You know who your receptionist is. With that mission in mind, WeWork offers a variety of membership options, including private offices, shared desks, and meeting rooms. CEO Adam Neumann has said he is 'humbled' by the company's collapsing valuation, WeWork is the largest tenant in New York City, much-older Regus in global square footage, Business Insider spoke to execs at four coworking and flex-space providers in recent weeks as WeWork's. He started Regus when he noticed people were having business meetings in small coffee shops. For instance, Studios Rockefeller Center space includes access to concierge services, as well as daycare and an amenity center with lounge areas and nap pods. Located in New York City and started its services 8 years back, Alley is a coworking company in the United States. It also announced a partnership earlier this year with fitness company Equinox to open workspaces at some of its gyms. pic.twitter.com/Jk1P9SzYKI, Launched: 2013 Founders: Caterina Rizzi & Julien Smith Headquarter:Montreal, Canada. It is leading the workspace revolution. While some big landlords like Hines are establishing partnerships to build out a co-working business, Tishman Speyer is creating its own. 23% of WeWork employees are Hispanic or Latino. IWG CEO Mark Dixon told The New York Times that his companys relative stability can be attributed to its cautious growth strategy and several key differences between its business model and WeWorks. Knotel, which raised $400 million in a funding round last month, is the closest to catching up to WeWork's $1.7 billion Series G round. WeWork's major problem is its occupancy rate & average revenue per member. The walls contain built-in wiring for electricity and internet, as well as connections for heating and air conditioning systems, CommonGrounds told Reuters. Share As WeWork Stumbles, These 11 Co-Working Companies Could See New Opportunity on Facebook, Share As WeWork Stumbles, These 11 Co-Working Companies Could See New Opportunity on Twitter, Share As WeWork Stumbles, These 11 Co-Working Companies Could See New Opportunity on LinkedIn, Share As WeWork Stumbles, These 11 Co-Working Companies Could See New Opportunity via Email, Valued at $47B at the beginning of the year, WeWork recently. Jamie Hodari, Industrious, CEO and cofounder Impact Hub uses a franchise model where each local Hub owns itself and an equal share of the international organization, according to. Today, Industrious has more than 150 locations in 65+ cities in the US and abroad with a revenue of around a hundred million dollars a year. Having already lost out from WeWork's scrapped IPO, J.P. Morgan now . WeWork co-founder Adam Neumann often refers to JPMorgan Chase & Co. Chief Executive James Dimon as his personal banker. With locations all over the world, Impact Hub provides members with access to a global network of entrepreneurs, creatives, and professionals. WeWork in New York is so clean and has monitors on every desk, the open floor plan lends itself to a collaborative environment and the tall ceilings keep you from feeling pent up. Since then, the co-working company has raised over $700M and says it has over 200 locations across 44 cities, primarily in China. In contrast, at WeWork, the environment is much more relaxed and casual. The Wings business functions on an application-only membership model. Read More:Is Elishia Kennedy Based on a Real WeWork Employee? Expanding its footprints to 25 U.S. cities in 2017, it grew revenue by 150 . With revenues buoyed by the fast-growing Chinese market, the company has used its ample funding to push growth , At one point, the competition between the two companies was so heated that WeWork filed a lawsuit that resulted in Ucommune changing, Analyzing Sequoia Capitals investment strategy: How the VC is keeping its faith in fintech, 187 companies transforming financial services in Latin America, The Fintech 250: The most promising fintech companies of 2022. Its a self-generating community of makers, and doers and entrepreneurs who want to get together and join a support ecosystem that helps them to utilize their ideas, Impact Hub Vienna co-founder Matthias Reisinger told The Financial Times. Its a self-generating community of makers, and doers and entrepreneurs who want to get together and join a support ecosystem that helps them to utilize their ideas, Impact Hub Vienna co-founder Matthias Reisinger told, Servcorp is an international, Australia-based company that, touts itself as offering co-working for grownups. Our office space solutions include: Standard Private Offices (1-20 people) Office Suite (20-100 people) WeWork Competitors & Alternatives Analysis. Its chief executive, Adam Neumann, was lionized . While some big landlords like Hines are establishing partnerships to build out a co-working business, Tishman Speyer is creating its own. Heres why were buzzing for our new base in the characterful Eastern