In this article, we are going to breakdown some of WeWork’s top competitors and other coworking alternatives. We cover WeWork vs Regus, Knotel, Impact Hub and more!
Largest Coworking Companies in the US
- Impact Hub
- District Cowork
- Serendipity Labs
- Venture X
- Office Evolution
- Your Alley
- Make Office
- Green Desk
The Competitors Of WeWork
With the rapidly growing coworking industry and remote work trend, many alternatives to WeWork have risen to the challenge. After WeWork’s failed attempt at its IPO with SoftBank there is a huge opporunity for competitors to jump in and gain more market capital.
What is WeWork?
WeWork was founded in New York by Adam Neumann and Miguel Mckelvey in 2010. The company offers office space, coworking and conference rooms to startups, entrepreneurs and large enterprises. The benefit of using WeWork or other WeWork alternatives is the fact that the membership model is flexible and all-inclusive. Due to its convenience and price point, WeWork has grown exponentially to become one of the largest coworking providers in the world with over 580 locations in 100 cities and over 2000 employees.
What is Regus?
Regus is actually WeWorks largest and oldest competitor. It was founded in Brussels, Belgium in 1989. Approximately 20 years before WeWork! The company is now listed on the London Stock Exchange and as of 2019, the company rebranded to IWG plc operating across 3,000 coworking locations, 900 cities, and boasting 2.5 million customers.
Like WeWork, Regus offers flexible plans for businesses of any type. The membership varies depending on locations, private space, and other amenities. Unlike WeWork, Regus is known for its executive feel rather than the millennial/industrial sheek workspace.
What Is Impact Hub?
Impact Hub has a very interesting model. They are a coworking association that partners with prospective owners looking to create their own impact hub. The company was founded in London around 2005. Their global network has over 100 locations, and unlike WeWork and Regus has a much more community feel. Their model is not a coworking franchise, as each location is run by a team of three founders with complementary skillsets. Impact Hub connects these potential founders from an early stage and guides them through the process of creating their own Impact Hub. Once a Hub is created there CANNOT be a competing location in the same city.
With locations in New York, Boston, Africa and more it is definitely a rapidly growing brand.
What Is Industrious?
Industrious was founded by Jamie Hodari and Justin Stewart. Industrious leverages landlord partnerships to an effort to expand with an asset-light model. Industrious just announced their Series D funding round of 80 million to expand their brand past 80 locations and 40 cities. The company prides itself in operating a “grown-up” coworking model. Their floorplan design reflects this with high-end offices, central cafes and tons of amenities.
Industrious operates in New York, Boston, Los Angelos, and other major metropolitan areas. Like WeWork, Industrious offers custom office fit-outs for companies of 20-10+. Lyft, Pandora, Pzier and other leading companies use Industrious for their office needs. By leveraging both small and large enterprises, Industrious can monetize more effectively.
What Is Knotel?
Knotel recently raised 400M, closing the gap between WeWork’s and itself. The company’s CEO, Amol Sarva states that the company is building the future of the workplace. It’s model basically involved leasing building and fitting out space with easy to remove modular furniture. By selling the space prior to providing custom fitouts, Knotel minimizes the risk of not atttracting tenants from the start. Knotel is in most major cities such as New York, Boston, Tokyo, Berlin, and L.A.
What Is Serendipity Labs?
As of 2019, Serendipity Labs has over 35 locations in 29 markets (primarliy secondary-suburban markets). Unlike the company owned brands above Serendipity Labs is actually a franchise. There model consists of selling a franchise license to prospective landlord and having some share in the revenue of the branded locations. Serendipity Labs provides the flexibility to work in a secure, professional environment by offering coworking, private offices, customizable team rooms and suites, meeting and event space.
What Is Venture X?
Venture X prides themselves on running professional coworking environments by not cutting any corners. From leveraging top architectural firms, furniture suppliers like Herman Miller, and selling office packages its no doubt why its environments (and fees) come at a premium. Venture X is one of a variety of franchises owned by the United Franchise Group, a privately held family company. Along with its coworking franchise Venture X, the group has run other successful franchises such as Sign A Rama, Embroidme, J.S. Subs, and others. The primary business model for Venture X consists of selling a franchise license to prospective landlords, business owners, or developers, in an effort to expand its brand without having to pay for leases or commercial acquisitions.There main target markets are New York, Houston, Atlanta, Canada, and the Middle East.