Office space providers in areas like Miami have evolved from customer bases of small companies to Fortune 500's.
Small companies are what you might expect from the 268,000 worldwide members of office space provider WeWork, a New York City founded business with five Miami locations that provides both space and services with physical and digital offerings. Re-think expectations, please.
“As more and more companies understand the direct correlation between workspace and employee engagement, enterprise companies — or companies with more than 1,000 employees — are coming to WeWork for office space solutions,” Bobby Condon, WeWork’s General Manager, Southeast, tells GlobeSt.com.
Since launching the Enterprise offering in 2016, the fastest growing membership segment has been in that category.
Larger companies now make up one quarter of members.
Enterprise members account for approximately 25% of its total membership base. From June 2017 to June 2018, WeWork’s enterprise member segment grew more than 210%. A total of 25% of Fortune 500s are currently members.
Enterprise members include GE, Microsoft, Samsung, GM and Spotify. Members in Miami include Kayak, Royal Caribbean, and PepsiCo’s Drinkfinity.
Co-working has been a hot trend in recent years as entrepreneurs, start-ups and freelancers flock to co-working spaces seeking collaborative and affordable work environments that will allow them to grow or shrink quickly without long-term leases.
“Despite the general opinion that these flexible spaces are beneficial only for these scrappy new companies, corporations with a presence in Miami are recognizing the benefits of co-working from both an employee productivity, morale and financial perspective,” says a WeWork company statement.
“Nearly half of our enterprise members chose WeWork because they wanted a more innovative, entrepreneurial environment,” Condon says.”At any given WeWork location across the globe, an enterprise member will have more than 160 potential companies to connect and collaborate with – either in person or digitally through our member network.”
A company statement says: “Large companies come to us for the unparalleled services, unique culture, and cost-effective and flexible alternative solutions to traditional workplaces we provide them.”
Written By: David Wilkening