Shared workspaces offering desks, wifi, and community for freelancers, startups, and remote workers.
Origins
First official coworking space: San Francisco’s Hat Factory (2005, Brad Neuberg). Movement exploded 2010s with WeWork founding (2010), offering “space as a service” - beer on tap, phone booths, events, networking.
Major Players
WeWork (2010-2023):
- Adam Neumann’s vision: “Space, community, meaning”
- $47 billion valuation peak (January 2019)
- Failed IPO, Neumann ousted (September 2019)
- SoftBank bailout, bankruptcy (November 2023)
Others:
- Regus/IWG (1989, traditional serviced offices)
- The Wing (2016, women-only, closed 2022)
- Industrious (2013, hospitality-focused)
- Spaces, Convene, Alley, NeueHouse
Demographics
Freelancers escaping coffee shop chaos, early-stage startups needing professional address, remote employees seeking structure. Peak members: graphic designers, developers, consultants, sales reps.
Community Aspect
“Coworking” implied collaboration: skill-shares, happy hours, Slack channels. Reality: most wore headphones, avoided eye contact. Promised serendipity (“collisions”) rarely materialized. Closer to “parallel play” than collaboration.
Pandemic Impact
March 2020 mass exodus, many spaces closed permanently. Post-2020: companies signed WeWork leases for distributed employees needing occasional desks. Shifted from freelancer community to corporate overflow.
Cultural Criticism
“Adult daycare for millennials,” dystopian optimism (neon signs, beer kegs masking precarious labor). The Wing accused of excluding trans women, labor violations. WeWork’s cult-like culture, Neumann’s messianic persona.
Related Trends
- #HotDesking - desk reservation within spaces
- #DigitalNomad - global coworking chain (Selina, Outsite)
- #StartupLife - early-stage company culture
Sources
- WeWork S-1 filing (2019), bankruptcy filing (2023)
- The Wing closure announcement (August 2022)
- Deskmag Global Coworking Survey (2011-2020)