Coworking Space Franchise Continues Global Expansion

In a year where coworking dominated the office space conversation, Venture X–an emerging, flexible office space provider renowned for its high-level, boutique hotel-style spaces –experienced a record-setting year for franchise development. In 2019, Venture X opened its doors to 10 new locations across the globe while also receiving 29 signed agreements for 61 future locations, the franchise announced Thursday. “As we enter into 2020, the popularity of coworking spaces continues to skyrocketsince the beginning of the last decade,” said Venture X President Jason Anderson. “Understandably, it makes for an attractive, but crowded, industry. Prospects want to know how your concept is different than the competition, and that’s where we’ve really excelled as a brand. By developing a deep understanding of today’s professionals and what they prioritize in a workspace, we’re able to design a uniquely-tailored, dynamic environment that resonates with members and owners.” While many new franchisees took advantage of the VentureX opportunity last year, existing owners also played a part in opening new and/or expanding existing locationsboth domesticallyand internationally.Venture Xexpanded its footprint stateside –opening first-of-their-kind locations in the San Francisco Bay area, Richmond, Va., Marlborough, Mass.,and Farmington, Utah –andalso received signed agreements for international development in Costa Rica and Mexico City. Additionally, Venture X opened its first locationsin the United Kingdom and Dubaiin 2019. Looking to 2020, Venture X has no plans to slow down–projecting toopen approximately 30 locations by year’s end. Target markets for future brand development include Houston, Atlanta, Los Angeles and Sydney, Australia,to name a few.“At the end of the day, this is another very solid step on a long, successful journey for our franchise,” said Anderson. “Much like it did 10 years ago, the industry will look very different in 2029. It’s imperative we continue to analyze the data and evolve our concept to meet the needs of everchanging workers. We have the infrastructure and team in place to make sure we do just that.” Many Venture X franchisees have backgrounds in real estate, finance, hotels or have experience as landlords. Currently, the franchisor is seeking single-unit operators, with multi-unit development offered in the future. The brand’s initial franchise fee is $79,500 with a total investment cost ranging from $1.1M-$3.4M.