Office provider LABS has launched its 96,100 square foot flagship property LABS House in Bloomsbury, London that features coworking, offices, and full-service dining.
WeWork’s first acquisition of the year
WeWork recently acquired data platform company Euclid in its effort to move further into software sales.
This move marks the coworking company’s shift away from merely selling office memberships and becoming a software-as-a-service provider.
Shiva Rajaraman, WeWork’s chief product officer, says the platform and team will become integrated into “workplace insights,” which is a software package that WeWork plans to sell to companies that do not rent WeWork space, but wish to revamp their own offices.
By bundling this with the company’s $100 million investment in office management startup Teem, customers can see when a conference room is booked and how many people showed up to the meeting.
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“We’re moving toward a Google analytics for space and making sure rooms are used the right way,” said Rajaraman. “A lot of companies do happy hours on Thursdays, but they might learn that more people show up to an afternoon tea time or other type of session that changes participation. Companies can run tests in their own space.”
Some are concerned whether Euclid will make them feel surveilled, but Rajaraman said that the technology does not identify individuals.
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Cool office interiors are ideal at first glance, but looking into a company’s principles, such as gender equality and flexibility, will be the factors that retain talent.
Colliers International revealed the success of the office market last year due to high demand for coworking and tech firms, but predictions for 2019 are uncertain.
Shared office space providers as tenants have become the norm for many landlords and building owners, and now many REITs have adopted coworking as it continues to expand.
Brookfield Properties has teamed up with Convene to spruce up the 73,000 square foot Brookfield Place into a full-service events venue that accommodates up to 500 people.
Many coworking operators pride themselves on massive, rampant expansion, but some industry experts believe this growth could lead to failure and consolidation in 2019.
Coworking has expanded into many major markets of the nation over the past few years, but some firms are finding their client base to be working moms in the suburbs.
Howard Hughes, the development team behind Chicago’s Bank of America Tower, announced that luxury coworking brand No18 will take up two floors in the 55-story building.
WeWork has officially become one of Seattle’s largest office space occupiers, along with Amazon and Microsoft, and has a total footprint of about 1.7 million square feet.