In 2019, coworking space innovator Venture X enjoyed franchise business growth globally, expanding in both new and existing markets, opening the doors of 10 new spaces and going past 100 locations.
Franchise agreements around the world
During the course of the year, 29 entrepreneurs took advantage of the brand's franchise opportunities, resulting in signed agreements for 61 locations across ten states and five countries. In the US, agreements were inked in Florida, Texas, North Carolina, California, New York, Colorado, Pennsylvania and other markets. Globally, agreements were finalized in Western Australia, the UK and Ireland, Toronto, Dubai, Mexico City, Honduras, Spain and Costa Rica.
New franchise openings
Ten new locations for this modern office-meets-boutique-hotel coworking concept brand opened in 2019, with two locations abroad and eight stateside. Many of these new locations were the first in their market, including the UK, Dubai, Virginia, Utah, California and Massachusetts.
This brand also has a strong start slated for 2020, with five locations opening in the beginning of the year in North Carolina, Texas and New York, respectively. A total of 30 locations are slated to be open by the year's end, and new markets such as Los Angeles and Houston are being targeted for development, with many franchise opportunities available.
Early franchisees success
Franchisees in the US and the UK both enjoyed great success this year, which speaks to the power of this industry. Franchisees in Palm Beach, for example, reached close to complete occupancy in just nine months of operation. In the brand's first UK location, the brand's new Master Franchisees hit 71 percent occupancy in only four weeks of operation.
Overall, it's been a strong year for the coworking space industry and the Venture X brand, which still has franchise opportunities available as it focuses on expansion. The initial investment with this brand ranges from $1.1 to $3.4 million.