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Back in 2010 WeWork had the co-working market largely to itself (and was expanding rather than cutting staff), but since then co-working has exploded and new competitors seem to pop up weekly.
Today in NYC there are more than 180 co-working locations while back in 2009 there were only 25, and WeWork controls nearly half the market according to Newmark Grubb Knight Frank, the Wall Street Journal reports.
The pattern is similar throughout the rest of the country—the 250 co-working spaces in 2010 now total nearly 3,000. That’s more than 1,000% growth, and the sector’s low barriers to entry are largely the cause. But WeWork says it isn’t worried about upstart competition. The firm’s president, Artie Minson, says the real competition continues to be traditional office space. [WSJ]
