WeWork just made its first acquisition of 2019

WeWork, the industry leader in the coworking and shared office space made two acquisitions:

WorkSocial | WeWork Labs Dumbo
Credit TechCrunch.com

The company recently acquired:

  1. Teem
  2. Euclid

What is Teem

Teem is a “The Workplace Experience Platform”.  The technology brings the power of sensing, analytics, tools to manage workspaces.  Wework paid $100m for this application developer.

What is Euclid

Euclid creates an efficient, relevant and compelling experiences in the physical world. According to leadership at WeWork, this two acquisition will enable companies to WeEork-ify their offices.

I believe these two acquisitions are brilliant and while WorkSocial will not weworkify its offices – these technologies will help us become more aware of our client needs and optimize the WorkSocial experience.

This is also showing a shift in the investment strategy of WeWork.  I am extremely impressed with their decision to serve not just the coworking community but also creating opportunities to companies to embrace exponential technologies.


When the Tenant Becomes the Landlord

If you have carefully weighed the pros and cons of subleasing and dutifully screened any potential subtenants, you’re well on your way to saving money on rent—and gaining some possibly interesting office neighbors. In short: it’s great to save money, but always do your homework first.

Luckily, you don’t have to do your homework alone. Maybe you need assistance finding the right subtenants to share your space. Maybe you need help drafting a sublease that benefits you and your subtenants and covers all of the legal details. Or, perhaps you want suggestions for new office spaces your company can move into while you sublease the old space. Contact us, and we’ll put you in touch with one of our licensed tenant brokers right away. We look forward to answering all of your subleasing-related questions.

If you’re renting office space but not using all the space, why let it go to waste? Much like apartment renters use Airbnb to rent out their extra rooms, businesses can rent out office space. Renting your excess office space is called subleasing.

Under a typical leasing situation, you as the tenant rent the space from the landlord. When you start subleasing, you become a sublessor, and those renting from you become your subtenants. The subtenants sign an agreement with you and pay rent directly to you. Then you, of course, pay the entire rent to the landlord. Entrepreneurs, freelancers, startups and small companies are usually the ones looking to sublease properties because they don’t need or can’t afford to rent an entire office space outright.

First, let’s look at some reasons businesses choose to sublease. Then, we’ll examine some potential drawbacks for subleasing. And finally, we’ll walk you through the subleasing process. Get ready to start saving money on your rent!

3 Reasons to Sublease Office Space

Businesses choose to sublease some or all of their office space for many reasons, mostly revolving around trying to avoid breaking their current lease and paying the associated costs (usually losing your security deposit and paying an additional fee). Here are some common situations in which tenants find themselves considering acquiring some subtenants.

  1. You have space you don’t use. This is the most straightforward reason to sublease. You’re paying for space you don’t use. Instead of letting them go to waste, you may choose to find a subtenant to offset the overall cost of rent.
  2. You have space you don’t need. It’s important to choose office space that allows for company growth. That’s why you may find yourself renting a building with extra private offices or usable space that you can’t fill with new employees until a year or so down the road when the company generates more revenue. In this case, you might find some short-term subtenants to help you pay rent until you can afford to hire more employees.
  3. You need to rent a larger space. Most leases last at least three to five years. If your company grows faster than expected or you want a change of scenery, you may find yourself considering breaking your lease. However, subleasing your old space to some subtenants while you move into a better space may be less messy and more cost-effective.

