Percentage of desks filled after one year?

[BlueOceanBozeman]

We're approaching our one year anniversary, so I just was wondering what percentage of work spaces other coworking spaces have had filled after one year? If you're able to break it down by temporary and permanent residents, that would be appreciated, but really I'm just looking for a general idea. Our founder just wants to make sure we're on track for turning a profit eventually, and that our ROI has been worth it.

Thanks!

[Alex Hillman]

I don't think comparing this figure to other Coworking spaces is an indicator of much - some spaces planned for slower growth, others needed a certain capacity or had already planned to expand/open a second location. But it really comes down to the goals of the individual space and how they achieve them. 

1 year is the first major inflection point after opening. Most spaces (and small businesses, for that matter) die by the 2nd year if they are not sustainable. Coworking is hardly immune from this, though there are certainly actions that can be taken to course correct. 

So the real question is - is YOUR growth (or lack of growth, if that's the unfortunate reality) sustainable? If not, what can you change? 

-Alex

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/ah
indyhall.org
coworking in philadelphia

On Sunday, August 19, 2012 at 7:10 PM, BlueOceanBozeman wrote:

We're approaching our one year anniversary, so I just was wondering what percentage of work spaces other coworking spaces have had filled after one year? If you're able to break it down by temporary and permanent residents, that would be appreciated, but really I'm just looking for a general idea. Our founder just wants to make sure we're on track for turning a profit eventually, and that our ROI has been worth it.

Thanks!

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[Craig Baute - Creative Density Coworking]

I would be careful to compare because coworking spaces come in several different forms with many accelerators using the term coworking and small businesses (software shops, ad agencies, etc.) also having an aspect of coworking in the mix. They are on a different financial and growth goal than many what I call 'pure play coworking spaces' like Creative Density, Indy, New Work City, and Link. 

That said I know you want some numbers so I am happy to provide them. At our 12 month mark, we have both private offices filled, 5 permanent desks, and about 25 additional hot desking members. In our 3500 sf space we are about 50% full and will be able to support somewhere between 65 and 80 members. 

As Alex said, it is important to look at your growth, adjust if needed, and see if it is sustainable in the next few years. Many coworking spaces are small and subsidized by an anchor or partner business to justify the expense so comparison can be misleading.

Craig