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    Using IoT Tech Is Crucial For Office Planning And Employee Health

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    Designing with Insight and Intention: Uncovering Behavioral and Functional Needs

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    How to Design for Behavior To Create a New In-Person Working Environment

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    How Physical Spaces Shape Human Relationships and Emotional Well-Being

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    JLL’s New Future Of Work Survey: The Next Few Years Are Crucial For Commercial Real Estate

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  • Business
    Adapt Or Die: Future-Proof Your Business With These Essential Tips

    Adapt Or Die: Future-Proof Your Business With These Essential Tips

    Adaptable Hybrid Work Approach Crucial for Employee Retention

    Adaptable Hybrid Work Approach Crucial for Employee Retention

    10 Changes Your Organization Must Make To Succeed This Year

    10 Changes Your Organization Must Make To Succeed This Year

    Do Pay Transparency Laws Actually Matter

    Do Pay Transparency Laws Actually Matter?

    Evaluating the Effectiveness of Hybrid Work Models and Office Reintegration

    Evaluating the Effectiveness of Hybrid Work Models and Office Reintegration

    Establish An Effective Hybrid Work Environment In 6 Steps

    Establish An Effective Hybrid Work Environment In 6 Steps

    IWG Selling The Crown Jewels? You Would Think So Judging By The Asking Price

    IWG Selling The Crown Jewels? You Would Think So Judging By The Asking Price

    The Million-Dollar Mistake Businesses In California Cannot Afford To Make: Compliance Deadline Approaching!

    The Million Dollar-Mistake Businesses In California Cannot Afford To Make: Compliance Deadline Approaching!

    How Africa’s Economy will Harness Digital Tech in the Future of Work

    How Africa’s Economy will Harness Digital Tech in the Future of Work

  • Work-life
    5 Reasons 15-Minute Cities Could Be The Key To Work-Life Balance

    5 Reasons 15-Minute Cities Could Be The Key To Work-Life Balance

    Astonishing Deficit in Hybrid Work Protocol Confirmed by Recent Studies

    Astonishing Deficit in Hybrid Work Protocol Confirmed by Recent Studies

    Driving Sustainable Change: Advice for Facilities Managers

    Driving Sustainable Change: Advice for Facilities Managers

    How To Strengthen Your Workforce: Cultivate Growth Opportunities For Women

    How To Strengthen Your Workforce: Cultivate Growth Opportunities For Women

    Build The Best Work Playlist: 8 Songs To Avoid And 10 To Blast

    Build The Best Work Playlist: 8 Songs To Avoid And 10 To Blast

    Escape The Lingering Cold In These 7 Countries Perfect For Remote Work

    Escape The Lingering Cold In These 7 Countries Perfect For Remote Work

    Say Goodbye Comfy Pants – 9 in 10 Companies Planning RTO This Year

    Say Goodbye Comfy Pants – 9 in 10 Companies Planning RTO This Year

    Remote Work Is Just E-Commerce Déjà Vu All Over Again

    Remote Work Is Just E-Commerce Déjà Vu All Over Again

    Four Days Is Enough

    Four Days Is Enough

  • Tech
    What Every Business Needs to Know About Managed Development Services

    What Every Business Needs to Know About Managed Development Services

    LiquidSpace and Kadence Team Up to Revolutionize Hybrid Work

    LiquidSpace and Kadence Team Up to Revolutionize Hybrid Work

    Using IoT Tech Is Crucial For Office Planning And Employee Health

    Using IoT Tech Is Crucial For Office Planning And Employee Health

    Paving the Way for the Future of the Workplace With the Metaverse

    Paving the Way for the Future of the Workplace With the Metaverse

    What You Need To Know About Web3 And Finding Great Developers

    What You Need To Know About Web3 And Finding Great Developers

    The Price Of Remote Work? Your Privacy

    The Price Of Remote Work? Your Privacy

    Should You Put Your Job On AI-Pilot Mode?

