Best Coworking Space Alternatives to WeWork

Best Coworking Space Alternatives to WeWork

For a time, the coworking space provider WeWork ruled the world of shared office space. Founded in Manhattan, N.Y., in 2010, the company quickly expanded around the globe and at one point was valued at more than $20 billion.

It wasn’t long, though, before the fortunes of the company took a turn. In the wake of criticism over alleged excessive spending, high debt, site closures, and ongoing losses, by 2020 WeWork was valued at $10 billion. That valuation fell to $9 billion in 2021, and by the end of 2022 bankruptcy was a real possibility.

New ways to work

As part of an effort to strike a balance between the productivity gains and higher morale companies were able to achieve by allowing workers to do their jobs from home and a desire to get workers back into the office, many are testing a hybrid work model that allows staff to work from home a few days a week and come into the office the rest of the time.

How well that works in the long term remains to be seen, but one of the immediate effects was that, with only a portion of the staff coming into the office at any one time, companies quickly realized they didn’t need as much office space as they once did. They were able to cut space needs by as much as half by having two or more employees share a desk. One employee might use a certain desk on Monday, Tuesday, and Wednesday, while another might use it on Thursday and Friday.

To manage that shared space, some companies adopted either an office hoteling or a hot desk model. Office hoteling is a desk reservation where employees log into a web portal or mobile app where they can reserve their desired desk location. Hot-desking is a system of unassigned seating that allows workers to choose a desk on a first-come, first-serve basis.

Others let go of their own space entirely, opting to enter arrangements where they would share space with other businesses in the same situation. Those spaces often include huddle rooms, conference spaces, and videoconferencing tools along with desk space. Companies share the cost of rent, utilities, receptionist services, and more. That was the market coworking space companies such as WeWork were aiming to capture.

But with the future of WeWork unclear, those who liked the idea of WeWork for coworking office space may want to consider an alternative that provides a similar service

5 best alternatives to WeWork in 2023

1. ) IWG

IWG provides serviced offices under several brand names, including Regus, Signature, and Spaces. The company claims to be the world’s number one workspace provider, helping 8 million people across six continents work flexibly and more productively. IWG operates more than 3,300 coworking spaces in more than 120 countries. The company offers a variety of payment options, including by the day.

2. ) Industrious

Industrious operates more than 160 locations in 65 cities across the United States and abroad. Along with desk space, Industrious locations offer amenities including conference and meeting spaces, a café, a fitness studio, and more. The company also offers on-demand conference and meeting rooms for those who just need a place to meet with a client. Businesses from startups to Fortune 500s call Industrious home. Member companies work across industry verticals, with the average company age of about 13 years old.

3. ) Venture X

Venture X began with a single location in Naples, Fla., in 2012. In 2016, Venture X began franchising as part of United Franchise Group, and now operates nearly 50 locations in the United States and eight foreign countries. Spaces include high-speed Internet, access to business-class copiers, printers, and scanners as well as state-of-the-art audio/visual presentation equipment. Catering services are also available for meeting rooms and conference room gatherings.

4. ) Impact Hub

According to the company, an Impact Hub is a communal, coworking space for passionate entrepreneurs looking to create a positive impact. They are a mix of an innovation lab, a business incubator, and a community center. Impact Hub was launched in 2005 in Vienna, Austria, and now operates a network of more than 100 spaces in 60 countries across five continents, serving more than 17,000 people. Along with office spaces, Impact Hub facilities offer business coaching, startup accelerators, and entrepreneurship cohorts.

5. ) SOMAcentral

SOMAcentral is a San Francisco-based coworking space firm that provides space to technology firms via three locations in the city. Prices range from $35/hr. for an office, $375/month for a desk, and $2,050/month for a lockable, fully furnished office. Companies such as Grammarly, Instagram, and Twilio have all used space at SOMAcentral.

Local alternatives to WeWork

In addition to those listed above, there are probably dozens of small providers offering coworking space. Most operate in just one or two cities. 

A local business group or Chamber of Commerce would likely have information about those spaces.

Outfitting your WeWork alternative office space

And if you’re an entrepreneur thinking of launching a coworking space, you’ll likely need more than some square footage and a few desks. Because of the way business is conducted these days, video conferencing software, telephones, microphones, speakers, and more need to be part of the package.

And when it comes to expertise, Yamaha Unified Communications has the knowledge to help you choose the products to outfit your coworking space.

Yamaha UC offers a variety of microphone systems, with solutions for nearly any task. Additionally, the company offers a variety of conference phones, speaker systems, accessories, and other audio solutions.