Industrious's CASE STUDY

As a leading provider of flexible workspace solutions, Industrious has carved a niche in the competitive coworking sector by forging an ambiance that combines professional efficiency with a touch of hospitality. Founded in 2013 and headquartered in Brooklyn, New York, our company has grown impressively, cementing its reputation by creating beautifully designed spaces that cater to a diverse range of businesses—from freelancers to large corporations. This is the story of how Industrious has redefined the coworking landscape, backed by statistics, expert opinions, and strategic insights.

The Industrious Difference

One might wonder what differentiates Industrious from the plethora of coworking spaces available today. Our distinctive feature lies in our marriage of luxury and functionality. We have taken the concept of coworking, integrated it with a hospitality-driven service model, and scaled it across multiple states in the U.S. It's not just about offering a space; it's about offering an experience. According to the Coworking Resources report, the global coworking industry has grown at an annual rate of 24.2% since 2010. Amidst this rapid expansion, Industrious stands out for its exceptional member satisfaction rates. Our spaces boast a Net Promoter Score (NPS) of 78, significantly higher than the industry average of 30-50.

Flexible Workspace Solutions Tailored for Success

Industrious operates on a membership-based model where members pay monthly fees for a range of workspace options, from shared desks to private offices. This model allows unprecedented flexibility, and our emphasis is on providing value that goes beyond mere desk space. Our members benefit from high-speed internet, conference rooms, 24/7 access, and various other business services. A survey conducted by Deskmag reported that 71% of respondents noticed a boost in creativity since moving to a coworking space. It's easy to see why. The environment we foster—designed by top-tier architects and interior design teams—inspires creativity and productivity.

Revenue Streams: More Than Just Desk Space

Our revenue predominantly stems from membership fees, which are tiered based on the level of service and space required. This allows us to cater to a broad spectrum of needs, from individual freelancers needing a shared desk to large corporations opting for spacious private offices. The shared desk option is our most affordable tier, while private offices and large team rooms require higher fees, contributing significantly to our revenue streams. Moreover, Industrious generates supplementary income through additional services such as event hosting, printing services, and access to premium amenities. This multi-faceted revenue model not only ensures a steady stream of recurring income but also maximizes revenue through upselling and cross-selling services.

Building a Resilient Community

Beyond the tangible amenities, what truly sets Industrious apart is our community-focused approach. We don’t merely provide a place to work; we create environments that promote collaboration, networking, and innovation. According to an internal survey, over 80% of our members believe that they are more productive working out of Industrious spaces compared to other environments. Our spaces are strategically built to encourage spontaneous interaction, from shared kitchens outfitted with premium coffee machines to cozy lounges designed for informal meetings. We regularly host networking events and community-building activities, creating multifaceted benefits for our members.

Strategic Partnerships and Growth

Our success rests not only on our in-house capabilities but also on our robust network of partners. From real estate developers and landlords to design and architect teams, we collaborate with industry leaders to elevate the member experience continually. For instance, our joint venture partnerships with Macerich and EQ Offices have been pivotal in our expansion strategy. This ecosystem of partners also enables us to maintain high operational standards. Cleaning services, electrical and internet providers, and support services ensure seamless operations across our locations. A 2017 funding round where Industrious secured a $25 million Series B investment from leading venture capital firms further speaks to the confidence that the market has in our growth potential.

Customer-Centric Approach

Our relationship with our customers goes beyond professional interactions. We focus on creating elegant, user-friendly environments filled with abundant natural light and equipped with concierge services. All members gain access to a proprietary platform that enhances their coworking experience—booking meeting rooms, managing memberships, and communicating with other members efficiently. A Harvard Business Review study revealed that businesses focusing on customer experience report revenue increases between 4% and 8% above their market, year on year. Our dedication to providing impeccable service underpins our high customer retention rates, reinforcing the importance of a member-centric approach.

Conclusion

Industrious has not only survived but thrived in the competitive landscape of coworking spaces. By focusing on a unique combination of hospitality-driven services, elegant design, and community engagement, we have created an offering that resonates deeply with a diverse clientele. As the coworking industry continues to evolve, we remain committed to providing flexible, premium workspace solutions that meet the ever-changing needs of modern businesses. In the words of Michael J. Coles, an expert in workspace culture: "The environments that companies like Industrious create are not just conducive to work; they are ecosystems where innovation, community, and productivity are nurtured systematically." And indeed, it is this philosophy that continues to drive our success. Industrious is not just offering space; we’re offering a community, an experience, and most importantly, we’re setting the benchmark for what the future of work should look like.