    Should You Put Your Job On AI-Pilot Mode?

    3 Steps To Build A Three-Dimensional Hybrid Workplace

    3 Steps To Build A Three-Dimensional Hybrid Workplace

    PETER MISCOVICH

    Peter Miscovich JLL Global Future Of Work Leader | The Hybrid Workplace Evolution: Unlocking The Future Of Work

  • Design
    Designing with Insight and Intention: Uncovering Behavioral and Functional Needs

    Designing with Insight and Intention: Uncovering Behavioral and Functional Needs

    Redefining “Amenity” in the Workplace

    Redefining “Amenity” in the Workplace

    How to Design for Behavior To Create a New In-Person Working Environment

    How to Design for Behavior To Create a New In-Person Working Environment

    People-Driven Alternate Workspaces

    People-Driven Alternate Workspaces

    How Physical Spaces Shape Human Relationships and Emotional Well-Being

    How Physical Spaces Shape Human Relationships and Emotional Well-Being

    Resimercial Design Balances Comfort and Sustainability in the Office

    Resimercial Design Balances Comfort and Sustainability in the Office

    Sustainability, Well-being, and the Building Blocks of a Biophilic Workplace

    Sustainability, Well-being, and the Building Blocks of a Biophilic Workplace

    Repurposing Furniture Realizing the Environmental, Economic, and Design Benefits

    Repurposing Furniture: Realizing the Environmental, Economic, and Design Benefits

    Designing A Better Future For The Workplace

    Designing A Better Future For The Workplace

  • Workforce
    3 Steps To Fostering Employee Engagement Through a Partnership Model

    3 Steps To Fostering Employee Engagement Through a Partnership Model

    How To Post On Social Media About Losing Your Job

    How To Post On Social Media About Losing Your Job

    Hiring Internationally Doesn't Have To Make Payroll Complicated

    Hiring Internationally Doesn’t Have To Make Payroll Complicated

    Master the Art of Hosting Engaging Virtual Meetings

    Master the Art of Hosting Engaging Virtual Meetings

    Adapt Or Die: Future-Proof Your Business With These Essential Tips

    5 Steps To Master The Hybrid Work Model

    Unmasking the Corporate Return-to-Work Fallacy A Genuine Approach to Junior Staff Development

    Unmasking the Corporate Return-to-Work Fallacy: A Genuine Approach to Junior Staff Development

    Diplomas and Dilemmas: How 2023 Graduates Can Navigate Job Market Chaos

    Diplomas and Dilemmas: How 2023 Graduates Can Navigate Job Market Chaos

    Want To Stop Employees From Walking Out The Door? Build Them A Career Ladder

    Want To Stop Employees From Walking Out The Door? Build Them A Career Ladder

    Unveiling the Hidden Potentials of Remote Work Productivity

    Unveiling the Hidden Potentials of Remote Work Productivity

  • Coworking
    Tech Check: 5 Signs Your Coworking Space Is Due For An Upgrade

    Tech Check: 5 Signs Your Coworking Space Is Due For An Upgrade

    Reaching Beyond The Desk: How Coworking Spaces Can Transform Communities

    Reaching Beyond The Desk: How Coworking Spaces Can Transform Communities

    All Good Work Partners with JLL To Support Nonprofit Organizations

    All Good Work Partners with JLL To Support Nonprofit Organizations

    We Told You So

    We Told You So

    LiquidSpace and Kadence Team Up to Revolutionize Hybrid Work

    LiquidSpace and Kadence Team Up to Revolutionize Hybrid Work

    How the Rise of Four-Day Work Weeks Could Reshape the Coworking Industry

    How the Rise of Four-Day Work Weeks Could Reshape the Coworking Industry

    How Coworking Spaces Can Leverage Blockchain to Enhance Their Services

    How Coworking Spaces Can Leverage Blockchain to Enhance Their Services

    Want To Work At The Ritziest Coworking Office In The World? It’s Going To Cost You

