450,000 sq ft and Counting: Coworking Spaces Expand With More Outside-the-Box Users

By on December 6, 2018

From St. Louis Business Journal:  With three children, Dan Greiner knew working from home would entail too many distractions as he launched a startup company.

So he started working on Gigme, an on-demand mobile app for basic tasks and chores, in an extra office at a friend’s manufacturing company. But as he began to grow the startup’s headcount, Greiner moved to a coworking facility: space shared by people who don’t work for the same company or who are self-employed.

Greiner chose Nebula, located on St. Louis’ Cherokee Street, out of several area spaces. He liked its convenient location, the affordable rent and available meeting space.

While coworking space accounts for only 1.9 percent of overall office inventory in St. Louis, according to third-quarter research by CBRE, it’s growing rapidly both locally and nationally. There are about 450,000 square feet of flexible office space in St. Louis, according to CBRE.

More than 5 million square feet of new coworking space has come online nationwide in each of the past three years, according to research from Cushman & Wakefield. And the growth is expected to continue, with Cushman’s report noting they are expected to account for between 5 percent and 10 percent of office inventory in many markets in the future.

For Greiner, his preference for coworking space goes beyond convenience and amenities that includes things such as 24/7 access, mail service, internet access and meeting space. It’s also about the entrepreneurial vibe associated with so-called flexible office spaces, which are a hotbed for startup companies and are increasingly becoming a home for larger firms.

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