WeWork Is A Leader In The Coworking Office Space Industry, But It Also Has Many Competitors. Learn About The Top 5 Competitors Of WeWork In 2023
Many businesses do not prefer to own their own working space. The reason for this can vary from one business to another. To solve this, many companies provide coworking spaces to multiple firms in the same place. One of the major leading coworking space-providing companies is WeWork. WeWork provides coworking spaces for businesses as physical or virtually shared spaces. Many businesses and startups use WeWork spaces to operate and function. Maybe you don’t have the resources to run your own office space or you simply think that it is not required at the moment – WeWork can help!
So, apart from WeWork which companies are running on the same business model? In this article, I will highlight the competitors of WeWork to watch out for in 2023!
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Competitors Of WeWork In 2023
There are many companies in 2023 providing coworking space for startups and businesses. However, I would not list all of them. I would be only listing the companies that are close to WeWork in terms of operations and revenue. Only such companies can be considered genuine competitors of WeWork.
1. Regus
If I say the word IWG plc – many of the readers may not relate to this term. This is the current name of Regus. For a good reading experience, let’s use the word Regus. IWG is a British holding company that is one of the oldest to enter the coworking industry. It was created over 30 years ago by founder Mark Dixon. Mark noticed how local business people in Brussels were regularly conducting meetings around the small tables of the local coffee shops. He then later came up with the idea of Regus!
Regus is currently operating in more than 120 countries with 3500+ locations. Regus is performing quite well in the market. When you check the pricing of Regus, it is not mentioned on its website. You need to contact their representatives and get a quotation as per your requirements. Moreover, the pricing would greatly depend on your coworking location, the number of employees, and much more.
Comparison Between WeWork And Regus
Regus leads the industry in the number of locations and the revenue generated. Moreover, the difference in the number of locations of WeWork and Regus is quite huge. Regus is almost present in 43% more locations. The similarity between the two is the kind of coworking space they provide. You can find private cabins, meeting rooms, independent desks, and even open desks in both. Although the number of locations for Regus is quite high, it is still close in terms of revenue generation. You can say that WeWork is generating the same amount of revenue with about 43% fewer branches. This is immensely impressive!
2. The Office Group
The Office Group (TOG) provides flexible coworking spaces in the UK and Germany. The company focuses on designing each workspace location differently and adding some element of the location’s history to it. TOG provides coworking spaces to individuals, startups, small and medium-sized enterprises (SMEs), and even multinationals.
TOG provides each member with a membership. This membership will provide you access to each coworking location under TOG. TOG offers independent desks, private meeting rooms, workspaces for events, lounges, and much more. Apart from this, you can find gym, cafe, and food outlets in every TOG location.
TOG is currently present in over 72 locations spread over the UK and Germany.
Comparison Between WeWork And The Office Group
WeWork and The Office Group are quite similar in their operations. The only difference is in the scaling of the business. WeWork is quite established as compared to TOG. However, TOG is still dominant in the UK. They have an active base in the UK with clients such as DropBox, Adobe, and even Facebook! Considering the revenue and number of locations, WeWork would lead. But, TOG is still a major competitor of WeWork in the UK and Germany.
3. Spaces (Part Of IWG)
Spaces is a great coworking space-providing company. Interestingly, this company also comes under the British holding company – IWG. You can find a variety of options under Spaces. They provide you with meeting rooms, private desks, on-demand office space, and even virtual offices. In a virtual office, all your calls and telecommunication services would be redirected to you.
Spaces also have a partnership with many food outlets that provides you discounts and offers when you are working from their coworking spaces. They also offer franchise options for property owners.
Comparison Between WeWork And Spaces
The exact number of countries where Spaces is present is unknown at the moment. They have not mentioned it on their official website. However, the number of coworking locations they provide is more than 400. The revenue numbers for Spaces look quite promising. This is because it is part of the IWG group. And this group already operates Regus which is the biggest competitor of WeWork
4. MakeOffices
MakeOffices currently provides its coworking services in three cities – Chicago, Philadelphia, and the Washington, DC Metro areas. It is a company that was founded in 2012. It is one of the most recently founded companies in the industry of coworking spaces. The coworking spaces provided by MakeOffices are primarily rented by startups, and small businesses, or as on-demand offices for a few days. They also provide locations for networking events. You can book meeting rooms, virtual offices, and private desks. MakeOffices also provide a community membership and a one-day pass that would allow you to access the coworking space at your convenience.
The biggest USP of MakeOffices is that it does not present any lock-in period for renting a coworking space. The entire office is rented and renewed on a monthly basis. Unlike its competitors which deal with a minimum booking period of around 6 months and above, it does not pose any restrictions. This allows many startups and small businesses to prefer MakeOffices as compared to others mentioned in our list.
Comparison Between WeWork And MakeOffices
Despite the low number of locations, MakeOffices is still able to match the revenue of Hubble HQ and present itself as a strong competitor for WeWork and others. Moreover, considering the current growth of the company, you will find MakeOffice’s coworking services in many countries.
5. Hubble HQ
The third on our list is Hubble HQ. This is one interesting company providing coworking spaces. The company started by helping businesses meet people who are willing to rent their space as a coworking location. Later, it started by acquiring locations owned by other people in different locations. Now, the company owns a lot of locations under its own ownership. The company still operates by buying locations from other property owners and listing them as a coworking spaces under its label.
Hubble HQ offers permanent office spaces, a one-day office, private meeting rooms, open desks, and locations for events. You can book and consult as per your requirements through their official website. Hubble HQ is present in 48+ countries with over 9500+ spaces.
If you own any property that you want to be listed in their listings – you can do it. You can go to their website and check if you are eligible to list your property as a coworking space.
Comparison Between WeWork And Hubble HQ
If we see the above table, Hubble HQ leads in the number of countries and locations. However, it severely lacks revenue generation. The main reason for this is the low-end pricing model of the company. WeWork provides extra as compared to Hubble HQ. Moreover, many spaces in Hubble HQ are not owned by them. Hubble HQ just acts as an intermediary and hence the revenue gets split.
Bottom Line
It is no doubt that WeWork leads the coworking space market as of now. Apart from WeWork, the strongest competitor is Regus. If we go down the list, all other competitors are strong, and performing well, but are still way far in terms of revenue and operations. As the competitors of WeWork, they provide immense value but lack in revenue and profits. If you observe the number of locations, many competitors are present in many locations and cities. However, they still are not able to match or even come close to the revenue numbers by WeWork. Still, all the competitors of WeWork are growing at a very rapid pace and would soon expand their business.