It is evident that the coworking industry has taken the office market by storm, so while it may be hard to believe that there is no more room for firms, operators are not worried.
To put it in comparison, president of Industrious Justin Stewart used hotels as an example.
“There’s a customer for the Four Seasons, there’s a customer for a Marriott, there’s a customer for the Bellagio and it all lends itself to who that customer is,” said Stewart.
Industrious in particular has a demographic for later-stage companies in their late 30s, while WeWork is geared to those in their early to mid-20s.
Although the sector has existed for decades, its presence has truly rocked the commercial real estate industry in the past ten years due to technological advancements and changing worker preferences.
More established companies have realized the value of having coworking spaces that offer a hospitable feel and flexible offerings, without the “fun and games” environment seen at many traditional shared offices.
Overall, the coworking model continues to evolve and change depending on its audience. For example, Industrious has started offering its workspaces within retail spaces in malls and fitness centers through its partnerships with Macerich, Seritage Growth Properties, and Equinox.