    Want To Work At The Ritziest Coworking Office In The World? It’s Going To Cost You

    The Warehouse_ Where Coworking Meets Inspiration In The Heart Of New Orleans

    The Warehouse: Where Coworking Meets Inspiration In The Heart Of New Orleans

  • Marketing
    8 Reasons Why Sponsored Content Is Worth The Investment For Your Brand

    8 Reasons Why Sponsored Content Is Worth The Investment For Your Brand

    Instagram GenZ

    2023 Instagram Trends Reveal How To Market To Gen Z

    TrueView360 Interactive Virtual Tours

    TrueView360s Interactive Virtual Tours

    2023 Future Of Work Forecast: Focus Marketing On Values and Customer Experience, Not The Product

    2023 Future Of Work Forecast: Focus Marketing On Values and Customer Experience, Not The Product

    Want Your Coworking Newsletter to Actually Convert

    Want Your Coworking Newsletter to Actually Convert? Start by Keeping It Simple, Fun, and Consistent

    5 Pros Share How To Use Instagram To Grow Your Coworking Business

    5 Pros Share How To Use Instagram To Grow Your Coworking Business

    Want To Wow Coworking Members

    Want To “Wow” Coworking Members? It All Starts With (The Right) Insights

    6 Free, High-Quality Photo Sites To Level Up Your Marketing

    6 Free, High-Quality Photo Sites To Level Up Your Marketing

    The Creator Economy Is Dramatically Changing Marketing Practices, Here’s Why

    The Creator Economy Is Dramatically Changing Marketing Practices, Here’s Why

  • CRE
    75% Of Business Leaders Lack Data Needed For Crucial CRE Decisions

    75% Of Business Leaders Lack Data Needed For Crucial CRE Decisions

    Rapid Work Style Shifts Are Tanking Tax Revenues — Can City Planners Catch Up?

    Rapid Work Style Shifts Are Tanking Tax Revenues — Can City Planners Catch Up?

    San Francisco Skyline

    The Future of Commercial Real Estate in San Francisco Doesn’t Look Good

    3 Things CRE Players Must Do To Stay Relevant In 2023

    2023 Future Of Work Forecast: 3 Things CRE Players Must Do To Stay Relevant In 2023

    The Office Space Sector Is Projected To See A Strong Fourth Quarter In 2022

    The Office Space Sector Is Projected To See A Strong Fourth Quarter In 2022

    Meet Flex Space More Chaotic Cousin Gray Spaces

    Meet Flex Space’s More Chaotic Cousin: Gray Spaces

    The Future Of Our Offices And Our Planet Hinges On The Real Estate Industry Priorities

    The Future Of Our Offices — And Our Planet — Hinges On The Real Estate Industry’s Priorities

    JLL New Future Of Work Survey The Next Few Years Are Crucial For Commercial Real Estate (2)

    JLL’s New Future Of Work Survey: The Next Few Years Are Crucial For Commercial Real Estate

    What Is The Impact Of Hybrid Working On Space Optimization

    What Is The Impact Of Hybrid Working On Space Optimization?

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Regus Steps Up ‘Spaces’ Brand as WeWork Valuation Soars (again)

byJo Meunier
March 23, 2016
in Business
Reading Time: 4 mins read
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WeWork SohoWestLounge,NewYorkCity
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For more news and articles relating WeWork and Regus’ Spaces click on the links.

With WeWork now worth a cool $16 billion and Regus’ Spaces coworking brand on the expansion trail, is this an indication of a healthy sector or a bubble on the brink of bursting?

Earlier this month, WeWork’s valuation soared again. The New York based flexible workspace operator is now valued at $16billion following a round of financing led by Chinese investors, in which a further $430 million was raised.

This latest feat makes WeWork one of the world’s most valuable startups, placing it on a par with Snapchat.