How to Sublease Your Office Space

  1. Check your lease. Don’t go through all the trouble of finding subtenants before ensuring you’re allowed to sublease your space. Dig up your leasing contract and make sure it allows for subtenants. Because you may not understand all of the legal jargon, have an attorney read the lease and help you determine whether you can sublease, and if so, which terms and conditions apply.
  2. Talk to your neighbors. Once you determine that you are, in fact, allowed to sublease your space, it’s time to find subtenants. Before you offer the space to just anyone, talk to your neighbors. Companies in adjacent office spaces or buildings may be looking to expand. You may even already know them, and they may be able to move in more quickly than someone new.
  3. Carefully screen applicants. This point is possibly the most important. First, make sure you are not subleasing the space to a company working in the wrong industry. The anchor tenant in a commercial area may have an agreement with the landlord specifying that no other companies in their industry can rent office space in the complex. Second, make sure that your subtenants will be able to pay their share of the rent; remember, even if they don’t pay their rent to you, you still owe the full rent to the landlord. Third, choose subtenants you don’t mind seeing every day. If they’re going to be loud or be disruptive in any way, you won’t want them working in your office.
  4. Decide what to charge. Typically, businesses and individuals are interested in subleasing rather than leasing an entire space because of the shorter lease and the reduced costs. Keep this in mind when deciding upon rent charges for your subtenant. Also, remember that some leases prohibit tenants from charging enough in sub-rental fees to make a profit rather than just to help cover the rent they owe the landlord each month. You may also request a damage deposit to cover any potential damages that may occur during the subtenant’s time subleasing your space. Damage deposits are typically equal to one month’s rent.
  5. Agree on the terms. You will need to discuss factors like potential renovations, lease terms, payments for utilities, shared amenities, branding, and office environment. Be sure to make all of these arrangements up-front and include them in the sublease paperwork. It should go without saying, but make sure you ask an attorney to make sure all the paperwork is correct before moving forward.
  6. Finalize the agreement. Once you’ve chosen subtenants and agreed to the terms of the sublease, it’s time to sign the paperwork and let them move in.

Save Money On Occupancy Costs With WorkSocial

Having a designated space in which you can hold meetings, meet with clients, and be productive is vital to your professional development. When it comes down to it, the costs can add up. Rent, utilities and internet fees can end up costing thousands every month. Small details like refreshments for your clients can just bump you over the edge. If it’s hard for you to afford a professional space that meets your needs, a coworking space might be perfect for you to save money.

Why Coworking Works to Save Money

Imagine you could have all the benefits of your own office without many of the associated costs. You could still have a polished space to hold meetings and meet with clients. You can do this without having to pay for everything yourself. Coworking is a great option for professionals who want to get out there and grow their business in the most efficient and cost-effective way possible.
If you’re looking for a new office space, consider coworking. You can save money on costs like:

Attorney Lease Review

Signing a lease can be complicated. Trying to understand all the legalese can really be a headache. While it’s smart to hire a lawyer before you sign a commercial lease, with coworking spaces, you can skip over this step altogether.

Furniture/Installation Costs

Cushy office chairs, desks, a table for your boardroom. All of it adds up to serious money, and not to mention having it installed. Coworking spaces come already furnished. You don’t have to worry about choosing and paying for furniture.

High-Quality Internet

To get a fast internet connection, you may have to shell out more than you were expecting. And in today’s increasingly digital world, upload and download speeds matter. Working from a coworking space means that you don’t have to pay out of pocket monthly for internet costs.


Other costs like electricity are also shared in a coworking space. As a business professional, you know that every penny counts. To save money, even if it’s only a few extra dollars a month, can mean more in your pocket.

Office Management Costs

Hiring an office manager to take calls, greet your clients, and order supplies is a great way to keep your office organized. But, paying for another salary is a huge expense. Many coworking spaces have office managers to do the job for you.

Why WorkSocial Is Ahead Of The Game

When you’re meeting with a client for the first time, you know that first impressions are key. WorkSocial is proud to offer stunning spaces that are bound to impress. You can come into work every day knowing that you’ll always have a professional space to hold meetings or spend time with clients. And you can also rest assured that WorkSocial will take care of all the little details. Whether you’re looking for private office suites, a place to hold conferences or meetings, or a space to train your employees, WorkSocial is happy to meet your needs.
Our attentive staff will take care of everything. They will provide healthy snacks and drinks. They will also ensure you can access your space 24 hours a day, seven days a week. In addition, you can come to work knowing that you’ll meet with other creative professionals. People who you can network with and entrepreneurs who can potentially help you grow your business.

Contact Us

If you’re looking to take your own business to a new level, and want to make a smart and cost-effective choice, coworking space is the perfect solution. WorkSocial is here to answer all your questions about how our coworking space can help you meet your goals and save money. Don’t get stuck paying too much on your occupancy costs. Let WorkSocial do a free analysis for enterprise office space so you can see how much you can save. Contact us today!

