Will WeWork’s Failures Impact The Coworking Industry?

WitWork is a coworking space platform co-founded by Cynthia-Helena Rif, who hopes to offer a safe alternative to WeWork’s problematic business model.

WitWork has no assets as it collaborates with social spaces and offers members essentials such as high-speed internet, coffee, seating spaces and access to quiet areas. It partners with existing outlets such as hotels, pubs, restaurants and coffee shops to help boost these businesses without acquiring new assets.

After WeWork’s tumultuous path for a public offering that involved the ousting of former CEO Adam Neumann and signing a bailout deal with Japanese conglomerate SoftBank, the company’s reputation took a huge hit. Despite this, the coworking industry as a whole is needed more than ever.

Coworking spaces still offer numerous benefits such as the ability to network with like-minded professionals, work from home, have reliable access to office amenities and more.

Moving forward, Forbes anticipates that the “future of stuff” is shared or rented, and this rings true especially for the coworking world. According to a report from Deloitte Real Estate, coworking spaces are expected to reach 30,0000 by 2022.