WeWork, Industrious, The Yard: Here's How Much Membership Will Cost You at 12 Coworking Spaces Here's a peek behind the pricing curtain, plus tips for lessening the financial burden on your business.
By Hayden Field
Coworking spaces aren't just taking over the real estate market. They're transforming the way we work, and that transformation comes at a (literal) cost.
Since 2009, the coworking and flexible real estate sector has grown almost 26 percent per year, on average — and it's responsible for 78.6 million square feet of office space across 54 major metro areas, according to 2019 data from real estate firm CBRE.
In the U.S., over half a million people worked from coworking spaces in 2017, and that number is expected to double by 2022.
Yes, coworking memberships are tax-deductible, but they'll still set you back a pretty penny. The majority of coworking companies don't list fully transparent pricing on their websites, and even if they do list a general breakdown, you can't know the cost of your chosen location until after a consultation with a representative. This is usually only possible after you hand over data such as your phone number or email address — even if you're just looking for information from a website chatbot.
Entrepreneur did the legwork so you don't have to. We asked 12 of the most popular national coworking companies what a base-level community membership would cost per month, assuming it's for one individual who'd be working there in-person every day. Most of the companies gave us a price range depending on location, and when we calculated the averages for both the lower and higher ends of those ranges, we were left with the average price range for a base-level community membership: about $260 to about $430.
The high price tags associated with coworking memberships are opening up entirely new markets. Salaryo, a coworking financing startup backed by Techstars, raised $5.5 million last year, bringing its funding total to $6.3 million to date. The company's business model includes security deposit financing and flexible credit lines for memberships at spaces like WeWork, Industrious and The Yard.
Depending on your preferences, there are a whole host of free alternatives: a hotel lobby, library, museum or, of course, a coffee shop. And if you're comfortable working from home but looking for the same community feel as a coworking space — without the accompanying price tag — then virtual coworking is worth considering. Many of these online communities operate their own Slack channels, where members can chat, motivate each other or simply feel connected to a group while working remotely. Two free examples: The Hive and Online CoWork.
But if you're looking for a peek behind the curtain at the real month-to-month costs of a membership at one of the coworking giants without having to give your contact info to a chatbot or schedule a consultation, we've got you covered. Read on for a breakdown.
WeWorkWeWork
This past year, headlines swirled around coworking giant WeWork — a steep plunge in valuation, close to $2 billion in 2019 losses, a controversial co-founder and CEO, thousands of layoffs. But the brand continues to operate 845 flexible workspaces worldwide (either open now or reportedly coming soon). One associate estimated that the base-level community membership we asked about — in-person access every day for one person — ranges in price from about $300 to $600 per month, depending on location.
IndustriousIndustrious
Industrious operates flexible workspace in more than 95 locations across more than 50 U.S. cities, according to the company. Memberships include access to Industrious spaces in any city. The base-level community membership we asked about — in-person access every day for one person — ranges in price from from $419 to $918 per month, depending on location.
TechSpaceTechSpace
Acquired by Industrious last year, TechSpace operates seven locations across California, New York, Texas and Virginia. According to the company, alumni include companies like Spotify, Twitch and SoundHound. The base-level community membership we asked about — in-person access every day for one person — ranges in price from $200 to $350 per month, depending on location.
Serendipity LabsSerendipity Labs
Coworking franchise Serendipity Labs has more than 35 locations (some company-owned or managed) in 29 U.S. markets, with 100 locations currently in development, according to the company. The base-level community membership we asked about — in-person access every day for one person — ranges in price from $199 to $499 per month, depending on location.
ConveneConvene
Convene operates 32 U.S. locations in six cities, and according to the company, its clients include Bombas, IBM and JUST Capital. One differentiator: The company offers an executive chef-designed "farm-to-desk" menu for members. The base-level community membership we asked about — in-person access every day for one person — ranges in price from $250 to $500 per month, depending on location.
The YardThe Yard
The Yard (named to evoke both work and play) operates eight locations across New York City, Boston, Philadelphia and Washington, D.C. To promote productivity, the company's spaces avoid on-tap beer and games and instead offer on-demand meditation sessions and other health activities. Original member companies included Uber, Namely, Blue Apron and the film Birdman's writing team. The base-level community membership we asked about — in-person access every day for one person — ranges in price from $300 to $420, depending on location.
MakeOfficesMakeOffices
MakeOffices operates 15 locations across Chicago, Philadelphia and Washington, D.C. Besides typical coworking space features, amenities include "relaxation rooms," according to the company, and members have included Booz Allen Hamilton, Airbnb, Pandora and Glassdoor. The base-level community membership we asked about — in-person access every day for one person — ranges in price from $375 to $450 per month, depending on location.
RegusRegus
Regus has 3,000 flexible workspaces worldwide in 120 countries to its name, many of which are franchises. Its parent company is International Workspace Group (IWG), and clients have included Uber, Amazon, LinkedIn and Adobe, according to the company. The base-level community membership we asked about — in-person access every day for one person — costs $267 per month, at any U.S. location.
SpacesSpaces
Also owned by IWG, Spaces has more than 389 locations worldwide and also offers franchise opportunities. The base-level community membership we asked about — in-person access every day for one person — costs $267 per month, at any U.S. location.
NovelNovel
With close to 30 locations across the U.S., Novel aims to set itself apart from competition by offering amenities in some locations that span from movie theaters and recording studios to storage units and showers. And unlike some of its competitors, Novel doesn't sell client data, according to the company. The base-level community membership we asked about — in-person access every day for one person — ranges in price from $179 to $249 per month, depending on location.
AlleyAlley
Alley, a coworking company founded in 2012 with the motto "community over everything," has three locations (Cambridge, New York City and Washington, D.C.), all sponsored by Verizon. The base-level community membership we asked about — in-person access every day for one person — ranges in price from $315 to $450 per month, depending on location. (All memberships also require a one-month security deposit.)
Venture XVenture X
Founded in Florida in 2012, Venture X has 28 U.S. locations, plus two in Canada and one each in Dubai and London. The coworking company prides itself on memberships across a wide array of industries rather than solely focusing on tech. The base-level community membership we asked about — in-person access every day for one person — ranges in price from $40 to $195 per month, depending on location.
