What You Need to Know About Coworking Space

wework - coworking space

Coworking space has become a popular buzzword in the news recently and for good reason. It is estimated that there are now over 17,000 coworking spaces worldwide and over 2.3 million members.

With projections estimating that we will nearly double both of those numbers by 2022, coworking is not a concept that will be fading anytime soon.

Let's take a look at some of the most popular coworking space options available now and compare their offerings.

WeWork

Arguably the most well-known coworking space, WeWork has been in the news recently as a new round of investment has taken it's valuation above $40 billion. Additionally, WeWork announced in September that it is now the biggest private office tenant in Manhattan, occupying over 5.3 million square feet of space.

Locations

WeWork has offices in nearly every major city in the U.S., as well as offices in major cities worldwide. For a full list of locations click here.

Amenities

WeWork's modern aesthetic and amenities including micro brew coffee, craft brew on draft, social and professional networking events, and more make this coworking space a milenniel hot spot.

Beyond the catchy amenities, WeWork also includes high speed internet, access to professional grade printers, office supplies, 24/7 building access, and more.

For those individuals with dedicated desk space or a private office, WeWork also includes mail and package handling services.

Price

Workspace options range in price by city and space needs. Tenants may select memberships with access to shared workspace, dedicated desk space, private offices, and even a full HQ space for teams of 20 or more. Pricing to rent coworking space varies by city, starting at $190 per month.

Impact Hub

Impact Hub markets itself quite differently than WeWork and places a strong emphasis on collaboration amongst its members. Impact Hub describes itself as a global community and clearly attempts to bring more to the table than just office space. 

Amenities

Amentities vary by location but include unlimited coffee at all locations. However the real added value that Impact Hub wants to provide is community driven.

Perks of membership include startup support, community, programs and events. Instead of simply buying a membership or renting an office space, Impact Hub accepts applications from potential members directly to the Impact Hub location of their choice.

Locations

Impact Hub has over 100 locations in 50 countries.

Each location runs their own website, indicating that they operate fairly independently of each other.

Pricing

The price varies from city to city, with pricing for workspace starting at $80 per month in Salt Lake City, $50 per month in Baltimore, and $225 in New York.

Impact Hub also offers Work Trade scholarships, where individuals dedicate a few hours a week to help run their Impact Hub location in exchange for a membership. Discounts are available for students and fellows at some locations as well. 

Regus

Regus claims it is the largest network of office, coworking, and meeting spaces. They also offer business lounges around the world in places like airports, train stations, service centers, and business parks. 

Amenities

A quick look at photos of a few locations revealed that Regus office space is a bit more traditional and fuctional than some of the other coworking space offerings. Regus might be right for you if you're looking for a space that is less overtly modern and don't need as many of the amenities that attract the average milleniell. Regus office spaces may also be a better fit for those in the legal, financial, or real estate fields. 

Locations

Regus has over 3,000 locations in over 120 countries including 2,000 business lounges. 

Pricing

Regus offers plenty of flexibility depending on what type of workspace you need.

If you want access to the business lounges, pricing starts at $93/month if you sign a 24 month membership agreement, $99/month for a one year membership agreement, and $111 for a month to month agreement. 

Both coworking and office space offers 5 and 10 day per month plans as well as unlimited. All coworking and office space plans include unlimited access to all business lounges.

Coworking space starts at $112/month for 5 days per month, $178/month for 10 days per month, and $282 for unlimited access.

Individual office space starts at $207/month for 5 days per month, $301/month for 10 days per month, and $509 for unlimited access.

Make Offices

The obvious alternative to WeWork, Make Offices offers similar amenities and also targets a millenial crowd. An emphasis on beautiful workspaces and networking mean Make Offices is a key alternative to WeWork in the cities they share. 

Locations

Make Offices currently has locations in Chicago, Philadelphia, and Washington D.C., with multiple locations in each city.

Amenities

Much like WeWork, Make Offices offers great amenities including premium coffee and beverages, craft beer on tap, access to a printer, copier, and scanner, plus a gaming room and a room with massage chairs.

Pricing

Make Offices offers month to month leases with virtual offices (access to conference room space and mail collection) offered at $75 and open work space starting at $300 per month.

Just in town for a day or two? Make Offices offers $35 day passes for business owners who like the idea of working in a coffee shop, but don't want to fight for an outlet.

Industrious

Industrious places an emphasis on their stunningly designed offices, noting their attention to detail and inviting hospitality. If having a stylish office is at the top of your list of requirements, look no further than Industrious. 

Locations

Industrious Office has locations all across the United States, including locations in smaller urban areas such as Evanston, IL, Boulder, CO, Raleigh, NC, and Bethesda, MD.

Amenities

Amenities vary slightly by location but a quick review of a few locations indicated that ultra-fast wifi, a coffee bar and lounge, and unlimited free printing are standard at each location. 

Pricing

Pricing for coworking space or individual offices varies by location.

Shared coworking space starts at $396 in Madison, $485 in Irvine, and $599 in Manhattan.

Individual offices start at $612 in Scottsdale, $761 in Atlanta, and $1,040 in Boston.  

And for our Delaware clients specifically, here are the options in the First State:

1313 Innovation

1313 Innovation is located 1313 N. Market street in Wilmington, DE and is Delawares original shared offices and is a great option for Delaware based professionals.

1313 Innovation offers a "hot desk" coworking option, a dedicated desk, and dedicated office options. 

Amenities

1313 Innovation allowed 24/7 access to all of its members, free coffee/tea/water, high speed wifi, 200 pages printed per month, and access to conference rooms.

Pricing

The "hot desk" option starts at $75/month, the dedicated desk plan starts at $300/month, and the dedicated office plan starts at $500/month. 

Final Notes

If you're looking to grow your business, have a physical presence, and make connections with entrepreneurs in your area, renting coworking space might be the perfect option for you. 

Many cities also have independently run coworking space options, so make sure to check out what else might be available to you locally.

If you're still at the idea stage of your business, The Incorporators Ltd. would be happy to help you start your LLC, corporation, partnership, or non-profit