Virtual General Counsel LLC
Virtual General Counsel LLC

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Coworking spaces getting too expensive for many small businesses

| Jul 9, 2019 | Business Formation |

If you are starting a new business, you have to make a lot of decisions quickly. You have to figure out how to develop your idea into a working business, how to hire employees and attract customers. You may even have to figure out where you are going to work.

Renting an office space is expensive, especially in urban areas like Denver, but working from home has its problems as well. Recently, many professionals, freelancers, entrepreneurs and small businesses have tried to get around these problems by opting for coworking spaces.

There are a number of coworking spaces in Colorado, many of them in trendy areas of Denver and Colorado Springs. Essentially, these are spaces that rent out desks or small areas to small or solo businesses. Some of them offer nice views, fashionable furnishings and other amenities in order to provide a pleasant atmosphere. Many small businesses choose coworking spaces as a way to keep costs down while they are growing, and many solo workers enjoy the social and networking opportunities these spaces provide.

However, as coworking has become more popular in recent years, big companies have moved into the field, both as providers and renters. WeWork is an office space provider with coworking spaces in Colorado and elsewhere, and is valued at more than $15 billion. Known for their chic interior design, high-end coffee and even craft beer services, WeWork spaces have attracted tenants as large as General Electric and the pharmaceutical giant Merck. With such big names getting into the coworking scene, rents are rising out of the reach of man individuals and small businesses.

A lawyer with experience in business formation can help entrepreneurs and other clients to plan their business in many ways, including planning office space and other real estate issues.