Here’s Why Niche Coworking Spaces Are the Future of Coworking
Smaller coworking spaces that aren’t owned by the biggest names in the shared workspace industry, like WeWork or Regus, often fall under the umbrella of “niche coworking spaces.” While they don’t have the brand name recognition or as many locations as larger coworking space companies, niche coworking spaces work to fill specific office needs that larger coworking organizations may not be addressing.
According to the 2018-2022 Global Coworking Forecast released in December by Emergent Research and the Global Coworking Unconference Conference (GCUC), niche spaces will continue to thrive even as larger coworking brands take on corporate clients.
Here’s a look at the future of niche coworking spaces.
Niche Coworking Outlook
Coworking space is growing in popularity. Steve King of Emergent Research predicts that larger coworking corporations will consolidate; eventually, there will be five or so WeWork-type companies dominating the industry and a variety of smaller spaces.
In an interview with Allwork, Steve explained how niche coworking spaces will fit into the industry:
“You can think about craft brewing as the analogy: 80 percent of our market in the U.S. is two beer companies, but the craft brewers have gone from less than five percent of the market 10 years ago to about 20 percent of the market today, in terms of revenue. They’re competing at a niche level.
We see that already working with coworking. There are a lot of people who don’t want the big vanilla version. A lot of people don’t want to stay at Marriotts, they want to stay at a boutique hotel; they don’t want to eat at Morton’s, they want to eat at the local restaurant. We’re going to see the growing niches in coworking. We’ve already seen that with niche spaces of all kinds popping up, whether for architects or lawyers or musicians or women. Those niche spaces make enormous sense.”
Overall, the outlook is positive for niche coworking spaces.
Industry-Specific Niche Coworking
Due to the rising popularity of coworking spaces, the demand for the general coworking space is declining.
According to Sarah Battani, director of operations at the construction-focused coworking space Tradecraft Industries, an interesting trend is the divergence of general versus industry-specific spaces. General spaces open their doors to anyone, which is great but doesn’t provide the lead generation, networking or industry experience sharing that industry-specific spaces are able to provide. Chance encounters of learning and resource sharing within the community naturally lend themselves to projects and additional revenue streams for members. Professionals across more sectors can reap the benefits of coworking as more niche spaces fill in the industry voids in coworking.
Here are a few examples of the types of niche spaces that are catering to unique professional communities:
- Trade Craft: a construction-focused space
- Extraslice: a tech-focused space
- The Food Loft: a food industry focused space
Coworking space owners who have had years of experience dealing with a particular industry have a good idea about what those professionals need in order to succeed. Thanks to their experience, niche coworking spaces understand their members better and can craft perfect working environments for professionals in their industry-focus area.
Whichever industry you’re in, if you’re looking for a new space, it’s worth checking to see if there’s a niche space that will accommodate your businesses specific needs.
For financial service professionals, consultants and lawyers, Avenue Business Center is the niche coworking space that caters to you. Avenue Business Center has a more professional aesthetic than your standard coworking space and offers furnished private offices for those who prefer privacy and a space to get your work done. You can learn more about Avenue Business Center coworking space here.