The Real Deal reported yesterday that Work Better is closing one of its Midtown locations.
Founded in 2003 as OfficeLink, the company changed its name to Work Better as a business move when coworking was rapidly developing and evolving back in 2015.
According to The Real Deal, the New York coworking operator “is closing its 21,000-square-foot space at 1440 Broadway after 10 years in operation.” Though unfortunate, this isn’t the first coworking space that has closed its doors in the last few months.
In an interview last year, Co-Founder of Industrious, Jamie Hodari told Allwork that: “there is going to be a coming wave of consolidation in the industry. Like any rapidly growing and maturing industry, there are starting to be real winners and losers in the space.”
Some industry consolidations include the URWork and New Space merger in China, CoCo and Enerspace, Industrious acquired PivotDesk, and a few more.
In another interview, Hodari stated that: “in the future, it’s almost inevitable that there will be a WeWork in striking distance from most operators. Those workspace operators that have strong products, loyal customers, and top services will be fine; but the one that can’t or don’t do that will eventually find themselves in a lot of trouble.”
In the case of Work Better, a quick Google Map search showed that there were 4 WeWork locations (WeWork Times Square, WeWork Penn Station, WeWork W. 43rd St, and WeWork Bryant Park) within 10 minutes walking distance from this particular Work Better.
Though saddened by the news from Work Better, this is not the last we will see of them as their other locations continue to operate, including 4 other locations in New York and 1 in Chicago.
Read the full The Real Deal article here.