Thriving In Smaller Markets
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WeWork is a unique chain of coworking spaces that offer exclusive services to their customers. Even with strong competitors, big corporations have started moving to these cozy corporate coworking areas, using the high-speed internet, office equipment, and large common areas that come with them. WeWork allows corporations to display their branding inside its spaces in each of its 623 current locations, including outposts in cities like Denver, Tokyo and Stockholm. Apart from the regular freelancers who run their private enterprise, WeWork is targeting such big clients as IBM, Salesforce and Microsoft offering them corporate coworking facilities that rival the larger office space chains.
According to a 2017 study by commercial brokerage firm CBRE, 44 percent of large corporations are currently using a flexible open-platform office solution. That same year, computing giant IBM leased an entire WeWork space in Greenwich Village. A year before, Microsoft moved 30 percent of its sales department employees into WeWork spaces. Amazon’s Boston location and Airbnb's Berlin offices are also located in WeWork properties.
Enterprise tenants benefit from the flexible office environments when they test partnerships, hire new teams or just want to provide their staff with more flexibility. Between 2016 and 2017, there was a 90 percent increase in the number of big corporate clients and 360 percent growth in the number of their remote workers. Today, WeWork is valued at around $47 billion.
The landscape of office real estate is changing dramatically, which is a modern trend aimed at enhancing the job satisfaction and productivity of millennial employees. Large corporations often hire small and agile teams and test new partnerships with a high degree of uncertainty, making 10-year leases with office buildings impractical. Big corporations are switching to shared workspaces for their easier logistics and more flexible terms.
Corporate coworking allows adding space and equipment for growing teams with little effort. Even if the team doesn't work, semi-permanent areas are free to leave at any time, so they can pull out at any time. Their employees using corporate coworking facilities tend to stay motivated and collaborative, sparking new ideas and working well as a group. WeWork members also enjoy the benefits of meeting their clients in a professional, well-designed environment, inviting them to cozy conference rooms that they can quickly book using the WeWork app.
WeWork is a scalable model that accommodates freelancers, corporate companies and everyone in-between. The size of your enterprise doesn’t matter when it comes to benefiting from the growing trend of coworking.
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