Work to live or live to work? Entrepreneur Elliot Gold would rather you didn’t have to choose. The founder of flexible office space provider Work.Life, Gold is on a mission to make a positive change in the world of work
Work.Life offers flexible office solutions for companies and freelancers designed to foster productivity and community among its 9,000-plus members.
Gold founded Work.Life in 2015, alongside David Kosky, a former associate director of London & Capital. Today, there are 15 Work.Life locations throughout the UK, in London, Manchester and Reading.
Speaking to Jewish News from Work.Life’s Soho site, Gold, a third-time start-up founder, says: “When we founded Work.Life in 2016, we set out to create a better way to work. Like many people, in our previous careers we had experienced some great workspaces but also some terrible ones! We wanted to make a positive change in the world of work.”
While still a relatively young industry, the co-working sector is rapidly gaining traction. This has been driven by the global shift towards more flexible and hybrid work models, fuelled by technological advancements and the growth of the freelance economy.
This change, accelerated by the pandemic, has led to a surge in demand for flexible co-working spaces.
According to Grand View Research, the global co-working spaces market was valued at $ 14.91 billion last year (2023) and is projected to grow at a CAGR of 15.7 percent from 2024 to 2030. That’s over $40 billion.
“While the pandemic itself was miserable for us, it led people and companies to rethink their office space,” says Gold, “perhaps they no longer had a primary office, and then saw the benefit that flexible work spaces have to offer.”
Work.Life flexible office space in Soho, one of 15 sites across the UK
Co-working flexible office spaces have become particularly popular among small and medium-size enterprises (SMEs), which account for approximately 40-50 percent of total global memberships, according to reports, while freelancers are estimated to represent around 30-40 percent of co-working users.
Work.Life, unlike many of its competitors, specifically targets smaller SMEs – solutions include hot desks, individual cubicles, private offices, break-out areas and meeting rooms – providing them with the flexibility they need to scale their operations without the commitment of long-term leases and reducing overhead costs.
Members come from a range of sectors including tech startups, creative agencies, professional services, e-commerce, health and wellness, charities and education and training. They include Seatfrog, Global Fund for Children, Gymkhana, Unmind, Danish Crown, Ninth Seat and Listen.
Work.Life flexible working space in Manchester
Work.Life has seen a significant increase in demand for temporary office space, notably day bookings and part-time leasing options. “This demand allows organisations to accommodate a fluctuating workforce without the burden of long-term commitments,” notes Gold, adding that the need for collaborative spaces is also on the rise, with more businesses wanting regular access to meeting rooms and breakout areas.
“Creating spaces where people can come together, collaborate, and innovate is essential for the growth of any business, especially SMEs.
“The allure of flexibility is becoming a critical factor for businesses in today’s job market. Companies are now embracing models where teams can secure flexible memberships that allow employees to work from any location that suits their schedules.”
The rise and fall of WeWork – a major player in the co-working industry and the one known for revolutionising the concept of flexible workspaces – has thrust the co-working industry into the global spotlight.
Founded in 2010, WeWork expanded rapidly but ended up filing for bankruptcy in November 2023. Its ambitions led to excessive valuations (at one point $47bn) and overspending, resulting in a failed IPO in 2019 that exposed its massive financial losses and unsustainable business practices. This shook investor confidence and damaged the reputation of the co-working sector but also sparked renewed interest in co-working spaces, highlighting the importance of sustainability, community focus, and operational efficiency in this evolving market.
Gold says: “I do think the industry was tainted as a result of what happened with WeWork. There were opportunities for us to take on some of their premises but we made a decision not to as we wanted our buildings to be designed in a particular way and in line with our brand.”
Work.Life has its own clear business strategy that prioritises growth with minimal capital outlays. By collaborating with landlords for fit-out funding, co-working spaces can expand without the constant need for capital infusion. “Where this model goes wrong is when operators continually need to raise more money for new locations without becoming profitable. Going forward the winners in this space are going to be those who can run really tight business models like we do.”
Technology will play a big part in this. While the industry has been somewhat unsophisticated in its approach to technological integration, it is essential for businesses to leverage technology to streamline their processes and allow employees to focus on high-value client-facing activities.
“There’s a big role for technology to play in this sector now going forward. Technology will not replace human roles but will instead enhance them. As automation takes over routine tasks, staff can redirect their efforts toward creating strong connections with clients, bringing people back to the centre of real estate and it’s the people that will set you apart from competitors. It’s exciting.”
