How WeWork Is Impacting The Coworking Industry
WeWork’s path to go public has been one filled with more twists and turns than an M. Night Shyamalan film. It all started when the company received a whopping $47 billion valuation to the surprise of numerous investors and analysts.
After the company’s massive financial losses, corporate governance, its claim of being a technology company and business model came under scrutiny, the company scrapped its IPO plans. Now, it has ousted controversial co-founder Adam Neumann as CEO and is facing a devastating blow to its reputation.
The rest of the coworking industry is now feeling the aftermath of the WeWork saga, with some positioning themselves as a reliable alternative to the coworking company.
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Among WeWork’s competitors are IWG-owned Regus and Spaces, Spacious, The Farm and several others.
Additionally, accommodating a company’s ability to scale up or down through either the core + flex model or the neutral network model can attract a larger variety of clients.
In order for a coworking operator to thrive in an era of uncertainty, it is important to identify what professionals and freelancers are seeking from flexible offices. These factors include location, cost effectiveness, scalability, flexibility and a trial period.
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