreneurs rather than setting up at home, or at the local coffee shop or traditional office, gives them a competitive edge."

WeWork doubled its big corporate client base this year, which generated $250 million in revenue

vox.com
Publication Year: 2017
Quotes
  • "Big businesses that lease co-working space at WeWork generated $250 million this year in revenue. These companies make up 25 percent of WeWork’s total $1 billion annual revenue as well as 30 percent of new "
  • "And the number of corporate or enterprise customers — those with 1,000 or more employees — has doubled from last year to over 1,000."

The Largest Coworking Space Companies in 2019

coworkingresources.org

Co-Working Spaces Can Be Ideal for Entrepreneurs

thebalancesmb.com
Publication Year: 2018
Quotes
  • "Co-Working Space Is Ideal for Low Cost Startups"
  • "The flexibility of coworking space can also be an advantage to a growing startup business—accommodating additional employees is as simple as adding memberships."
  • "The more expensive coworking spaces generally cater to established businesses or well-financed startups, rather than solo entrepreneurs."

Why Coworking Space is Ideal for Early Startups? - LaunchHouse

launchhouse.com
Publication Year: 2018
Quotes
  • "Where in the past successful startups grew from the kitchen tables or garages of their founders, modern day startups are being born out of coworking spaces and serviced offices. With the rapid growth of flexible workspace industry, shared workspace provides more of a professional image than what kitchen table or garage might provide."
  • "Coworking spaces are an attractive option for startups, as they provide access to all the amenities of a traditional office that a company, for a fraction of the cost of setting up their own office. a traditional office that a company, for a fraction of the cost of setting up their own office."
  • "The flexibility and affordability of a coworking space, allow for startups to “test the market” of their related industry, with potentially less risk. A coworking space can provide a startup with a greater corporate footprint, by way of the space they are working in, thus resulting in a more credible company to deal with. ce."

5 Ways Small Businesses Benefit From Coworking Spaces

tech.co
Publication Year: 2017
Quotes
  • " This becomes even more important when you are a single entrepreneur and live alone. Everyone needs social interaction and mental stimulation."
  • "A coworking space offers a reprieve from these distractions. Everyone in the space is working and respects that you are, too. You can get in the zone and accomplish a lot more."
  • "These locations also come with all the bells and whistles you would need for these meetings, including meeting rooms with comfortable furniture, audio-visual equipment, other meeting technology and hospitality spaces for entertaining your meeting participants."
  • "Even better is that you are not tied to a long contract. You can opt to have full-time access or use it on a part-time basis as needed."

Why Are Big Corporations Choosing Coworking Spaces?

coworkingresources.org
Quotes
  • "Some technological giants, such as IBM, Microsoft, and Verizon, are testing the use of coworking spaces for employees so they can be close to and easily interact with innovative startups."
  • "Just some of the big names with WeWork memberships include Salesforce, Starbucks, Microsoft, Facebook, and Bank of America."
  • "As mentioned before, some of the major tech companies that choose to use coworking spaces do so to get closer to innovators in the field. "
  • "Having employees work side by side with startups and industry innovators does more than make it easier to get new talent; it also provides motivation and increases employee productivity. "
  • "Most large corporations that let their employees use coworking spaces offer the choice of working in a coworking environment or in a normal office. This way, employees can have more flexibility and choose whichever location is more convenient for them."

The Coworking Space: A Solution for The Non-Profit Crowd - CityDesk Miami

citydeskmiami.com
Publication Year: 2017
Quotes
  • "Now, non-profit organizations (NPOs) are getting in on the action and are starting to use such spaces so they can stimulate and motivate their workers who crave an inviting, open space where they can bounce ideas off like-minded people. These spaces can improve creativity and spark innovation, they offer a cost-effective and professionally looking office-front for NPO’s."
  • "Non-profits are continuously looking for ways to cut costs, especially when it comes to expensive office space that comes at a premium. Coworking spaces instantly reduce the need for large offices and provide a practical and affordable workspace solution with excellent kitchen and leisure amenities. "
  • " A small community of NPO workers can exchange ideas and even outsource work with the professionals they meet in a coworking space, thus improving productivity and allowing employees to expand their professional network."
  • "Coworking spaces provides staff and volunteers with an office when they need it, but gives them the flexibility to work from home or when on their travels too. A virtual office enables NPO’s to have a receptionist answer their calls with their organization’s name, they may also have a supported mailing address, and still return to their coworking space for important projects or presentations. "
  • "Having a designated space to meet clients and donors can improve the prospects of an NPO. A coworking space can make a non-profit look more professional when compared to holding meetings in a public place and can provide a place to network, collect donation or speak to the media about the NPO’s collective goals and aims."

9 Successful Companies Launched in a Coworking Space | SharedSpace

sharedspace.work
Publication Year: 2019

The 9 Types Of Businesses - Various types of businesses explained

marketing91.com
Publication Year: 2018
From Part 05

The 5 Biggest Reasons People Leave Coworking Spaces | Think Big Partners

thinkbigpartners.com
Publication Year: 2017

5 Reasons Why Members Leave Coworking Spaces and 2 Surprising Reasons They Don’t

linkedin.com
Publication Year: 2019

Successful Companies That Started in Coworking Spaces

coworkingresources.org
Publication Year: 2019
u

Who’s Choosing Coworking and Why?

upsuite.com
Publication Year: 2019
Quotes
  • "We see that medium-sized companies are leaving coworking spaces in droves, and the reason, like with small businesses, has to do with culture."

Top Reasons Customers Leave Coworking Spaces

coworkingresources.org
Publication Year: 2018
Quotes
  • "People choose to work in a coworking space because they appreciate the feeling of belonging and socializing with others. "
  • "Coworking spaces accommodate hundreds of visitors, so furniture and equipment will experience some wear and tear. Maintaining the initial ambiance and standard of your workspace is crucial. "