Shared Office Space and Coworking: Happiness Helps Scale Companies

Bringing happiness to your workplace is likely your top goal, as it is with most companies. Anyone who doesn’t understand that happiness is the key to better productivity and retained employees needs a new education.
No doubt you understand its importance. Yet, you’ve maybe come up empty on finding exactly what makes your employees happy.
The key is to find ways to bring better leadership and collaborations so each employee feels their worth. Using shared office space and co-working concepts are scientifically proven to help.

Using Shared Office Spaces

While you might find a few employees who like working independently, you’ve no doubt seen how collaborations lead to faster and better ideas.
If you’re new to what a shared office space is, it’s also often called a co-working space. These are designed for companies like yours needing to save money and not really wanting a giant office filled with cubicles.
These are also designed with collaborations in mind. Plus, when you rent these out from a provider, they’ll provide many services for you so you don’t have to invest on your own.
What kind of employee happiness can you create with these office spaces? Much of it comes down to bringing more flexibility in how people work.

Finding Ideas from Outside Talent

When using a co-working space, you’re essentially allowing your employees to go and work with outsiders who may not even belong to your office.
Many co-working spaces are designed akin to a bar where you meet up with different people to discuss ideas. You won’t find alcohol here as you would in a bar, yet it provides a comfortable place to find real collaboration with people in your industry.
As Inc. points out, this brings a community-oriented space to help nurture more innovation. Relying strictly on your own team to come up with innovative ideas can often come up empty. Looking to unbiased outsiders brings a refreshing way to look at things and find new solutions to old problems.
There isn’t any great sense of happiness than being able to move ideas forward in a faster way.

Bringing Happiness to Younger Workers

Statistics show Millennials now make up 30% of the workforce. With this, they’re shunning the traditional office environments of cubicles or separate rooms.
They’re a demographic naturally gravitating to shared office environments and the co-working concept. Take advantage of this since you’re likely hiring more Millennials to fill positions of those retiring.
Millennials usually have fresh ideas in mind compared to those who’ve been working with you a while. It’s time to give these younger workers a chance to collaborate in a comfortable environment to break norms.

The Emotional Benefits

When you think about it, forcing workers into enclosed work spaces often leads to depression. Some workers may prefer to work independently, but most will prefer having more engagement with at least fellow employees.
Polls show 84% of employees using the co-working concept found it helped them on an emotional level. For the ultimate happiness, there isn’t anything better than keeping them motivated to brainstorm for ideas.
Working alone can often lead to distractions that co-working spaces won’t allow. Interacting with people throughout the day will make your company much more competitive and keep ideas flowing.

Finding a Provider of Shared Office Space and CoWorking

At WorkSocial, we’ve become a leader in providing these office environments, including corporate training offices and virtual offices.
Located in Jersey City, NJ, we know how hard it is to find similar office concepts without having to pay a fortune. We offer very affordable options for the startup budget.
Contact us to learn more about how coworking environments work and how it’s going to scale your company to new heights.

Thinking of CoWorking? Be Sure to Check These 8 Things First

Adapted from: Inc Magazine

Over the past decade, coworking has become a popular option for many startups and other small businesses.

Sharing a space with other companies offers young firms benefits – such as reduced costs, in-place technical infrastructure, and social opportunities. However, it also has its drawbacks, such as reduced privacy. While most folks considering coworking spaces for their ventures are aware that they need to consider the aforementioned and many other factors, there are some important aspects of coworking environments that often go overlooked during the decision-making process. Morris Levy, CEO of multi-city coworking space provider, The Yard, talks about some of the items one should ponder.

1. How long has the coworking space provider been in business, and what does its future appear to be?

Because of the popularity of coworking, there are now many firms offering coworking space. Understanding which firms have proven track records, and which are expanding versus contracting, can help you feel more secure that you will not need to find a new home for your business in the short term.

2. What times of day are you most productive?

Do you need a 24x7x365 workspace or one that is open only during business hours? What services will you need during non-standard hours – and will they be available then?

3. Will you be meeting with prospects and clients in your office?

Is the coworking space conducive to meetings? Are there sufficient conference rooms to ensure that you will always have adequate space? Will prospects and clients be impressed with the environment – or will they find it to be a turn off?

