WeWork Wobbles

We like the idea of co-working spaces. We have occasionally operated from one, and have recommended them to our smaller clients. One of our clients operates a worldwide business from a co-working space, with a big assist from 40 or so people in the Phillippines.

A lot of entrepreneurs like them, too, as evidenced by the success of WeWork, a New York-based developer of coworking spaces. Plus, WeWork operates Meetup, a division that allows entrepreneurs (or any affinity group) to recruit members and operate. We run four Meetup locations in the Phoenix and Tucson areas.

However, having advsed owners of coworking spaces, we think, at least in the Phoenix market, and maybe elsewhere, that WeWork is overpriced for what it delivers.

At present, we have only one client operating from coworking spaces, but we’re going to do a survey of our existing clients to find out what’s what, because we need to know, to properly advise future clients. We plan on asking our worldwide client how he’s doing operating from one, too.

So, the bottom line on coworking spaces is check out at least a couple of them before you commit to one. Our personal experience was that it was difficult to get out of the coworking space once our requirements had changed, about a year after we originally signed on.

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