WeWork is Now Heading Towards Residential Spaces & It’s a Well Planned Move

The popularity of shared spaces utilized for various purposes keeps increasing as people realize the benefits of switching to more economical options. The coworking hub WeWork which grew into a multi-billion dollar business by renting office spaces to the budding startups, entrepreneurs and freelancers, is making people realize the advantages of sharing more than just workspaces with strangers. As WeWork is expanding into other sectors, it recently decided to rebrand into the “WeCompany” which comprises of three areas: WeWork, WeLive, and WeGrow.

WeLive is a new concept which promotes co-living spaces wherein people can reside in dorm-like apartments supplemented with different facilities like a private kitchen, large terrace, media room and much more. The tenants are given a chance to interact with one another during activities like daily happy hours, comedy nights and yoga classes.

The company had planned to open 14 WeLive centers but currently, it is active in only two cities, New York and Washington D.C. having one apartment building in each city. The plan is to expand its real-estate business to other places around the world including India as well.

WeLive Amenities & Prices

More people are getting attracted to this sector because of the building’s amenities and low-cost expenditure. In New York, these spaces range from studios to apartments which may cost up to $3,050 to $7,600. The company also charges its tenants a $125 monthly fees that covers cable, internet, fitness and cleaning services. These apartments provide the basic amenities with some added advantages similar to the amenities which were offered by the coworking spaces of WeWork. Another big benefit of renting these apartments is the fact that there is no broker fees which lowers the cost even more.

WeWork co-founder and CEO, Miguel Mckelvy has said that the potential market of these shared living spaces is way more than its coworking spaces which are currently operating in different locations all over the world.

Related: Travel Working is The Next Big Thing After Coworking

Since the inception of this new idea of co-living, some critics have come with a new name for these shared living spaces, calling them “dorms for millennials” as they hold a significant similarity to the dorm rooms of college.

WeLive has appointed a community manager who handles all the social gathering like Sunday night dinners, karaoke and other activities, all set up to bring the tenants together and enhance engagement among them. The WeCompany has always believed in promoting the practice of socializing as it brings people closer and helps them develop cordial relations with their neighbors. These co-living arrangements not only provide you with a place to stay but also to interact, share and collaborate with the other tenants.

Also, Check Out: WeWork Labs – Insights into How WeWork Startup Incubators Work

WeWork Focuses on a Large Community

The idea of living together in a shared apartment with strangers may sound a bit strange to some people but there are others, especially the ones in their 20s who are more inclined towards this way of living. The youngsters who have just started with their career take it as an opportunity to mingle with other people who might be able to steer them in the right direction. The idea of interacting at this huge level leads to the formation of one large community which is what WeLive is all about.

Another good read: WeWork has just opened a retail space called “Made By WE” in New York.

Ajay Deep

Ajay Deep is the brain behind Coworking Mag. He founded this website to help startups and aspiring entrepreneurs find a coworking space in their city. He is a successful entrepreneur who started and scaled a bunch of startups – all from shared office spaces. He has visited hundreds of coworking spaces in different countries and is now an investor in this evergrowing idea of developing new coworking spaces. You may reach Ajay Deep at [email protected]
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