I gave a tour of Workantile this week to a prospective new member who shared her experience working out of The Wing’s DC branch. We got to talking about how WeWork and The Wing were valued in the billions and hundreds of millions of dollars, respectively, before crashing to nothing. Those valuations were clearly absurd, but as a coworking insider, I’ll go a step farther and say there’s not much money in operating a coworking space.
That doesn’t mean coworking spaces aren’t valuable. Workantile has grown friendships, mentorships, careers, side projects, community services and made its members significantly happier. We kick around ideas, eat together, share recommendations and hand-me-downs. A long-time member swears that Workantile saved her marriage. But those benefits accrue to members and their networks and can’t easily be monetized by the space.
And it doesn’t mean people shouldn’t create coworking spaces. On the contrary, now’s a perfect time. Office rents are down, the boom of newly-remote workers are getting lonely, and concern about COVID transmission is receding. But don’t launch a coworking space – or invest in someone else’s – thinking you’ll get rich. The numbers don’t work.