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  • WHY

The Rise of Coworking in New York

New Ways to Work

Since people have been working in offices, trailblazers have been searching for different ways to structure the workplace. Well, maybe that’s a bit of an overstatement, but it’s undoubtedly true that innovators are always looking for different ways to engage with their environments. Naturally, that extends to the work environment. Enter coworking in New York stage right!

In a nutshell, coworking is the practice of shared workspaces. Multiple unrelated companies work in the same building, often using the operator’s administrative and amenity functions. In today’s modern and ever-changing office world, the fastest growing alternative to the traditional office space is a coworking space.

Our Union Square office is fortunate enough to be located in one of New York’s most diverse and vibrant neighborhoods. Being in the city’s Silicon Alley, there are countless tech startups looking for flexible office space. These companies value having professional office space with services that fit their needs, but require flexibility. We also have larger companies who are in need of serviced office space, whether they are building out a new HQ, need overflow space, or simply value convenience and flexibility.

But it’s not just in New York! Since TechSpace – one of the very first operators in the coworking space industry – was established in 1997, the coworking industry has become a global phenomenon. Around 2008-2010, more operators joined the market, but in recent years the industry has veritably exploded. According to Emergent Research, over 1000 new coworking spaces opened in the second half of 2018 – nearly half of which are located in the U.S.

Who Uses Coworking Spaces?

Where do coworking spaces fit into the tradition of office spaces? The way people work and want to work has changed over the years with the increased capabilities of technology. In order to attract top talent and younger demographics, many companies are ditching traditional spaces in favor of the more flexible coworking model.

Typically, new or growing companies don’t have the funds (or desire) to start in traditional spaces, but they also don’t know where their company will be in one year, let alone five. Two to five-year terms are standard minimums for traditional offices. Most start-ups don’t want to tie up their capital with office leases; they like the flexibility of shorter terms provided by coworking spaces, as they can easily accommodate growth and change.

What kinds of companies are best served by coworking spaces? Many industries are quite well-suited for the coworking environment and TechSpace NYC is home to a wide variety of them. One of the biggest trends we’ve seen here is that enterprise-level companies are embracing the coworking model. It’s no longer viewed as simply swing space or an option for smaller companies.

Culture of Coworking in NYC

“The culture is innovative and always business-minded. Our companies here are all working on interesting, important work and we provide a space that is both unique and professional.” – Aleksandra Whelan, Site Manager at TechSpace Union Square NYC

Coworking and Community

Employees thrive in coworking spaces due to the visually intriguing, inspiring architectural designs of the spaces themselves, as well as floor plans maximized for productivity, and of course a thriving community of like-minded individuals.

How good is coworking for networking? The community in NYC is all about networking and socializing. Members love interacting with each other and friendships and/or business relationships can easily take off in this coworking atmosphere.

We are proud of our diverse member base. One of our most unique clients is a company called Hungryroot. Hungryroot makes vegan comfort food and their growth has been rapid. They started at TechSpace Union Square with only three seats approximately three years ago; now, they occupy 50 seats and are our largest company!

Coworking Space Considerations

As with any major decision, there are important factors to think about when choosing a coworking space in NYC. First, look at the size of the office spaces and compare them when looking at other operators. All five-person offices are not equal! Some operators, like TechSpace, have more spacious suites, so what is listed as a five-person office could actually fit up to seven depending on how much space you feel each of your employees actually needs.

You must also consider whether or not there is room for your company to grow. You may only need a small office now, but as your company scales, can your office space be scaled as well? Customer service is important, too: not all operators are equal when it comes to helping their members. Make sure you will get all the support you need for your business!

At TechSpace Union Square, our pre-built enterprise-style offices can accommodate 50-person teams. We have best in class IT infrastructure with a 1GB connection, which is typically 10 times what our competition offers.

Other Uses For Coworking Spaces

Coworking in NYC isn’t just for large companies or start-ups, though. What other uses can coworking spaces provide? At TechSpace NYC, our on-demand conference rooms are, without a doubt, one of the most commonly used amenities. We are fortunate to house a variety of clients working on exciting, compelling projects. These companies constantly utilize our fully equipped conference rooms.

For those who are working at home but need to meet clients in a professional environment, coworking spaces are ideal. At TechSpace, you can book by the hour for a variety of size meeting spaces. TechSpace also offers virtual services, such as mailing addresses and business phone numbers, and call answering by a professional receptionist.

Our Coworking Predictions

So what’s in store for the future of coworking? Since the industry is expected to continue to grow in popularity through 2023, a few predictions include:

  • The demand for coworking will continue to rise as more and more large companies choose to forgo some or all of their traditional offices and move to the more flexible coworking model.
  • Partnerships will continue to form from a building owner/operator standpoint.
  • Some of the larger coworking operators may start acquiring some of the more successful smaller ones.  

Is coworking in NYC the right path for your start-up or growing company? Find out more about why TechSpace’s coworking offices can be the right fit for your business!

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