Spaces

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Spaces
File:Spaces logo 2019.pdf
Public
ISIN🆔
IndustryReal estate and business support services
Founded 📆2008, Amsterdam
Founder 👔
Area served 🗺️
Key people
Martijn Roordink, Founder

Frederique Keuning, Founder

Rattan Chadha, Founder
Products 📟 Coworking, Virtual Offices, Meeting Rooms, Video Communication
Members
Number of employees
500
ParentIWG plc, LSE: IWG
🌐 Websitewww.spacesworks.com
📇 Address
📞 telephone

Spaces (also SpacesWorks.com or SpacesWorks) is a multinational provider of coworking spaces, virtual offices, meeting rooms, and video teleconference services, employing over 400 people at around 300 locations in more than 40 countries, and providing services as part of the IWG network to over 2.5 million individual clients.[1]

History[edit]

File:Spaces Herengracht Amsterdam.png
The first Spaces location in Amsterdam

Early Years[edit]

In 2006, Dutch entrepreneur Martijn Roordink founded Spaces in Amsterdam along with Rattan Chadha (ex-CEO of Mexx and CEO CitizenM hotels) and Frederique Keuning (Creative Director).[2]

The founders were inspired to build a business plan around Rathan Chadha's question: "How can we reinvent the office?" Chadha was less interested in finding cost efficiencies and more in the complete reinvention of the office as an attractive space, able to foster a sense of community and crucially, somewhere that the next generation of professionals would want to be.[3] Spaces aims to rethink office space, office ownership, as well as make working life easier and more productive.[4]

Roordink was drawn to the project having been inspired by Airbnb and other actors in the sharing economy. In an interview during 2019's Rise Conference, he explained: "We are coming into a city economy, meaning the top 150 cities drive the full exposure of our world. 65% of the population is living in cities. We can't have large houses anymore. And from a mobility perspective, we make our lives easier by sharing."[4]

Acquisition by IWG plc[edit]

The company was sold to office space giant Regus in 2015 (now renamed IWG plc.) The deal marked IWG's third transaction in the business services sector and its first acquisition in Holland.[5]

In 2019, Bloomberg reported on a potential sale of the Spaces brand[6][7]. CEO Dixon said the company had received “interest” in the offshoot: “Spaces this year will become about the same size as WeWork and it’s a profitable business. Investors look at that and say ‘WeWork seems to be worth $42bn and the whole [market capitalisation] of IWG, which makes pretty good cash flow, is $2.6bn. We are considering all options."[8]

Strategy[edit]

Spaces caters for Millennials and Generation Z, growing numbers of whom are self-employed and looking for workplaces that will enable them to network and learn. "The world's working needs are changing. Everybody wants to go a more attractive place and an environment that enables them to collaborate, be inspired by others and have services that they don't have at home, or elsewhere," Roordink explained.[3]

Products[edit]

Spaces have three types of spaces: physical, service and community spaces to support both individuals and businesses. Roordink explains: "Traditionally, the ground floor of a building is the floor of lowest value. But when you create a sharing and participating environment, it will create a higher real estate value. It all starts with entering a space where things work, where you have fantastic coffee and that looks like home."[3]

Spaces manage 250 coworking spaces locations around the world. In 2018, there were 45 locations in U.S. cities such as LA, San Francisco, San Jose, Palo Alto, Denver, Chicago, Miami, Washington, and New York. Globally, Spaces has a total 150K sq ft of space. A forecast of 120 locations worldwide were predicted by the end of 2019. Almost 50% of Spaces customers are U.S. companies opening in Europe. Spaces aims to generate $1 billion in revenue over the next three years and counts among its clients Uber, Amazon, Facebook, and Twitter.

Locations[edit]

Spaces La Défense, Paris

The first coworking location opened at Herengracht, Amsterdam the day that Lehmann Brothers collapsed. Incidentally, in the same year, Whatsapp, Twitter, Instagram and Pinterest were launched. Spaces Herengracht was designed by renowned architect Sevil Peach.[9]

The second location, Spaces Zuidas, opened in the financial district of Amsterdam and covered 17.000m2. It remains one of the larger sites to date.

Following the sale to IWG, the company accelerated its global expansion. In 2015, new locations were opened in UK, USA & Australia. A year later, Spaces totaled 21 locations including the first location in Asia. In 2017, Spaces grew to 77 locations with new venues opening in Paris, Madrid and Tokyo. In 2018, Athens, Helsinki & 5 new locations in Hong Kong were added to the portfolio. 2019 saw the opening of Spaces La Defense, the largest coworking location to date with 18.000sqm. To date Spaces has 306 coworking locations worldwide.

