Guide to Building a Workspace Rental Platform [WeWork Example]

What is a workspace rental platform?

Before jumping straight to shared space platform development, let’s learn what a workspace rental platform is, how it operates, and why it’s such a success.

The benefits of coworking spaces

Most coworking spaces will have room for people to socialize, make coffee together, play ping-pong or foosball, and more. With such new working concepts, people don’t just look for an office rental space. They look for a pleasant environment, community, new social connections, and much more. A traditional office setting can’t always deliver on all these expectations.

Happiness

89% of people who rent a workspace comment on feeling happier since replacing traditional office spaces and joining coworking communities. Working in a rental comes with fewer stresses and office-related pressure. One can enjoy higher flexibility at work, which starts with flexible renting opportunities to the general atmosphere inside the coworking space.

Socialization

Next, shared offices encourage socialization. Hence, people benefit from expanding their network, gaining new business and job opportunities, and cooperation at the office. Not only does such a welcoming atmosphere work wonders for one’s mental health but helps people grow as professionals. Around 80% of coworking members say that such a lifestyle helps keep them grounded.

Efficiency & economy

Workplace leaders also benefit from using shared office spaces instead of investing in their own. Thus, they get to enjoy reduced expenses on long-term rent, office maintenance and renovations, special equipment, servicing, etc. Plus, it allows company leaders to focus solely on work tasks, leaving the rest to a coworking platform.

Off-work opportunities

Additionally, most coworking spaces often host various events to cater to members’ professional and individual needs. People have opportunities to attend in-office yoga classes, meditation rooms, or even gyms, and most spaces also organize workshops, lectures, and other educational events or programs. Such investments in renters pay off. These events build a stronger bond between a platform and the tenants.

Top 6 workspace rental platforms

In order to further understand the shared space industry, we will take a deeper dive into the most popular examples of workspace sharing websites. Currently, there are six dominant workspace rental platforms on the market:

  1. WeWork,
  2. Regus,
  3. LiquidSpace,
  4. ShareDesk,
  5. Industrious, and
  6. Croissant.

WeWork

WeWork launched over a decade ago. Since the beginning, it has purchased corporate real estate space in extreme terms all over the world. Its expansion was phenomenal. Though, in 2020, the company announced it will ease up on its strategy.

Regus

Regus is one of the biggest WeWork competitors on the market right now. In fact, currently, Regus takes up about 11% of the market share. In comparison, WeWork is only at 1.7% now. It is also the only conservative in such a market.

LiquidSpace

LiquidSpace is a popular workspace-sharing website, where people can find the right ‘hosts’ for their needs. Thus, it helps connect renters with the available options, according to one’s needs and requests. Its website comes with advanced search options and users’ personal testimonials.

ShareDesk

ShareDesk is a workspace marketplace that helps find and book available office spaces in an instant. The software mainly targets the likes of mobile workers, freelancers, travelers, etc.

Industrious

Industrious is another long-timer on the market. It has been operating since 2012. During this time, it has opened over 150 locations all over the United States and abroad. Currently, it’s a popular alternative to WeWork.

Croissant

Croissant offers a flexible platform where users can find office spaces in real-time, in the closest proximity to them, and book it. Croissant has enlarged its presence in over thirty cities in every geographical region.

The core features of workspace rental platforms

There is nothing secret in how the workspace rental platform works. It is basically an Airbnb for office space. Hence, a platform’s main features should be similar to a simple booking app.

  • sign-in,
  • search,
  • listing,
  • description of office space provider,
  • booking,
  • payment method,
  • clients’ reviews and ratings,
  • communication (e.g. notification system, in-side messenger, etc.), and
  • dashboard for hosts.
  • top bar navigation menu,
  • membership plans and payment,
  • multiple payment methods,
  • event planner,
  • book a tour,
  • members onboarding, and
  • help center.

Business models for a space-as-a-service platform based on the WeWork example

Overall, an office rental space business model is just a slight modification of the traditional rental business. In a nutshell, you are creating an Airbnb for workspaces. Hence, it repeats many core features of this business model.

  • The first stage lies in purchasing real estate space and transforming it into a sharing space platform. Usually, the company focuses on office buildings that have enough potential to make on-demand workspaces for individuals and working teams.
  • The second stage is breaking down those spaces into working and common areas. Thus, WeWork created a fully furnished and stocked office center.
  • Third, the company offers to rent a coworking space for anyone willing to join their community.

Dedicated desk

The most accessible and common option among all spaces like WeWork is rental desk space. This option comes with a desk space in a shared office at a single location. Such an option is available for individual users or small teams. Users of a dedicated desk option can also access other space amenities and conference rooms.

Standard private office

The company offers a standard, fully furnished and ready-to-use office suitable for up to 20 people. Such a rental comes with full access to conference rooms and premium amenities. The price for such an option will vary depending on the number of people for a working space.

  • Office suite
  • Full floor office

Hot-desking

Hot-desking is getting popular among all coworking platforms. This is a pay-as-you-go option for people who want to rent an office space without much planning or ties to a specific location.

WeWork all access

With the WeWork All Access, tenants can enjoy 24/7 access to any company’s location and use its commodities. Such an option helps build a loyal customer base while also providing limitless options for office spaces around the world.

Event space

WeWork also rents its space for all kinds of events with no membership required. Any customer can fill out the form and book a space in advance. These can be on-site or off-site events located indoors or outdoors.

Wrapping up

The core idea of any coworking space is in providing high-quality off-work time in the rental space. Such an office model predominantly attracts freelancers, small startups, entrepreneurs, etc. These are the people who seek a temporary office space to meet their instant needs.

How to get started?

The product discovery phase is the best first step you can take to lay a solid foundation for the development of your workspace rental platform. It includes a functional specification, UX/UI design, and a visual prototype that will give you a clear vision of the end product. On average, this phase takes 4–6 weeks.

  • define a full scope of work and develop a roadmap for building a marketplace
  • set a realistic budget for your MVP and plan your resources
  • test the waters with your audience using a visual prototype
  • craft a convincing investment pitch
  • get to know your team

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Eastern Peak is a custom software development company which possesses deep expertise in working with startups and building intuitive mobile apps from ground up.

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Eastern Peak

Eastern Peak

Eastern Peak is a custom software development company which possesses deep expertise in working with startups and building intuitive mobile apps from ground up.