Commercial Office Sublease Companies
While PivotDesk, Carr Workplaces and Peerspace are all marketplaces for office space, these companies differentiate themselves in a variety of ways, ranging from the provision of additional services to the unique curation of available inventory.
- PivotDesk is an online office-sharing marketplace based in Boulder, Colorado that was founded in 2012 and was later acquired in 2019 by office space search company SquareFoot.
- The company provides a wide variety of office space solutions, including co-working locations, shared and private office spaces, temporary accommodations and satellite offices.
- As part of this offering, PivotDesk is scrupulous in providing only curated locations that have been evaluated for appearance, functionality, amenities and overall feel.
- Additionally, the company differentiates itself from key competitors such as LiquidSpace and WeWork in that it prioritizes longer-term (e.g., monthly) client relationships over more short term placements.
Geographic Service Area
- While PivotDesk promises a "national network of prime office space," it appears that its most significant inventory is in major cities across the US, such as New York, San Francisco, Boston and Los Angeles.
- Although revenue for PivotDesk is not publicly available, industry resources such as Crunchbase estimate that the company employs between 11 and 50 team members.
- Prior to its acquisition by SquareFoot, PivotDesk had completed three funding rounds: a first Seed round in May of 2012 for an undisclosed amount, a second Seed round in September of 2012 for $3.2 million and a Series A round in April of 2014 for $3.6 million.
- PivotDesk is differentiated from its competitors in that employs a more thoughtful process for selecting workspace inventory as well as more personal approach for managing a client's partnership with the company.
- For example, clients who book co-working spaces through PivotDesk will meet the teams sharing their planned workspace before they confirm their booking, thereby ensuring a level of comfort and trust with those who will be working in the same environment.
- More recently, the company also gained an advantage through its merger with SquareFoot, which itself has raised approximately $30 million in funding over six rounds, and can thereby offer additional resources for operations, expansion and other strategic initiatives.
- Carr Workplaces is similarly a provider of flexible office space solutions based in Washington, D.C. that was founded in 2003.
- The company also offers a variety of flexible workspaces (e.g., co-working spaces, private offices, suites), in addition to event spaces and virtual office locations.
- Moreover, Carr Workplaces provides "concierge-level" business services to its customers, ranging from catering and editing to dry cleaning.
Geographic Service Area
- The organization offers its services in 28 cities across 8 states in the US: California, Florida, Illinois, Indiana, Maryland, Massachusetts, New York and Virgina.
- Although some publicly available resources suggest that Carr Workplaces has an annual revenue of $180 million, it appears that this figure may include the full portfolio of services conducted under Carr Companies.
- Meanwhile, industry resources such as Crunchbase estimate that the company employs between 51 and 100 team members.
- Industry resources such as Crunchbase indicate that Carr Workplaces has not conducted any public fundraising.
- Car Workplaces appears to differentiate itself from competitors through its concierge-level service and related support offerings, which it describes as providing the experience a customer expects from a "luxury hotel."
- Unlike some rival companies operating in the same markets, the company includes IT services, administrative services and a dedicated, on-site support team for all of its clients.
- In particular, Car Workplaces offers a WorkReady Plus program, that provides a particularly distinguished level of support and discount opportunities for its over 7,500 members.
- Peerspace is an online marketplace for event space, office locations and production space that is headquartered in San Francisco, CA and was founded in 2014.
- In addition to providing office space and workshop locations, the company has curated a list of rentable spaces for functions ranging from photoshoots and parties to pop-ups and performances.
- Notably, Peerspace has an inventory of over 13,000 locations which it organizes across 13 distinct categories to support different potential functions.
- For example, in regard to business needs, Peerspace offers 19 different types of meeting spaces.
Geographic Service Area
- Peerspace currently operates in over 200 cities across the US.
- The most recent estimate of the company's annual revenue is $19 million; Peerspace is also estimated to employ 101-250 team members.
- To date, Peerspace has raised approximately $35 million over five rounds: a seed round in September of 2014 for $2 million, a debt financing in November of 2014 for $800,000, a first Series A round in November of 2015 for $5 million, a second Series A round in March of 2017 for $11 million and a Series B round in July of 2018 for $16 million.
- Perhaps the greatest competitive advantage of Peerspace is its large and highly curated inventory of rentable locations, which can be easily sorted and selected to satisfy specific functional needs.
- As part of this, the company touts that it offers spaces that are "unique" from its competitors, particularly that they are new, creative and/or sometimes unusual in their location.
- Moreover, Peerspace's offerings may be more convenient for clients looking for shorter-term bookings given that Peerspace avoids "messy contracts" through its online booking process and offers spaces by the hour.
As part of this analysis, a variety of companies offering commercial office subleases were identified. Given the fact that both PivotDesk and LiquidSpace are based in the US, as well as considering the request that research focus on the US office space market, the research team selected two additional organizations that were also headquartered in America. However, other potentially relevant players in the US market include: TenantBase, HeadBox and iLoftSpace.