4. Do you need printing services – and, if so, what types and how much?

Be sure to ask about the amount of printing credits or discounts that the coworking space will provide you at local printers before signing a lease – you don’t want any nasty, expensive surprises.

5. Are the coworking space’s owners/managers actively involved? Are they available to tenants?

In general, the better access that you have to the folks in charge the more likely it is that any issues that may arise for you will be resolved quickly and satisfactorily.

6. Will you always be in one location, or do you need access to office space in multiple locations in other cities while traveling?

Be sure to understand to what remote arrangements your local rental entitles you – whether at locations under the same brand or at those offered via partnerships.

7. What kind of on-site resources does the coworking space provider offer?

What technologies are available to you? How many people are there to assist you if you have issues? Know the number of community managers, receptionists, and tech support personnel who are dedicated to helping you during the day and off hours. Understand how many other people work in the space – so you understand the ratio of helpers to people who may need assistance.

8. How well does the provider secure the technology infrastructure that you will be using?

Find out about the cybersecurity practices of the coworking provider. You want to make sure that using its infrastructure will not put you and your business at risk.

Rent Office Spaces: Ideas for Achieving Office Space Productivity

Adapted from: Forbes

Office space productivity matters to employee. But finding the right balance to meet varying employee needs is often easier said than done.

Does workspace really matter when it comes to productivity?

Office space productivity can be improved by providing employees with options for both privacy and interaction.

Give Workers Space

Space is important to employees. If your business has an open floor plan, provide spaces where employees can get away when they need to do heads-down work.  People value “a place to call their own,” says Chris Denny, founder of Attention to Detail, a productivity consulting firm. There is no one-size-fits-all approach, but flexibility and creativity can be key to achieving office space productivity.

Focus on Flexibility

Workers are varied and their needs and preferences of workspaces are too. The best option may be to design workspaces with flexibility in mind. Employees shouldn’t necessarily be relegated to just a single workspace or area. Employees with a private office space may, at times, want to work collaboratively with others. Shared spaces can provide the opportunity to be flexible depending on the type of work and the preferences of the individuals involved. Businesses should design spaces to play to the strengths of their employees — building flexibility in from the outset. For instance, instead of having fixed walls, organizations can use movable barriers or dividers to allow different types of configurations. As business needs change, these types of flexible and movable space options can change with the business as well.

Little Touches Can Go a Long Way

Not all employers have the ability to physically provide private space, natural light or other amenities for employees. Still, much can be done to improve the environment. Sometimes little things really make a difference to staff, such as the ability to look out a window that offers natural light and a welcome distraction from cubicles and workspace. Or, the ability to step outside for a walk instead of holding a meeting in a conference room. Employees might also appreciate the flexibility to decorate their workspaces with items from home including artwork, plants or family photos.
By being flexible and listening to input from your staff members, you can find the right focus on office space productivity to meet employee and organizational needs and budgets. Whether your organization has the budget or wherewithal to make major changes to workspace layouts, there are clearly a number of things that can be done to help find the right balance between private and open work areas to meet the individual preferences of employees.

CoWorking is More than Shared Office Space

Adapted from: Success magazine; Larry Keller

Community, collaboration and productivity all have one thing in common: They are all benefits of the new coworking  movement.

Coworking sites, which first appeared in the United States in 2006, are collegial, shared open-plan areas and private office areas where people work independently but communally. Members are varied in what they do and why they join. They include entrepreneurs, freelancers and other independents weary of working from a coffee shop or home, and those in search of a social network.
The spaces and amenities vary, but typically include free Wi-Fi and coffee, as well as a copier, whiteboards and conference rooms. Membership plans usually are based on usage—from one day a month to five days a week—and whether one wants a dedicated or communal desk or table at which to work. Some sites discourage telephone conversations; others have few or no restrictions. Some don’t mind if you drop in unannounced for a look, but others prefer appointments. A few have even provided day care. 
Coworking is a growing trend. Worldwide, there were more than 100,000 people working at more than 3,000 co-working spaces last fall, including 937 spaces in the United States.
To find the nearest coworking office near you, visit the coworking wiki directory—which is maintained by the community of coworkers worldwide.

