After WeWork detailed the most complete picture to date of its corporate finances last week, the leaders of some of its main competitors wanted to make a strong point: We are different.
Co-working is far from monolithic, even within the same city or on the same block. As the front of the pack begins to sift out, understanding how these companies operate will be important for their own landlords as well as the companies that envision integrating co-working into their space plans.
Coworking operators Industrious and Galvanize have several Fortune 500 partners each, and firms with more than 1,000 employees constituted between 25 and 30 percent of WeWork’s business as of the start of 2018, according to research from NKF.
At the cusp of WeWork's initial public offering, investors now have to decide whether the coworking industry has a long growth runway ahead, or whether the market for shared office space is reaching saturation.
When July began, WeWork was building 194,000 desks, had signed leases for 327,000 more and was in negotiations for 724,000 workstations that have not been finalized. The company pegs its total pipeline at 1.9 million desks, more than triple what it is currently operating.
The workspace-sharing platform filed a lengthy S-1 to the Securities and Exchange Commission today, offering a detailed glimpse into its financial health along with a platitude-laden prospectus summary that would make even the most hubristic company founder blush.
We generated $1.54 billion in revenue in the first six months of 2019 and posted a net loss of $689.7 million.
There is no questioning the voracious growth of the sector. Coworking leases in Manhattan increased by 200% last year, according to CBRE, with firms like Knotel, Convene and Spaces all taking space at a rapid clip.
Mindspace CEO Dan Zakai shares why their Tel Aviv HQ is a direct reflection of their coworking spaces around the world.
Coworking giant WeWork is planning to acquire SpaceIQ, a company focused on analytics software that makes more efficient use of office space.
Breather’s space at 565 Commercial in the Financial District of San Francisco, promises to include private space with flexible terms where companies can create individual cultures without the noise and distractions of co-working.
Since those early days flexible workspaces have come a long way, developing into the classic version we now recognize. But despite the prevalence of the idea of working out of a WeWork that seems to have permeated into today’s office ethos, the industry as a whole is still very young.
In the space’s initial conception, members would contribute a portion of their firm’s earnings. This turned out to be a non-starter.
As flexible workspaces emerge as a major force in commercial real estate, Elad Hod, Real Estate Director of Mindspace shares four trends that will drive growth over the coming years.
Adam Neumann, the co-founder and chief executive of the international real estate co-working startup, WeWork, has reportedly cashed out of more than $700 million from his company ahead of its initial public offering.
The company, known for its vibrant colors and ample indoor foliage, recently opened a new London office designed by Madrid-based firm Cano Lasso.