WeWork Joins Boston Startup Madness with Two Shared Offices
By Veronica Grecu, Associate Editor
Judging by the number of large companies that recently moved into Boston’s buzzing Financial District or are building their own high-profile business centers in the fast-growing Seaport District, the Hub is one of the cities that almost fully recovered from the economic downturn. While this translates into big cash revenue for the city, low vacancy rates and soaring rents have forced small-sized businesses to reconsider their options for office spaces.
Just like in Detroit, where business incubator TechTown recently opened a shared work space, the startup scene in Boston is thriving and helping local entrepreneurs develop their businesses at a faster pace and lower costs. WeWork, a New York-based “boutique office space” firm that empowers entrepreneurs and startups by providing a collaborative community and services, will open two shared work spaces in Boston in February. According to the Boston Business Journal, the Hub will be the seventh city where the company provides startup-focused office spaces; the other WeWork locations are operating in New York, Washington, D.C., Chicago, Seattle, San Francisco and Los Angeles.
By expanding its presence in Boston, WeWork hopes to reflect the growing entrepreneurial energy of the city. The two shared offices will target freelancers and emerging businesses and will be located at 754 Atlantic Avenue near the South Station and at 51 Melcher Street in the Seaport District.
For $45 to $400 per month for a private desk or $550 to $3,000 for private offices at the WeWork location in Boston, entrepreneurs will have access to amenities such as high-speed internet and Wi-Fi, private phone booths, conference rooms, lounges and indoor bike storage.
Other companies that offer shared office spaces for startups in Boston include Workbar (which is seen as WeWork’s direct competitor because it is located across from South Station), the Cambridge Innovation Center, Bolt in Downtown Crossing or Start Tank, a business incubator backed by PayPal.
Images via WeWork