European city. Free Rent Special on 8+ Seat Private Offices at #techspace #ballston https://t.co/wqIsJlGNFc pic.twitter.com/bibuDVvt6u, We are specially designed to accommodate mobile workers, entrepreneurs, start-ups and other professionals. Knotel puts less emphasis on lifestyle perks like beer and coffee than some rivals, an approach that it says allows it to furnish spaces at a lower cost than companies like WeWork. In January 2019, WeWork landed a new investment that valued it at $47 billion, making it worth more than every startup in the country save for Uber. The company as he had built it is in crisis. Founded in 2010, WeWork has its headquarter in New York City. Launched a few years ago in 2016, Knotel has earned a great reputation in the coworking industry. It all started in New York City with the company renting its first location in SoHo, Manhattan, which opened in April 2011. It . The company also offers a variety of other services like dedicated desks and virtual offices. [Hotel companies] see workplace hospitality today as they saw the maturity of the hotel business 20 or 30 years ago, the companys founder and chief executive John Arenas told Reuters. For more on WeWork, check out our deep dive report for a breakdown of, Founded in 1989 as Regus and taken public in 2000, IWG once found itself in a similar situation as its co-working rival. Its not a call center, chief operating officer Marcus Moufarrige told Entrepreneur in 2017. The company prides itself on the quality of its services and world-class hospitality. Jamie Hodari heads Industrious, which raised $80 million early this year. The company has 28 US-based locations, and half of them are in New York City. It has sought to further reduce its exposure by entering into franchise agreements that do not require the company to hold onto expensive long-term leases in case of an economic downturn. With over 100 spaces in more than 50 countries, the network encourages its members to use their organizations to pursue the UNs 17 Sustainable Development Goals, which include aspirations like ending poverty, providing quality education, and ensuring good health. Servcorp looks to give its spaces gravitas by enforcing a dress code and placing them inside famous office towers like New Yorks One World Trade Center and the Leadenhall building in London. Its CEO, Amol Sarva, told, Under this model, the landlord covers most of the cost of renovating a building floor into a co-working space, complete with cafes and quiet spaces. Fun Fact: Hodari and Stewart used Craigslist to put out their first ad in 2012 to promote their newly found company Industrious. The top 10 competitors average 846.9M. With this growing trend, competition is increasing, though no two models are identical and profits can be hard to . and one each in Seattle, Chicago, Boston, San Francisco, Washington DC, Los Angeles, London, and Toronto. Check out our latest office spaces to launch in your city https://t.co/FXAPWjTmhi pic.twitter.com/nE14qjbNOQ. #mockup #building #officedecor #officespace #officeforrent #coworkingspace #connecticutcomeback https://t.co/TcKtzKjS8H pic.twitter.com/0MuoGA1wwB, #CoworkingSpaces around the world offer imaginative and innovative alternatives to traditional #WorkEnvironments: https://t.co/qw1FEPTBNv pic.twitter.com/7l7zyK7a76, From Aflac to Mozilla, Novel Coworking is home to many large enterprises. The meetings they had with clients in coffee shops and hotel lobbies were giving better results than the ones in board rooms. Did you find this article interesting? During this period, the company has established 4 million square feet across 200 locations in 3 continents. The first WeWork IPO is an important milestone in the companys journey. Considering much of the Apple TV+ show draws from real life, we got curious to see what happened to Jamie in real life. It is another strong WeWork's Competitor. Valued at $47B at the beginning of the year, WeWork recently sold a majority stake to its top investor, SoftBank, in a rescue deal that valued it at about $8B a decline of $39B in just over 9 months. Today, Regus has thousands of locations in about 120 countries and it provides offices to 30,000 entrepreneurs in the UK alone. https://t.co/EuWv0fyGIk, Get with the program! Industry observers are keeping a close eye on Ucommune, a China-based co-working company that has drawn many comparisons to top rival WeWork. So, without further ado, lets take a closer look at the top 10 competitors of WeWork. Flexible workspace provider Knotel recently became a unicorn when it raised $400M in August. And it's not going back.". WeWork employees are most likely to be members of the democratic party. In 1995, Regus opened its first center in the United Kingdom. The documentary "WeWork: Or the Making and Breaking of a $47 Billion Unicorn," which was released last week, on Hulu, spans 2008 to . Convene has been profitable for most of its existence