Unlike a typical office environment, co-working spaces consist of members who work for separate entities, ventures and projects. Many may even own their own small business and simply need a quiet place to work. Co-Working Space is currently in its “golden era” and shared office space is expected to grow significantly within the next several years. Supply is currently not meeting demand for the country. Many entrepreneurs, creatives and tech startups are expanding, especially in places like Austin, TX where the city’s culture supports the ideals behind shared co-working space.
As supply reaches demand, there will be clear winners and losers of co-working operators. Washington, DC is already seeing this due to too much supply of co-working space. For example, the last deal signed to lease space for a co-working operating center in DC was last November.
Industrious CEO, James Hodari says the customer will benefit the most when supply eventually meets demand.
“It forces co-working providers to up their value proposition and think about what are we doing to make our customers thrilled to be here?” Hodari said.
We can fully expect shared work spaces to continue their growth towards San Antonio. However, the traditional large office work space isn’t going anywhere soon because CEOs still need to see the value a shared co-working space can bring to their company.