Community in CoWorking | WorkSocial

Adapted from: Success Magazine; Larry Keller

Entrepreneurs find opportunities to collaborate, network and increase their productivity at co-working spaces that have popped up everywhere. 

Coworking sites are shared open-plan areas where people work independently but communally. Members include telecommuters, freelancers and other independents weary of working from a coffee shop or home, as well as entrepreneurs looking for collaborators. Costs vary depending on the amount of use.

It’s About Relationships

Other businesses are taking notice. The Global Workspace Association—a service industry group for business center and executive suite owners and managers—has added coworking facilities to its membership rolls, and some hotels now offer space for co-working.Co-working purists say those sorts of spaces aren’t the real deal.  Survey participants cited many reasons why they worked in a public setting. Some wanted a network of people to talk to. Others found the ambient noise helpful or said that watching passersby helped them focus. Still others needed to escape distractions at home. Some co-working operators say members tell them that being around other independent workers motivates them. 

Collaboration and Productivity

People clearly are more productive when working around others. Independent workers—especially those with families—can benefit from working away from home because doing so establishes a clear boundary between their professional and personal lives.

Assisted Serendipity

Coworking sites have a number of ways to help facilitate seemingly chance encounters. Happy hours and lunches to introduce new members are one means.  Many co-working sites cropped up around the time of the Great Recession, when new college grads couldn’t find work, and workers who had jobs were losing them. Co-working spaces seemed like a good place to network at the time.

No More Traditional Employment

The Intuit 2020 Report forecasts that during this decade,“Traditional employment will no longer be the norm, replaced by contingent workers such as freelancers and part-time workers. The long-term trend of hiring contingent workers will continue to accelerate with more than 80 percent of large corporations planning to substantially increase their use of a flexible workforce.” By 2020, contingent workers will comprise more than 40 percent of the U.S. workforce, Intuit forecasts.
The Intuit report also sees work shifting from corporate offices“toward an in-my-own-place, on-my-own-time work regimen.” Many of these workers will need a place to do business. That bodes well for co-working companies. 

Community as Selling Point

Co-working isn’t for everybody. Members tend to be men in their 20s and 30s who work in digital and tech-related fields. Even with pervasive technology that enables people to communicate all day without speaking to one another, workers will continue to seek face time.“Technology changes the way we act. But there is still this innate need for affiliation, for interaction, that technology doesn’t solve. I think it’s such an important need, and it won’t go away.”

Office Spaces for Rent: 10 Benefits of Coworking

As an entrepreneur, freelancer or remote worker you should consider the advantages of coworking when you pick your work environment. The other solution for those who want to stay away from home or coffee shops would be renting a long-term office space which results in high costs and lack of flexibility. That’s where coworking comes in!
A “coworking space” is a place where you can go on a daily basis, sit down at a random table (or a fixed one, in certain places), and enjoy a good internet connection, coffee, a kitchen, and the company of like-minded people. Altogether, it supplies you with an office environment without the necessity of everyone working on the same project, to each his/her own, but together.

Without further ado, here are some of the main advantages of coworking:

Escaping Home Environment

If you work from home, there’s no real accountability. It’s too easy to get distracted by your bed, your TV, and fridge and lose valuable time. In addition to that, family related chores will always present themselves since if you are at home, you must be available… The separation of work from home is important for many of us and also allows you to breath some fresh air and feel alive instead of spending most of your day at home.

Reducing Costs & Adding Flexibility

 In case you have decided that it is time to get an office, a coworking space makes a lot more financial sense than renting your own office. Renting an office includes taking care of installing infrastructure and taking care of utility bills that drain cash and time. The staff in the coworking space will take care of that for everyone. Also, regular office rental requires signing long term contracts, usually for a minimum period of one year. Coworking spaces allow you to rent your Table or even a room for a few days, weeks or a month and allow you to focus on what counts: Your work.

Improving your Effectiveness

Research shows that people who use coworking spaces are more effective due to the energy and mindset adjustment that is generated by the interaction and acountability a coworking environment creates. That means that the financial costs of using a coworking space are much lower than the financial benefits it creates.

Create an amazing network

Coworking spaces will boost your network and in turn connect you with the most relevant people for your business, from potential clients, suppliers or even business partners. In coworking spaces you are guaranteed to meet high quality, talented, and like minded people to add to your network that might become critical for your business.