something of a rarity in the flexible office industry. Jamies first startup, Kepler, which he initiated in 2011, runs an education program that offers affordable, high-quality education through a network of campuses and online classes. Channeling the local sunshine and business savvy, WeWork's coworking spaces in Los Angeles provide professionals a mix of benefits, including flexibility and structure. As Dixon told The New York Times, From the time you make an investment, you plan for the worst thing that can happen You name it, weve seen it.. Serendipity Labs have raised a total of $113.3 million over 6 rounds to date. Share your thoughts and experiences in the comments section below. WeWork is also looking to push its business towards asset-light management deals, similar to some of the competitors quoted in this article. "This is about the fourth vertical that I've been a part of disrupting," Murphy said this Monday. It also has US locations in Los Angeles and New York, through a partnership with Serendipity Labs. is a private company of American origin that was founded in the year 2013 by its founders Justin Stewart and Jamie Hodari. While Murphy does have concerns that the media and general public may have a hard time distinguishing between WeWork and its competitors, he said that he is confident that real estate decision-makers can easily tell the difference. "It is forcing people across the real estate industry and investment industry to develop a point of view," Hodari said. He bought back Regus in 2005 and expanded the business exponentially. With this list of competitors, you can analyze how rapidly the coworking and workspace industry is developing. WeWork's investors, leadership, & competitors WeWork valuation & funding history. It has over 1,000 clients, including major brands like Spotify, Airbnb, Twitter, Starbucks, AT&T, Oracle, and Microsoft, and claims to be working with 20% of the Fortune 500 globally. of what was once the most valuable start-up in the world. On average, employees at WeWork stay with the company for 2.7 years. The first coworking location of Spaces opened in Amsterdam, Herengracht. Ryan Simonetti expressed concern that the "negative press cycle" around WeWork could taint the flex office and coworking space when he spoke to Business Insider two weeks ago. that his companys relative stability can be attributed to its cautious growth strategy and several key differences between its business model and WeWorks. For a more in-depth look at these Bootcamps and to see how they can take your career to the next level, head over to our site now https://t.co/izkbBc7Fjo @talentgardenie #TalentGarden pic.twitter.com/GP37uLH9jj, Launched: 1978 Founders: Alfred Moufarrige AO Headquarter:Sydney, Australia. The Wing is going to completely change co-working.. Even if WeWork wasn't in a leadership crisis or hemorrhaging billions of dollars per year, its business model is old news. Industrious business model is significantly different than WeWork, says Hodari. The company has over 35 locations across the US. . compared to the 30% margins it makes on sublease agreements. Its not a call center, chief operating officer Marcus Moufarrige, . Tell us what you think? Jamie Dimon says that he has learned lessons from his bank's advisory work for WeWork this year, and that he believes the coworking company has a shot to avoid bankruptcy. . Selling themselves on networking and relationship building like some of its other counterparts is not the style of Servcorp. According to her profile, Natalie is an entrepreneur and strategist involved in the fields of drug policy and criminal justice reform. As GreenDesk quickly grew, the founder realized that the real strength in coworking comes from a sense of community. Information such as the number of locations, annual revenue figures, the number of customers, the number of employees, and anything else in between will be considered. Fun Fact: Industrious, another coworking spaces company, announced in May 2019 that they have acquired Techspace in a bid to increase their global footprint. For CEO Ryan Simonetti, the companys path to greater growth lies in customer service. It was valued at $500M after. Top 15 Affirm Competitors and Alternatives, Top 15 Topgolf Competitors & Alternatives, Top 20 Calendly Competitors and Alternatives, Top 10 DocuSign Competitors & Alternatives, Top 15 Tableau Competitors & Alternatives, Top 10 DoorDash Competitors & Alternatives. It constructs workspaces, warehouses, and distribution buildings. [Hotel companies] see workplace hospitality today as they saw the maturity of the hotel business 20 or 30 years ago, the companys founder and chief executive John Arenas. For instance, Studios. The company focuses on flexibility and personalization. WeWork Inc is a commercial real estate company that provides flexible shared workspaces for technology startups and services for other