Membership plans at the majority of gyms and fitness centers promise protein shakes, nutrition training, strength enhancement, and/or increased levels of attractiveness. While not all gyms can deliver on these promises for their constituents, the industry has been shaped around membership perks like these. However, when comparing those gym plans to the membership benefits received at coworking spaces, the results are much less defined.
Membership plans where you pay to work—who ever thought that would catch on? Nonetheless, coworking is taking off. The industry is set to produce 26,000 coworking spaces and nearly 4 million members by 2020, according to Small Business Labs.
With such rapid growth, industry leaders are producing a wide range of coworking hubs. From high-end, luxury-priced coworking spaces to cheap, bare-bones offices, the coworking trend has begun to meet the needs of nearly every type of individual.
Overall, coworking is pretty affordable. The people who’ve invented the game are also the people who never wanted coworking to break the bank. Most coworking spaces offer internet connectivity, printing services, conference room options, a desk, a chair, and a great surrounding community.
In many cases, the people interested in coworking are most likely to select a month-by-month, non-dedicated desk option. This is a widely-used plan for spaces across the world as it allows for the most flexibility, constant space access, and the ability to claim a desk on a first come, first serve basis. A membership in an office that meets the above description usually costs about $350 per month.
Just like there are customers of luxury gym memberships, coworking has gone through similar industry segmentation. One of the more luxurious coworking spaces that has emerged is called Neuehouse in Hollywood, CA. Some of these higher-end coworking spaces offer mansion-style décor, plenty of space to sprawl out, movie theatres, on-site restaurants, and recording studios. But, if you’re not ready to dig deep, you might as well forget workspaces like Neuehouse even exist. For the “hot desk” or the monthly, part-time membership, upscale coworking offices are charging $650 per month.
Location can also be an indicator of a higher price. WeWork, for example, knows that at their location in Grand Central they can charge nearly $300 more than their base price.
There is no room in any industry for poorly-managed, run-down facilities. However, the coworking business has given birth to bare-bones locations, where coworking may not be the sole business.
Not everyone who is involved in coworking needs a dedicated option more than once or twice a month. For these individuals, some restaurants, coffee shops, and gyms have integrated coworking into their list of services. For these types of locations, outfitting their spaces into working stations doesn’t take much. Having a flat surface for a laptop, charging ports, and comfortable chairs are all these members need.
Coworking has undergone a plethora of changes in just the last decade and (for now) this will be the industry norm. While the price of a membership can shape the entire look and layout of a coworking space, it is quite possible that each professional industry will have its own coworking ecosystem. The legal cannabis industry has already begun down this road with the opening of the first cannabis coworking space. There is no telling how far coworking will develop in the next ten years, however we’re positive this “trend” is here to stay…