Improving your social life and avoid loneliness

Working alone is isolating and can affect your mood. Having coworkers and interaction is covering a social need. The idea at a coworking space is that although you are working by yourself, you are surrounded by awesome people. The members of the coworking space have picked a unique and independent lifestyle just like you, and those are exactly the kind of people you want to be surrounded by. Coworking simply makes your day more energizing, fun and happy.
One of the biggest drawbacks of leaving a 9-to-5 job is missing out on the best source of meeting new people, your office. Jobs provide us with a major source of new friends, and once you leave your work this source is depleted. A coworking place allows you to fill in the gaps and make new friends with interesting people in new places.

Accessible expert help when needed

Coworking spaces gather the best minds, each expert in their own field. After you dedicate some time to build your social network in the coworking space, you can approach your expert friends for high quality advice on a wide range of topics like social media and digital marketing, programming, design and much more. The synergies and mutual help of one member to another is invaluable.

Taking Yourself (and your Business) Seriously

This one is a little deep, so let’s start with an example: It is a common recommendation to work at home with clothes you would wear at the office. Working with flip-flops in your pajamas usually decreases your productivity as you are signaling to yourself that you are not in work mode. Using a coworking space will make you aware of your appearance and clothing, and taking the time to walk/drive to your place in addition to the money you spend on it will remind you that your work is important enough to take it seriously and value your time and skills.

Reducing Uncertainty

Trying to find the best place can create some uncertainty and frustration, since you will find yourself running from one coffee shop to another hoping that today it won’t be too crowded or loud and that the internet is going to work. In case you have to make calls, the noise in coffee shops can be frustrating to you and the people around you. Coworking spaces usually have isolated Skype booths and conference rooms for you to use. Some other reliable advantages of coworking spaces over coffee shops include access 24 hours a day (in case you are on a deadline or have a crazy schedule), and free printing (always valuable). In general, uncertainty takes time and energy that could have been put toward working for your clients, and it makes you feel less happy in general. Coworking provides your life with stability.

Build a team

Scaling and truly become successful usually involves working with others. There will be a time when it will make sense to slowly building a team and hiring a person to help your business grow. In some situations you can hire someone to hire remotely, but let’s be 100% honest, nothing beats working together in the same physical space. A coworking space allows you to invite another person to work with you without the need to rent a dedicated office. As your team grows, many coworking spaces also offer the option to rent a team room which helps your team to focus working on your projects while also enjoying the interaction and perks outside of your dedicated room.

Education opportunity and events

Most coworking spaces organize events as a critical way to both increase revenue, and market themselves. That means that as a coworking member, you will have fast and easy access (mostly free) to interesting events and education opportunities ranging from lectures about entrepreneurship and startups to yoga sessions!

Helping you Work in Comfort

Free coffee, fridges, microwaves, even full lunches. You often save money in this kind of working environment because unlike a cafe where your small costs add up without you noticing, a coworking space lets you know what you will pay upfront (coworking will probably be cheaper than three Starbucks coffees per day). Coworking spaces usually offer lockers as well, which gives you another place to store your stuff safely in case you need to go somewhere during the day.

WorkSocial will help you support employees in a changing market

The consumer-driven economy is forcing every kind of organization to move towards more flexible staffing models. As we expand to new social arrangements, we expect more private companies, non-profit organizations, and government agencies to scale down office facilities and rely more on temporary workspaces for flexible work models.
Some types of work may be easy for telecommuting employees to perform from home as well as headquarters-based employees, but others call for a reliable office from which to operate. Large headquarters, as well as bricks-and-mortar store locations, might become less important soon. Meanwhile, multi-use spaces that support dynamic market conditions and employee configurations should prove more cost-effective than existing facilities.
We recommend that your company does not operate permanent offices in different cities unless they are needed at multiple points during the year. By using our facilities, your organization can easily accommodate temporary meetings and workspace needs while not incurring the overhead associated with long-term facilities. We are here to help organizations maintain economies of scale.

For more details on booking space in a coworking environment without losing productivity, please contact us today.

Adapted from: www.becomenomad.com