GCUC 2018 Coverage
The Global Coworking Unconference Conference (GCUC) took place this week in New York City. The event was full of amazing content and exciting announcements (like the fact that GCUC is going to Mexico and Dubai!). Panelists talked about real estate, technology, community, the future of work, the future cities, marketing, raising funds, and much more. If you weren’t able to join the GCUC crowd, here’s what you missed:
WeWork’s Books Show Its An Unprofitable Business
Edmond DeForest, Moody’s analyst, told Bloomberg that “WeWork has billions in cash and deep-pocketed private equity backing, but spending on its ambitious global growth plans mean it will likely be years before there are consolidated profits or free cash flow.” Additionally, the books also showed that WeWork used an adjusted EBITDA, which excluded their marketing and other administrative costs, which significantly influences WeWork’s “real” numbers.
Spaces Takes On Melbourne
International Workplace Group’s (IWG) coworking brand, Spaces, is set to open four new locations in Melbourne this year, the Sydney Morning Herald reported this week. According to the article, Spaces “will open a 2,500 square metre coworking space in July at the western end of Collins Street,” and it will also open a 10,500 square feet location in the eastern end of Collins Street in September.
The Hidden Costs Of Open Ceilings
Insightful read from Work Design Magazine, “Open ceilings are a signature element of most contemporary office designs because of the spaciousness and casual, cool vibe they add to a space. Many decision-makers also assume open ceilings are less expensive than drop ceiling because they use less materials, labor, and time. But, do those assumptions play out in reality?” According to the article, it appears that those assumptions don’t play out exactly like we thought.