{"id":1004205282,"date":"2018-01-30T06:20:35","date_gmt":"2018-01-30T14:20:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004205282"},"modified":"2022-12-08T15:32:56","modified_gmt":"2022-12-08T23:32:56","slug":"coworking-expansion-in-nc-shows-sectors-growth","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/coworking-expansion-in-nc-shows-sectors-growth\/","title":{"rendered":"Coworking Expansion in NC Shows Sector\u2019s Growth"},"content":{"rendered":"

By Scott Baltic<\/em><\/p>\n

\"Barron-Antolin\"<\/a>

Barron-Antolin<\/p><\/div>\n

In a move that exemplifies the rapidly growing coworking sector, coworking franchisor Office Evolution has opened a new location in North Carolina, in the Green Valley Office Park in Greensboro.<\/p>\n

The new 6,000-square-foot business center offers small businesses and entrepreneurs on-demand office space with 24\/7 access. The center includes co-working space and 24 private furnished offices, as well as conference rooms, mailing and phone answering services, and other administrative support.<\/p>\n

Franchisee Peggy Barron-Antolin, who has a franchise award to develop three centers in the Piedmont Triad area, has held production management and engineering leadership positions at global manufacturers including Ecolab and Goodyear.<\/p>\n

In addition to the Greensboro center, a new Office Evolution business center opened in Raleigh earlier this year, and current plans call for additional locations in Charlotte, Raleigh and the Piedmont Triad area. \u201cGreensboro has a vibrant, entrepreneurial small business community<\/em>,\u201d Barron-Antolin commented in a prepared statement. \u201cOffice Evolution members come from all different professions, including lawyers, accountants, therapists \u2026 whether they need a place to pop in and check email, a conference room for meetings, or an office for a day, week, month, year or more<\/em>.\u201d<\/p>\n

Office Evolution built and operated seven business centers across the Colorado Front Range before beginning to franchise in 2012. There are currently 37 locations, across Arizona, California, Colorado, Illinois, Kansas, Massachusetts, New Jersey, New York, North Carolina, Ohio, South Carolina, Tennessee and Utah. In addition, nine locations are under construction and 23 markets are under development (with franchise deals signed), in at least 13 more states.<\/p>\n

Coworking space expansion<\/h2>\n
\"Greensboro<\/a>

Greensboro office park<\/p><\/div>\n

\u201cThe most noteworthy aspect of the coworking phenomenon<\/a> is probably its extraordinary rate of growth<\/em>,\u201d Scott Homa, Director of U.S. Office Research for JLL, told Commercial Property Executive<\/em>. Since 2010, he said, the coworking sector has grown at an average annual rate of 23 percent, versus the overall office market\u2019s typical growth of just 1 percent yearly.<\/p>\n

In addition, Homa said, some of the larger coworking companies are diversifying their revenue streams by offering ancillary services to their members. \u201cThis evolution is interesting because it\u2019s helping create a \u2018captive audience\u2019 to sell goods and services to a physical community, in a way very different from how e-commerce disintermediated the brick-and-mortar retail experience<\/em>.\u201d Behind the raw growth numbers has been a remarkable geographic expansion, he said, so \u201cIt should be no surprise that coworking is growing in places like North Carolina<\/em>.\u201d<\/p>\n

Though some leading coworking operators originated in urban areas and focused their initial expansions in other major cities, Homa explained, \u201cthere\u2019s a strategic business need for operators to provide an extensive network of options for members, especially frequent business travelers like sales teams. Adjacency to major corporate headquarters, university systems, airports and other areas of interest can be strong selling points.<\/em>\u201d In fact, he said, 19 percent of all coworking leasing activity since 2016 took place in the suburbs, and major operators are increasingly focused on secondary markets like Nashville, Charlotte and Austin.<\/p>\n

Submarkets within large metro areas that have sizable corporate headquarters and good transit accessibility, such as Tysons Corner in Northern Virginia, Westchase in Houston and Irvine in Orange County, are also seeing strong growth from the coworking sector. WeWork\u2019s Legacy West office in Plano, Texas, is situated off a major highway among major suburban corporate headquarters, which Homa called \u201ca dramatic departure from the company\u2019s walkable, urban roots<\/em>.\u201d<\/p>\n

\u201cWe expect activity in these smaller, secondary markets, and suburban fringes of major cities, to pick up as competitive pressures grow in primary markets<\/em>,\u201d he concluded.<\/p>\n

Photos courtesy of Office Evolution<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Office Evolution\u2019s opening of the Greensboro location\u2014its second in the state\u2014illustrates how coworking is both growing nationwide and expanding into smaller metros.<\/p>\n","protected":false},"author":882,"featured_media":1004205302,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21742,21747],"tags":[42461,32796,34668],"class_list":["post-1004205282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-latest","category-office","tag-coworking","tag-jll","tag-office-evolution"],"acf":[],"yoast_head":"\nCoworking Expansion in NC Shows Sector\u2019s Growth - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/coworking-expansion-in-nc-shows-sectors-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coworking Expansion in NC Shows Sector\u2019s Growth\" \/>\n<meta property=\"og:description\" content=\"Office Evolution\u2019s opening of the Greensboro location\u2014its second in the state\u2014illustrates how coworking is both growing nationwide and expanding into smaller metros.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/coworking-expansion-in-nc-shows-sectors-growth\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-01-30T14:20:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T23:32:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Barron-Antolin.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/coworking-expansion-in-nc-shows-sectors-growth\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/coworking-expansion-in-nc-shows-sectors-growth\/\",\"name\":\"Coworking Expansion in NC Shows Sector\u2019s Growth - 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