Indeed, WeWork is now snapping at the heels of Asia’s flexible workspace market after this latest funding round, with its sights reportedly set on China, South Korea and India, among other countries.

Not for the first time, flexible workspace operators have responded with a note of caution.

Speaking to Eliot Brown for the Wall Street Journal, Avanta founder David Alberto commented: “It is just not possible to grow that aggressively … and maintain those sorts of margins. I honestly think it’s a bubble.”

Brown, a commercial real estate reporter, also cautions against further fundraising as “a chill descends on the once-searing world of startups and venture capital”. He notes that money managers have “grown cautious and marked down the valuations of their holdings in numerous late-stage startups”, and warns that such “down rounds” are increasing in frequency.

Regus steps up Spaces coworking portfolio

Like many other operators and commentators involved with the flexible workspace market, Brown questions WeWork’s lofty valuation relative to the likes of Regus.

“It has many in the real estate sector scratching their heads… rapid growth is difficult to maintain, and the company’s business model leaves it on the hook to pay fixed rents to landlords even if the rents WeWork can charge to companies fall. Regus PLC, for instance, controls more than 40 million square feet of office space globally that it subleases out through a similar business model, though mostly with more traditional office space.

Yet Regus—which had similar hopes for rapid expansion before the dot-com bust—has a market capitalization of only about $4 billion. By that ratio, a $16 billion serviced-office company would have about 160 million square feet of space. As of early this year, WeWork had more than 5 million square feet open, although it has said it receives considerably more income than Regus a square foot, and it has a cultural appeal that differentiates it.” – Eliot Brown, Wall Street Journal, March 10th 2016

While Regus continues its own global serviced office growth seemingly unabated, its barely recognizable coworking brand, Spaces, is also stepping up its workspace footprint.

Currently Spaces, which was founded in The Netherlands and acquired by Regus in 2015, has locations in Amsterdam, Rotterdam, London, New York, Melbourne and Sydney. New Spaces locations set to open in 2016 include Silicon Valley, San Francisco and Dallas, while fresh new signings reported so far this year include Santa Monica and Los Angeles.

Spaces and WeWork operate in the same market. Backed by Regus, Spaces has the advantage of many more years’ experience within the flexible workspace sector, yet both brands – and the sector at large – face the same risk of taking long lease property commitments in an industry famed for its short memberships.

Speaking to property correspondent Judith Evans for the Financial Times, John Lutzius, managing director at Green Street Advisors, describes long leases versus short rent as “a classic worry in this space”. Evans commented:

“Regus has sought to mitigate this risk by entering into profit-sharing partnerships with landlords. WeWork has also signed some profit-sharing deals, although it has drawn scepticism from the property industry by taking out a series of major leases at a time when office rents in its biggest markets are at record highs.” – Judith Evans, FT.com, March 15th 2016

Ultimately, investors and operators like WeWork and Spaces are betting that their workspace model will be a dominant form of office space in the future. Indeed, who can argue that flexible workspace in its many forms – from coworking and serviced offices to managed space – is continuing to gain in recognition and strength?

But regardless of current demand, external forces are always at play.

i2 Office founder, Philip Grace, recently warned of a challenging year ahead for the commercial property industry amid global factors like oil prices and China’s economic slowdown. And while a downturn could arguably spell good news for flexible workspace operators, no industry or business is failsafe.

The stakes are high and if this is indeed a bubble set to burst, it could serve ill for the industry at large. For now, indications suggest that the market is growing rapidly and many operators – WeWork and Spaces among them – are growing with it.

As Evans concludes: “As long as the good times continue, space exists for all.”

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Tags: Coworking
Jo Meunier

Jo Meunier

Jo is Allwork.Space's Senior Editor for the UK and Europe. Jo has worked within business centre and coworking circles since 2009, researching and contributing written features for numerous industry publications. She reports on the latest market news and delves into local issues with one main objective: to champion the flexible workspace industry and its members.

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