Coworking giants, such as WeWork and IWG’s Spaces, have started to expand their services and lease high profile properties in Auckland’s rapidly growing office market.
Indian coworking company is going back to the basics
Once upon a time, freelancers and startups would spend hours upon hours at their local Starbucks to get their companies started. Now, coworking spaces offer an innovative hub for these specific communities.
Cushman & Wakefield, a global real estate company, foresees that the coworking market will take over 5-10% of the total U.S. commercial real estate. Aside from major players such as WeWork and Regus, there is an estimated 200 coworking companies currently operating.
Coworking has expanded massively over the past few years as WeWork leads the industry with its 200 U.S. locations.
Coworking in India is also catching on, with the Economic Times of India reporting the industry tripling its growth since 2017.
But now, many coworking companies are seeking to cater to large companies instead of startups and freelancers. Big organizations like Wal-Mart and Microsoft see value in making it possible for their teams to be in an entrepreneurial environment.
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Srivatsan Padmanabhan, co-founder of coworking space GoFloaters, says that they work specifically with freelancers to return coworking to its original vision.
They provide educational tools including: GoFloaters backstory, a series of video interviews from successful entrepreneurs; GoFloaters go seek sessions, sessions that offer knowledge on technology-related advancements; and Business “tear-down” that gives early stage startups a chance to introduce their business plan and receive real time feedback from colleagues.
As coworking begins to stray away from its foundation, companies like GoFloaters are making it their mission to offer freelancers and entrepreneurs numerous tools to support businesses and encourage collaboration.
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Sources have revealed that CBRE, the world’s largest commercial real estate services firm, is looking at 3 World Trade Center to house its new coworking brand Hana.
Hoxton Hotel is branching out from traditional hospitality services with the launch of its coworking brand Working From_ at its London Southwark and Chicago locations.
Speaking at the 2019 MIPIM conference, IWG’s CEO Mark Dixon said that companies of various sizes should offer some form of agility in order to attract and retain talent.
As the coworking space sector continues to evolve and grow, experts believe that there will be a 25% growth of these offices within retail properties through 2023.
Ryan Simonetti, CEO of Convene, believes that the firm sets itself apart from the competition by going beyond serviced workspaces and offering more hospitable amenities.
Building Industry Gathering Oakland has opened its 3,650 square foot, one-of-a-kind coworking space geared towards small minority and women-owned businesses in the area.
Novel Coworking’s newest Chicago location will include workspaces, such as office suites, private offices, and coworking space, to accommodate various-sized companies.
As the gig economy continues to become more prominent amongst younger professionals, the demand for flexible coworking spaces from this generation rampantly grows.
Hospitality company Accor is working to expand its coworking services to 1,200 of its hospitality locations, which could make it the largest coworking provider in Europe.
Brexit has left the London office market in development limbo, but thanks to the surprising resilience of the market, builders are moving steadily forward with projects.