Coworking Growing In Popularity Across Philadelphia

Date: June 29, 2015

Shared Workspaces Spreading Throughout Metro Area

The Philly (PA) reports on the growth of so-called “coworking spaces” across Philadelphia. In 2007, the first such space, Indy Hall, opened in Old City. Today there are at least 16 other coworking spaces, with another 11 sites in areas in southern New Jersey and eastern Pennsylvania. Indy Hall itself now has “more than 300 member companies” in its space. According to a report on coworking from commercial real estate firm JLL, there are now “16 coworking sites in Center City occupying 190,000 square feet of office space with an additional 20,000 square feet expected to open before year’s end.” This is up from 14 sites in 2014. And, the report didn’t include spaces with “specialized tools for engineering work, such as Philadelphia Woodworks and NextFab, devoted to technology and engineering.” If those sites are included, the city now has 25 coworking spaces.

Indy Hall founder Alex Hillman discussed the rise of coworking in the city, noting, “Coworking has been growing globally by over 100 percent a year for at least five years now. It’s happening on every continent except Antarctica. It is being adapted into endless styles.” JLL research analyst Clint Randall explained, “We’re seeing companies that start with one or two people, so they’re looking for something more flexible and affordable. When a company is small, its largest expense tends to be its space. Plus, they’re walking into an already established and furnished space.”

What This Means For Small Businesses

Today’s entrepreneurs need increasing flexibility to work in an efficient, technologically-driven, affordable office. Traditional office spaces are growing increasingly costly, however, while home offices may lack the necessary resources to effectively work. Coworking spaces increasingly provide a balance for Philadelphia-area small business owners who want a cost-effective workspace without the potential distractions of a home environment.

Additional Reading

JLL noted the growth of coworking in other major cities.

Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.

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