4 Coworking Trends to Watch in 2019
Entering 2019, we can expect to see the coworking industry both grow and change in ways we have never seen before. In fact, coworking has become such a massive industry that now WeWork is the largest tenant in New York City. An industry that once did not exist is now overtaking the office sector across the country. Let’s take a look at four coworking trends to watch in 2019.
Coworking Will Be More than Coworking
Coworking now covers an array of different services such as executive suites, hybrid spaces, serviced offices and other types of spaces to accommodate the many different types of tenants who are showing an interest in coworking. According to a report from Recode, 25% of WeWork’s annual revenue comes from corporate or enterprise customers. As coworking companies work to cater to all types of tenants like self-employed freelancers all the way to corporate giants like Toyota, we expect to see the design and layout of coworking spaces continue to evolve from just flex spaces.
Coworking in Airports
As if coworking hasn’t taken the world by storm enough, you can now find coworking space in the airport. Varidesk, a stand-up desk company, launched a free coworking in the C Terminal at the Dallas-Fort Worth International Airport. The space was launched and installed in 24 hours and it offers Varidesk standing desk workstations, free wifi, meeting tables and power hubs.
Expansion of Coworking in Suburban Areas
New York City, LA, and San Francisco are more established coworking markets, but we are seeing an increase in coworking footprints in the tertiary markets. The real future growth in coworking will come from these secondary markets, as they have the space to accommodate large coworking operators and these locations are in the suburbs offering short commute times for tenants who do not want to drive to the dense CBD.
WeWork Will Continue to Dominate the Market
Softbank has invested $6 billion in WeWork in its latest round of fundraising. The coworking giant plans to use $5 billion of that money as growth capital and the other $1 billion to buy out shares from investors and employees. In December 2018, WeWork inked one of the biggest deals by leasing 236,000 square feet off-Broadway in New York City. WeWork has become the largest office tenant in the borough with a portfolio of just over 5 million square feet.
In other WeWork news, Selina, a Latin American co-living company backed by WeWork, is heading to New York to 138 Bowery Street where it will lease a full building at 63,000 square feet. This New York location will have 90 rooms, 2,000 square feet of coworking space and 2,000 square feet of retail space.
Coworking is far from the niche market it once was, as more companies and employees look to become more agile with working standards, expect to see coworking continue to grow and mold to fit the needs of workers of all industries and job types.