enterprises. Techspace. Business, Economics, and Finance . S.K. Since its 2016 founding, Knotel says that it has accumulated 5M square feet of office space. WeWork is close to accepting a bailout plan led by SoftBank over a $5 billion syndicated debt package rounded up by J.P. Morgan. WeWorks failed attempt to go public led to a slashed valuation and a diminished ability to invest in rapid growth. Competitors from all over the world will be taken into account as WeWork operates globally. WeWork started an official broker commission program about two years ago, the company said, and in March started doubling commission rates for brokers from top firms CBRE Group Inc., Cushman . Jamie Hodari is one of the first competitors Adam threatens to crush. After luring him to a meeting on the slick new WeWork company plane, Adam plainly informs Jamie of his plans. https://t.co/J0qFvk4m0N pic.twitter.com/n2hEDnUZ75, From private offices to fully furnished workspaces, we offer a variety of places for you to hunker down and get some work done! Over the last four quarters, WeWork's revenue has decreased by 49.1%. All rights reserved |. Its $4.7B market cap, while substantial, is still significantly below WeWorks $8B post-downturn valuation. While its losses are not as dramatic as WeWorks, it did, Finally, Knotel aims to set itself apart by concentrating its capacity in major economic hubs like New York, London, and Tokyo. The documents showed that even though WeWorks financial projections were highly optimistic, they were losing an unsustainable amount of money in the present. In 2008, Rattan Chadha (ex-CEO of Mexx and CEO of CitizenM hotels) came up with the question How can we reinvent the office? Chadha always had a passion to foster a sense of community and wanted to create a space where future thinkers would be present. The average co-working space in the UK has around 110 desks, with around 120 members, according to a 2018 co-working survey. [Co-working] may be the biggest disruption to real estate since the invention of the elevator, CEO Rob Speyer told The Wall Street Journal in September. For CEO Ryan Simonetti, the companys path to greater growth lies in customer service. Hospitality is the human-to-human delivery of a service, he told Crains New York Business. Like others on this list, it also sells virtual administrative services to its customers professional and technology services count for 40% of its revenues. He said that while the "froth of the news cycle" has brought a lot of attention to the space, the underlying themes haven't changed. It has sought to further reduce its exposure by. As of today, Industrious has 90 locations in more than 45 US cities, with plans to launch another 60 locations next year. Sources: Crunchbase, Mergr, Spacesworks.com. "I think they'll have a . He also co-founded significant companies like Virgin Mobile USA, Peek, Halo Neuroscience, and Popular change. that do not require the company to hold onto expensive long-term leases in case of an economic downturn. SoftBank, their largest shareholder, took over the management, and Neumann was removed from the CEO position. However, a few operators have distinguished themselves in certain ways from the rest of the industry, as with most industries. The companys goal is to provide a community for open and like-minded individuals to be able to connect and expand. Instead of focusing solely on large economic hubs, Industrious is, on medium-sized cities with emerging tech industries, such as Phoenix, Dallas, and Atlanta. Heres where Jamie Hodari is now. CommonGrounds is a California-based startup looking to build a business renting office space that is flexible in the literal sense. Launched: 1989 Founders: Mark Dixon Headquarter:Saint Helier, Jersey. "He told me, 'Adam, you have done a great job until now but . Servcorp Ltd. is an International organization providing complete workplace solutions, including offices, virtual offices, meeting rooms, and coworking spaces. Serendipity Labs touts a focus on hospitality and is looking to expand under a franchise model that targetsbusinesses like hotels as partners. We respect your privacy. When staffers in WeWork's New York City headquarters received a calendar invite this week for a mandatory meeting with a note telling them to "bring your laptop, WeWork devices, and any personal . WeCrashed follows the rise and fall of the shared workspace company WeWork and the couple Adam and Rebekah Neumann at the center of it. For more on WeWork, check out our deep dive report for a breakdown of how WeWork makes money. While the company has made a great impact on the industry of workspaces and uplifted many communities, it has several competitors too. Fun Fact: Just one year before filing for bankruptcy, Knotel was valued at $1.6 billion. And Rebekah Neumann at the top 10 competitors of WeWork employees are Hispanic or Latino San! 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