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A coworking space in Berlin. Coworking is an arrangement in which workers for different companies share an office space. It allows cost savings and convenience through the use of common infrastructures, such as equipment, utilities and receptionist and custodial services, and in some cases refreshments and parcel acceptance services. [1]
The deal also included the use of floors of certain HBC owned department stores in Germany, New York, Toronto, and Vancouver as WeWork's shared office workspaces. [64] [65] The transaction closed in February 2019. [66] [67] In October 2017, WeWork acquired Flatiron School, a coding school. [68] [69] It was sold in June 2020. [70]
Industrious was founded in 2012 by Jamie Hodari and Justin Stewart, two best friends who grew up next door to each other in Michigan, who complained of the low quality of shared office spaces. [1] The founders raised $1 million from 80 investors to open the first location in Chicago in 2013. [3]
The term "virtual office" was used by John Markoff in an article published by InfoWorld magazine. Markoff wrote, "In the future virtual office, workers will no longer be constrained by computer equipment or geographic location, according to this vision. They will be free to travel or to interact with others while communicating information freely.
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The main benefit of sharing an office is that it provides a more dynamic environment for both companies involved and access to new markets. However, sharing office space does come with some problems of its own: Higher office management costs (cleaning services, printer ink, office supplies and so on) Faster wear and tear of office equipment
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