Coworking Space: a Growing Business and Real Estate Trend In NYC


A coworking startup company, WeWork, recently raised $430 million. It has 40,000 users renting space in over 20 locations.

Coworking is an arrangement where office space is organized and equipped, but, instead of it being all for the employees of one company, the space is rented out to small companies or solo workers in need of desk space.

Such arrangements are not new. In the past single-person businesses in expensive urban areas ranged from accountants and architects to writers and private detectives have split the rent of a large office and, frequently, the cost of a receptionist and the jointly used photocopier and fax machine.

One advantage of coworking spaces for small companies is they can eliminate a lot of time and attention paid to small matters such as paying electric bills and ordering office supplies. They know their budget in advance. And they pay by the month. Therefore, if they need to cut back, it’s easy. Growing and renting additional desks is also easy. Most office buildings would demand they commit to a 2-3 year lease on space that might soon become too small or too big.

But one disadvantage of coworking for small companies is the inability to control the space. Employees can meet and mingle with outsiders instead of just each other, thus reducing the sense of being bonded by their shared mission and a sense of a shared company culture. Therefore, although coworking is great for companies just starting out, they ought to consider renting their own dedicated space once they exceed 10 employees.

WorkVille is a new shared office space founded by Charles Aini to supply startup companies, contract freelancers and work-at-home employees with the fully equipped and luxurious working space they need at a price much lower than they would pay by renting full-sized office in Manhattan. It’s located on the 21st floor of a luxury office building that’s close to Bryant Park and Times Square. It’s near transportation centers for easy access.

It was designed to provide the feel of 5-star hotel, with large, open and sunny spaces and a wraparound terrace. You can rent open or dedicated desks. During breaks relax in the cafe lounges. Open desks feature loft-style seating arrangements. All desks are equipped with power and Ethernet outlets. You get access to high-speed Wi-Fi and the shared kitchen. Conference and meeting rooms are also available. The minimum rental term is just one month.

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