Europe[edit]

In terms of square metres, Spaces La Défense in Paris is currently Europe's largest coworking location. The space measures 20,000 m2.[10]

Americas[edit]

Following their expansion in the European and American market, Spaces took to strengthening its presence in Latin America this 2017. “Since the beginning of Spaces, we have closely followed the Global City Index," Roordink explains. "The Index has helped us decide which new markets to enter and the right time to do so. Mexico is ranked somewhere between 30 and 40, and given the country’s size, it made sense to tap into the market. Look at the distribution of the city and the population size, Spaces can easily open at least 12 to 20 Spaces just within the city limits.”[11]

In September 2018, Spaces inked a deal for 110K SF at New York City's Chrysler Building, the company’s biggest location in the city.[12] “The single tenant doesn't exist anymore. The long-term contract doesn’t exist anymore,” Spaces co-founder Martijn Roordink told Bisnow in an interview. “We believe, as a global company, that we have to act local. So the structural level, within New York, for example, is that we want to have, within every neighborhood, one Spaces.”[12]

Asia[edit]

In 2018, the 37,500 square foot (3,483 square metre) Spaces Wai Yip in Hong Kong's Kowloon East marked the Dutch brand’s third location in the city. This latest centre adds to a total of 621,175 square feet of flexible office space leased in Hong Kong, according to data from Colliers International.[13]

In 2019, Spaces added estimated 234,000 square feet (22,000 square metres) to its portfolio in Singapore, up from 26,000 square feet. Spaces Robinson, the first of the new locations, has already been opened.[14]

Cumulative growth by year[edit]

Locations[edit]

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Source: IWG plc Global Reporting Data

CSR activities[edit]

Group community investment in numbers[edit]

Year Amount (£) Countries Projects Charities
2013 80,500 20 54 78
2014 155,329 38 132 100
2015 209,905 43 219 195
2016 237,479 44 244 239
2017 302,066 46 260 252
2018 317,891 47 335 274
2019 412,420 50 354 283

Source: IWG Annual Report 2019

In 2019, Spaces in Vietnam partnered with the Vietnamese National Institute of Haematology and Blood Transfusion to take part in a blood donation drive and support 30 children under 12 years old.[15]

From 2013-2019, the Spaces team in India has taken part in the Mumbai Marathon – one of the top 10 marathons in the world and India’s largest philanthropic sporting event – to raise money for the Make-A-Wish Foundation India. This non-profit organisation makes life-changing wishes for critically ill children come true. During the life of this partnership, employees and customers raised over £17,700 to grant the wishes of more than 300 children.[15]

Spaces is a partner of the TECHO foundation in Panama, bringing together volunteers and families living in poverty to transform slums into thriving communities across Latin America. This is done by providing housing, community projects and education.[15]

Additional ventures[edit]

In 2018 Spaces launched the 'Power of 10' collection, the company's own curated art collection. The brand has its own signature room spray perfume, 'Spirit de Travail,' launched in 2019 in collaboration with Dutch lifestyle brand Marie-Stella-Maris.

Global group operations & location map[edit]

IWG plc's serviced offices and coworking locations including all Regus sites as of November 2019. Interactive version with location names and addresses.

See also[edit]

  • IWG plc
  • Coworking
  • Rattan Chadha

References[edit]

  1. "WeWork vs Regus vs Spaces: Which Office Space Is Right for You? (2019)". DigitalFodder.com. Retrieved 1 January 2020.
  2. "Martijn Roordink, co-founder of Spaces (Amsterdam)". Coworking Europe. Retrieved 1 January 2020.
  3. 3.0 3.1 3.2 "Video". www.youtube.com. Retrieved 2020-07-15.
  4. 4.0 4.1 "Video". www.youtube.com. Retrieved 2020-07-15.
  5. "IWG Acquires Spaces Works | Mergr". mergr.com.
  6. "IWG Is Said Offer Spaces Brand for Sale in Challenge to WeWork". Bloomberg. 2019-01-11. Retrieved 2020-07-15.
  7. "Is IWG Looking To Sell Spaces?". January 14, 2019.
  8. "Subscribe to read | Financial Times". www.ft.com.
  9. "Spaces Vijzelstraat, Amsterdam : Sevil Peach". www.sevilpeach.co.uk.
  10. Hubin, Florence (January 14, 2019). "Spaces ouvre un espace de coworking géant à La Défense". leparisien.fr (in français).
  11. "CEO Of Spaces, Martin Roordink, Discusses Plans To Triple Global Presence By 2020". December 19, 2017.
  12. 12.0 12.1 "Spaces CEO Martijn Roordink On Expansion, The Crowded Coworking Landscape, WeWork And More". Bisnow.
  13. "Spaces Opens Third Hong Kong Center in Kwun Tong". Mingtiandi. September 9, 2018.
  14. "Spaces Opens Co-Working Centre on Singapore's Robinson Road". Mingtiandi. July 2, 2018.
  15. 15.0 15.1 15.2 "Annual report" (PDF). investors.iwgplc.com. 2019. Retrieved 2020-07-15.

External links[edit]



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