What’s going on:
In a similar manner to Airbnb, a new company called Radious will let homeowners rent their spaces to businesses seeking coworking areas. The company was tested in 2021 and expanded its operations in 2022, and now they offer various rental listings from regular houses to more novel spaces in cities like Portland and Milwaukee, according to Business Insider. Radious reportedly has plans to venture into other cities, but those have not been disclosed at this time. The company also recently garnered investment from a notable backer: Robin Daniels, former CMO of WeWork.
Why it matters:
The Radious business model capitalizes on the evolving nature of the post-pandemic workforce and commercial real estate needs. As companies rethink the cost-effectiveness of maintaining permanent offices, flexible and localized workspaces become more of an attractive alternative. By converting residential properties into workspaces, Radious is aiming to offer an intimate and proximate working environment that could cut down commute times.
How it’ll impact the future:
More companies are entering the coworking industry with unique business models that aim to fill voids not yet established by larger firms. Radious offers a unique alternative that is aiming to bridge the gap between traditional offices and home offices, with an Airbnb-style business model.
As employees in the workforce increasingly prioritize flexibility, cost-saving, and physical/emotional well-being, platforms like Radious may pave the way for a hybrid model that further blurs the lines between work and personal life. The company’s community-centric approach, which other new coworking companies are striving to take advantage of, can potentially reshape urban and suburban work areas.
