WeWork's Biggest Competitors -Regus and Impact Hub
What is WeWork?
WeWork is a company founded in New York in 2010 that offers coworking spaces to entrepreneurs, startup companies, freelancers and larger entreprises. WeWork has been growing at a high speed ever since its establishment, it is one of the largest coworking space chains in the world. It now has more than 2,000 employees and locations in 23 United States cities and 21 countries including Australia, Argentina, Brazil, Canada, China, Colombia, France, Germany, Hong Kong, Ireland, India, Israel, Japan, Mexico, Netherlands, Peru, Singapore, South Korea, Spain and United Kingdom.
Who Is the Biggest Competitors of WeWork ?
Although there are many players in the coworking spaces scene, the biggest competitor WeWork has is Regus.
Regus is a company founded in 1989 and headquartered in Luxembourg City, Luxembourg. In terms of employees, Regus has 10182 while WeWork has 4752. When it comes to total locations around the globe, Regus has 3000 and WeWork has 270. The pricing of both companies are relatively comparable with Regus being slightly on the higher end: Regus offers plans varying from $831 in Madison Square Garden, New York. WeWork’s space on 135 Madison Ave, New York is charged for $800/ month. In terms of the revenue, Regus totaled 3.16 billion in 2017 whereas WeWork made 2.8 billion so far in 2018.
What is Regus?
Without a shadow of doubt, Regus is one of the biggest coworking chains out there. Started early in the game since 1989, Regus has a wide network of 3000 locations in 900 cities of 120 countries. The wide offering range is suitable for individual workers to medium and large sized companies and has attracted for 2.1 million members. Some of the notable clients include companies like Google and Toshiba. Being the big name in the coworking space chain, clients such as AT&T, Google, Accenture etc trust Regus to provide them with professional and innovative working space solutions. The prices vary depending on the locations, cities, current demand and plans. Prospect clients are requested to fill in a contact form to get price quotes if they wish to get the price of a specific location. For example, the location at Madison Square Garden offers coworking space for a price range of $27.70 to $38.10 per day.
It seems WeWork positioned itself well at the average level in terms of pricing. Regus has slightly higher prices than WeWork when comparing their locations in the similar areas in New York. Founded 11 years earlier than WeWork, Regus has over twice as many employees as WeWork and over ten times the revenue. On the other hand, Impact Hub is founded earlier than WeWork. Although also it has global presence, it has less than half locations than WeWork and much smaller revenue.