WeWork is already a dominant force in office markets around the world, particularly New York, where it is one of the biggest occupiers of office space in the city. The co-working unicorn's global head of real estate said it is going to take off even more this year.
Landlords Enter the Flexible Office Marketplace
Coworking companies are capturing demand from tenants looking for short-term and flexible space, and office building owners want in on the business.
GCUC 2017 Highlights: “Coworking is the biggest opportunity of our lifetime”
The flexible workspace industry has grown and evolved, and we are all–vendors, business center operators, virtual office brokers, coworking operators, real estate developers, tech companies, transportation providers, incubators, accelerators–finally embracing the fact that we are all part of the same industry, and we are actively finding new ways to work together and add value to one another.
“Coworking” doesn’t mean what it used to
Before opening one of New York’s first coworking spaces, New Work City, in 2008, Tony Bacigalupo stumbled across weekly events called “Jellies.” They were often hosted in people’s homes, where remote workers and freelancers met up to work side-by-side. “The reason [we went to Jellies] wasn’t because we needed office space,” says Bacigalupo, who is still friends with people he met at the events. “We’re communal humans, and we need to be around other humans.” Jelly members shared coffee, went to lunch together, and often ended up collaborating on projects.
14 Takeaways from GCUC 2017 in New York City
Spending time with coworking space operators and professionals is the best way to go from being in the weeds about the day-to-day details of running a space or business to getting a bird’s eye view of the global coworking movement. Gathering in the same space reminds us where the movement has been and forges new pathways for where it’s going.
The Global Coworking Unconference Conference (GCUC USA), which took place in New York City this past weekend dug deep into the heart of coworking and the extraordinary power it has to connect people, accelerate purpose and careers, and transform communities.
5 WAYS COWORKING IS BETTER THAN A TRADITIONAL OFFICE
At Arrowstreet Architecture and Design, we think outside the box, literally, when it comes to coworking. In fact, we’re proud to have designed one of the most dynamic coworking space networks in the United States: Brooklyn Boulders (BKB), which features productive environments for users to work and mingle amongst a series of climbing walls. BKB outposts are now active in a variety of old and new spaces, from a converted warehouse in Somerville, Mass. to a luxury residential building in Long Island City, N.Y.
Longer Commutes Are Making Flexible Workspaces Solutions More Desirable
LiquidSpace, an online network for office space, recently released its Q1 2017 US Flexible Office Report.
This report further strengthens the fact that flexible workspace solutions are steadily becoming the norm in the work world.
One of the issues the report brings to light is the role of commuting times in driving the demand for flexible office solutions. According to the report, “people not only hate commuting, but there is also a significant body of evidence that commuting can negatively impact both work performance and health.”
NYC Residential Developers Edge Into The Flexible Workspace Industry
As the flexible workspace industry continues to explode, New York City condo developers seem eager to join the party. It’s of little surprise to workspace operators in the NYC market. This year alone, we’ve seen considerable developments such as WeWork’s staggering $20 billion valuation and Knotel’s $25 million Series A funding.
A peek at WeWork's first custom-built office space with Mass Appeal
Global shared-workspace brand WeWork recently completed its first first custom-built office space.
The New York-based office provider, which recently raised $300 million from SoftBank, collaborated with media and content company Mass Appeal to create a new state-of-the-art space with professional equipment geared toward entertainment and advertising. It's located in the SoHo area of Manhattan.
How to Become a Billionaire: Startups for Architects
Back in 2008, there was an architect in Brooklyn who was bored with his job. Wandering around his office building, he befriended a failing entrepreneur who was trying to start a baby clothing company. The two decided to take a shot at something new and opened a co-working space on a vacant floor of their building. Nine years later, the two own one of the world’s most valuable startups, WeWork, valued at around $17 billion. It’s worth nearly as much as AECOM, the world’s largest architecture firm, and they have raised more than $1 billion in startup capital without going public, making it, in the parlance of Silicon Valley, a unicorn. It’s the tech equivalent of winning a Pritzker Prize.
3 Startups on the Value of Setting Up in a Coworking Space
With the remote work revolution in full swing, companies around the world are debating the value of setting up their business in a coworking space. With much lower costs, a bevy of networking opportunities, and enough free coffee to make your head spin, getting situated in a coworking space seems like a no-brainer for companies looking to embrace this new work-from-home trend.
