After WeWork revealed a positive growth in the first quarter of 2019, experts are still concerned about how sustainable the company would be in the face of a recession.
Flexible workspaces are entering the franchisee game
The flexible workspace industry is growing at a rapid pace and is expected to continue shaping commercial real estate for years to come.
At this rate, coworking is expected to grow by 24% each year. Remote working is also expected to push flexible space occupancy as 50% of all workers will work remotely by 2020.
JLL estimates that 30% of corporate real estate could be turned into flexible offices by 2030.
IWG recently studied 18,000 business leaders in 96 countries to reveal why flexible workspaces have become a vital component of work life.
The survey showed that 89% believe flexible working can help their business grow, while 87% believe that it can help their business stay competitive.
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Now, franchise investors are taking advantage of this booming industry. Regus, the world’s leading provider of flexible workspaces, recently launched its own global franchise branch.
In order to successfully franchise these offices, developing shared office spaces should provide flexible options while maintaining quality amenities.
For example, Regus works with its franchisees to make sure they have the framework for the proper location and design and offer the 24-hour customer service it is known for.
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According to Coworking Resources, coworking spaces are continuing steady growth this year as firms continue to gear their services and amenities towards Millennials.
Young adults have started choosing the all-in-one model when it comes to work and favoring workspaces that also provide lifestyle amenities such as gyms, cafes, and more.
Codi is a startup out of the Bay Area that allows residents to apply as hosts and provides remote workers access to apartments or houses to be used as coworking spaces.
Ahead of its initial public offering, WeWork is shifting their narrative so public market investors see their losses as investments in an effort to avoid the Uber effect.
Kr Space, WeWork’s biggest competitor in China, has raised $145 million in a new funding round led by IDG Capital as well as Gopher Asset Management and Yixing Capital.
Coworking operator Industrious will open its first workspace within an Equinox fitness center at Hudson Yards in New York City, taking up 44,000 square feet of space.
Coworking provider Spaces has announced that its fifth Australian location will be located at Charter Hall’s newly redeveloped, luxurious Raine Square in Perth.
New York-based coworking operator Knotel will open its first Dublin location by the end of the year as it continues its major expansion across several European markets.