Serendipity Labs is a company offering coworking spaces in suburban areas. The business initially failed to catch on because the corporate world was firmly entrenched in a five-day workweek. Now, however, it gets half its revenue from companies that pay for space. This may be the future of suburban business.
As more millennials move to the suburbs, companies are looking for ways to attract them. Many coworking spaces are designed with the idea of attracting a diverse crowd. They offer a variety of amenities and services for businesses that are looking to expand their network and establish new business opportunities. Some coworking spaces are designed to foster community by offering meeting and event spaces. C3 Workspace offers meeting space, virtual assistance, business advisory services, and bookkeeping, among other amenities.
The growth of coworking spaces has caught the attention of suburban developers, who are increasingly trying to attract these companies to their communities. Developers such as George Comfort & Sons, which owns six office buildings on Long Island Sound, are aiming to attract more companies to the region. The company has tenants such as A&E Television Networks and YES Network.
GIC, the largest sovereign wealth fund in the world, has teamed up with Workspace Property Trust to buy majority stakes in 53 high-end suburban office buildings. The transaction is estimated to be worth $1.1 billion. The two companies are betting that more Americans will opt to work from home some of the week and the need for new office space in the suburbs will increase.
Workspace and GIC are working to expand the concept of coworking by investing in suburban office buildings. GIC, a sovereign wealth fund in Singapore, has invested in 53 office buildings in the U.S., with a total of 18 million square feet.
If you’re looking for a comfortable co-working space, consider Accor. The French multinational has more than 5,000 locations in more than 110 countries and 260,00 employees worldwide. The company offers luxury, premium, and economy hotel brands, as well as event organization and co-working spaces.
The Hoxton Coworking Spaces are high-end workspaces for entrepreneurs and startups. Located in Chinatown’s new boutique hotel, they feature several conference rooms and a spacious lobby to encourage creativity and brainstorm ideas. The stylish, comfortable rooms feature kitchenettes, a rooftop bar, and amenities like scooters, ukuleles, and air fryers. The hotel is a significant construction project in the area, which hasn’t seen much private development in recent years.
Hoxton bought the almost-complete Grove Hotel from local developer Bill Naito before it even opened. This is the largest new development in Old Town in years. The building’s name plays off of Portland’s brand and puts an emphasis on arty local callouts. It also features a rooftop bar, Tope, complete with Solabee plant displays.
Coworking spaces have become the latest trend in office real estate. They offer space to workers from multiple small businesses on short-term leases. One such coworking space is located in Wilmington, North Carolina, in the historic Nemours Building. Here, entrepreneurs and small businesses can create and share ideas.