As members of WeWork Kinzie, Tech.Co wanted to learn more about startups that call the Chicago office home. We talked to three startups about what they’re up to, what they’re planning for the future, and how setting up in a coworking space has helped them to reach their goals.
How coworking spaces are growing an entrepreneurial community in Grand Rapids
Boasting more than a dozen coworking spaces, and growing, West Michigan is no stranger to either this operating strategy or these initiatives. Whether you consider yourself a small business owner, an entrepreneur, a creative or just someone with a great idea, you are sure to find a space to meet your needs. Coworking spaces are not just for creatives or designers anymore. They now include options such as community kitchens, testing areas and maker spaces.
Cross-Collaboration: 8 Projects That Exemplify China’s Co-working Revolution
Last year, over 500 co-working sites existed in Shanghai and Beijing alone. As the phenomenon shows no signs of slowing down, developers and investors remain keen to build desirable co-working hubs that offer members flexible space for idea sharing. With more and more independent workers and small businesses craving environments far superior to the historically drab and isolating office, emerging models for co-working space offer alluring alternatives.
WeWork Moves To Take On Office Giants Like JLL And CBRE
WeWork’s new business, which it is calling Onsite Solutions, offers to create personalized co-working centers for large corporations, putting the startup into direct competition with industry giants like CBRE and JLL.
WeWork wants to make its business look more like cable TV than real estate
Before becoming WeWork’s COO in 2015, Artie Minson was the CFO of Time Warner Cable.
The jump was, on its surface, odd. Not only had Minson given up an office with a picture-window view of New York’s Central Park to work at a startup, but it was a startup that seemed to have little in common with the cable TV business. WeWork, which operates more than 135 locations in 14 countries, essentially does rent arbitrage: It signs long-term commercial leases, divides the space into tiny offices, and rents them, month by month, at a premium.
WeWork’s office takeover continues with the launch of the Services Store
WeWork, the co-working giant with more than 100,000 members, is today launching the WeWork Services store. In short, the NY-based behemoth wants to take over the world by way of the office, and is now focusing in on office tools instead of just the space. Much like your old-fashioned app store, WeWork Services Store gives members easy access to a broad suite of enterprise services, oftentimes with exclusive deals.
WeWork has long served its members with deals on enterprise software as the company leverages its massive base of members to get discounts and exclusive offers from folks like Amazon AWS and more. With the launch of the Services Store, WeWork can now serve those deals and other enterprise software as a part of the WeWork membership.
IBM to take entire WeWork building in landmark deal
IBM has agreed to sign a membership deal for all desks in WeWork’s 88 University Place, in the first reported case of a single corporation taking an entire WeWork space in New York. The deal comes as WeWork tries to extend its appeal beyond startups and freelancers into the lucrative market for corporate clients.
The technology giant is set to move up to 600 employees to 88 University Place, sources told The Real Deal. The agreement means the building will essentially become IBM’s corporate office, but designed and managed by WeWork. The co-working company occupies eight floors covering around 70,000 square feet in the 10-story, 86,927-square-foot building.
My Secret on What to Do if You Are Renting a WeWork or Regus Space Next to Noisy Neighbors From a Different Company
Just over half a decade ago, I was convinced to try a novel office setup. The building where we were headquartered had to undergo some serious construction and we were forced to move out for a few months. I liked our main offices and didn’t want to invest the capital to rent a large, temporary new space, which I would have had to lease for an extended period of time. Instead, I was looking for something to hold us over until we could move back into our own, comfortable office space. Luckily, I had a friend who told me about a new coworking space that brought all types of businesses together. At this point, no one had heard of WeWork (Regus had been around for decades, but was so expensive at the time). I was hesitant at first, but the prices were unbeatable. I agreed to give WeWork a shot despite my skepticism. Once I got into the office, I knew that I was experiencing the future of the workplace and I have never looked back. Beer pong on Fridays, a meditation room? I felt a little bit like I had gone to work for Google.
The DNA of a Boutique Hotel Fills a Manhattan Coworking Space
NoMad newcomer Blender Workspace’s custom design and well-edited programming set it apart from the mainstream.
Retailers Forge 'Frenemy' Deals With Amazon, Test Hotels, Co-Working Spaces To Revive Business
Facing harsh industry headwinds, retailers from Staples to Ethan Allen are doing deals with online threats like Amazon, and venturing into new businesses, such as hospitality, co-working spaces and even government contracts to uncork new revenue streams.