Knotel’s strategy in becoming WeWork’s biggest competitor
Coworking operator Knotel has made a name for itself as one of WeWork’s biggest competitors. Co-founder and CEO Amol Sarva attributes the business’s success to focusing on big markets where demand is high.
Currently, Knotel leases 2.5 million square feet of space across 110 locations, including in New York, Paris, Berlin, San Francisco, Los Angeles and more.
Sarva said that HQ by WeWork mirrors what Knotel has been doing from the start: providing flexible office space for companies with around 11 to 250 employees.
Moreso, Sarva said that there are three reasons the company has rapidly grown.
“First, coworking is over,” said Sarva, meaning that in order for non-traditional offices to become stable, providing flexible space is more important. “Second, we’re able to acquire more property more quickly and at better terms than anybody and the way we do it is a semi-automated process. Almost 10% of the properties we do deals on were done over the internet.”
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Knotel Express allows owners and brokers to submit a property, then Knotel will quote it and send a term sheet within 24 hours.
Sarva also said that Knotel ensures a quick opening once they have acquired a space. The company reuses and readapts the building as it is, which reduces costs and gets the space ready quickly.
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