Major office space provider IWG has started adopting the franchisor model, pioneered by fast-food company McDonald’s, in its effort to edge further away from WeWork.
WeWork Labs Partners With Alibaba To Expand Accelerator Program
WeWork is partnering up with conglomerate Alibaba to launch its WeWork Labs program in China, where they hope to open eighth co-branded spaces throughout the country.
The companies are aiming to help 20 foreign startups enter the Chinese market, with Alibaba Cloud providing them technology support for e-commerce, fintech, logistics, healthcare, and entertainment.
WeWork Labs will provide the startups discounted rental prices and will not seek equity in each company, but instead will hope to see them return as clients in the future.
Additionally, the two companies have partnered with Tsinghua University and Peking University to create training programs for Chinese entrepreneurs that are apart of WeWork Labs.
Latest on Daily Digest
America’s malls are becoming more and more vacant, but coworking companies are taking advantage of these empty spaces to expand their services in a nonconventional way.
Flexible workspace provider Knotel has once again expanded its presence in central London, signing three new deals across the city totaling 40,000 square feet.
Office Evolution, the nation’s biggest coworking franchisor, will expand its footprint in Mount Pleasant as it continues to cater to small business owners in the area.
Although coworking spaces are often categorized as servicing major cities, tier II cities are having their moment as many startups continue to flood into these areas.
Amy Nelson, CEO of The Riveter, has made it her business to promote inclusivity of women in professional settings while also providing men tools to value gender equality.
A survey of 1,000 WeWork members found that, while some use the space out of convenience, others find the culture to have an effect on their professional identities.
While WeWork is expected to file for an IPO this year, its valuation and recently announced losses have left investors worried about the sustainability of the company.
IWG has started rolling out a franchise model, similar to that of McDonald’s, enlisting franchisees to take the reins in subleasing Regus and Spaces offices to companies.
Chicago-based Novel Coworking has purchased Denver’s 195,753 square foot, 17-story boutique office property Trinity Place in Uptown that is currently 65% leased.