WeWork is a provider of shared coworking workspaces and office services in 77 cities across 23 countries worldwide. Their clients range from tech startups and entrepreneurs, to more traditional small- and large businesses looking to outsource or diversify office space. WeWork for businesses
Today, WeWork is providing spaces for everyone from entrepreneurs setting up their first businesses to multinational conglomerates with thousands of employees.
Included within this are small and mid-sized businesses that aspire to have the amenities available to employees of large companies while capturing the entrepreneurial spirit of those just starting off.
WeWork one-stop solution for businesses
Last month company launched WeWork Space Services –– a new pilot offer aimed specifically at small and medium-sized businesses.
Work from hot desks, lounges, phone booths and more near you with WeWork All Access—starting at $99 per month for 3 months.
WeWork got a position to be able to offer holistic real estate solutions –– both within and outside of WeWork –– to small and mid-sized companies.
Those companies will have a one-stop solution that caters to their real estate needs, both in the short and long term. WeWork will help them find office space best suited to their requirements, giving them access to the inventory they would not otherwise have. In addition, they will benefit from remaining or becoming a part of WeWork network, with a complimentary 12-month membership to Global Access that allows them to join the company’s global community and use their locations around the world.
For its initial launch, WeWork Space Services will be piloted in New York City.
WeWork’s core space-as-a-service business has grown from 23 locations in 2014 to 756 sites by the end of 2021. Despite generating over $2.5 billion in revenue in 2021, the company had a net loss of over $4.6 billion.
Coworking space market
Underpinning WeWork’s success is the rapid growth in the broader coworking space market, both in the U.S. and worldwide. In the eleven year-period from 2007 to 2017, the number of coworking spaces in the United States grew from only 14 to just over 4,000, while globally this figure grew from 75 to 15,500. By the end of 2020, it is estimated that almost 2.7 million people globally will use coworking spaces, with around 1.1 million of them being in the United States.
Such a fast-growing market allows space for multiple providers. In the United States, the largest provider is Regus, who leased 224 locations as of 2018. This compares to 154 locations for WeWork at that time. Globally, Regus reported revenue of over three billion U.S. dollars for 2018 and employed over 8,700 staff. However, Regus’ growth in recent times has not been as rapid as that of WeWork – their revenue increased by around 14 percent from 2016 to 2017, and fell by almost three percent from 2015 to 2016.