In this article, we’ll examine why Life Time, WeWork, and other coworking spaces are betting on a strong growth next year. We’ll also look at the failure of a former Serendipity Labs founder’s attempt to create a coworking space in the suburbs.
Life Time coworking space is betting on a growth in 2021
The Life Time Work coworking space is a great choice for businesses who want a flexible workspace but don’t want to be tied down by a large office. For $435 a month, a Life Time Work membership includes access to all 150 Life Time athletic clubs, as well as other coworking spaces. Most locations are connected to a Life Time gym, so members can work and get exercise at the same time. Life Time Work also features city views, multiple outdoor gathering areas, and private office suites. The Life Time coworking space caters mainly to small businesses and corporate groups, rather than to millennials.
Last year, Life Time Work opened two locations in Minnesota, with one in downtown Minneapolis and another in St. Louis Park. Before the opening, more than half of the available memberships were already sold. Life Time Work recently filed for an IPO, and the company plans to open six more locations in the next two years. Life Time Work’s expansion plans are encouraging, but the company’s growth plans may face some challenges in the short term.
WeWork is targeting freelancers
If you’re looking for a flexible space that works for freelancers, look no further than WeWork. The company’s flexible workspace model makes it easy for startups to expand or downsize as needed. The company has already opened offices in Berlin and London, and plans to expand to Paris in the future.
While it may be easy to dismiss the startup as just another landlord, the business model behind WeWork is risky. The company’s business model is expensive, with little path to profitability. It’s also not without its problems. The company was sued three times by former executives for a variety of reasons, including race discrimination, pregnancy discrimination, and gender pay gap. Ayesha Whyte, a former Director of Employee Relations for WeWork, also filed a suit for sexual harassment.
Serendipity Labs founder’s pitch for coworking spaces in the suburbs failed to take off
When Serendipity Labs first launched, the company’s pitch to open coworking spaces in the suburbs failed to catch on. The corporate world was still largely following a five-day workweek, limiting the number of people who could work from a single location. However, the company’s business model has changed, with Serendipity now receiving 50 percent of its revenue from companies paying for its coworking locations.
Despite the setbacks, Serendipity Labs has continued to open new spaces and operate its existing ones. The company has locations in Houston, Memphis, Clayton, Missouri, and Mount Pleasant, South Carolina. Arenas had previously served as general manager of Regus, a business that operated more than 30 coworking spaces across the country.