The shared workspace market is one of the most complicated, challenging and competitive around. Numerous players have entered and exited the industry, failing to make a significant impact or allow for the sheer number of players already active. After all, how do you differentiate yourself in a marketplace where such a generic product is on offer?
The founders of Convene approached this problem from a different angle. They knew that they wanted to be dealing with substantial start-ups and corporate businesses that were seeking premium space. They notice that the entry-level market – start-ups looking for a place that they could afford – was saturated, competitive and price dependent. So, they focused, not on the tenants, but the owners of premium buildings.
You see, these are the people that struggle to take their existing assets and improve upon them. If a floor is left vacant for 12 months, millions of dollars can be lost and the reputation of the building can be negatively impacted.
Convene, decided to design its value proposition with a focus on owners and investors of a-grade buildings.
Here’s how it works. Convene approaches owners in the same way We-Work does – suggesting a shared space could be profitable. But unlike We-Work, Convene partners with the owners of the buildings, sharing the risk and empowering the owners. The result is premium accommodations for businesses and a sustainable long-term solution for investors. Convene doesn’t just offer a generic solution, they come with research and a strategic plan designed specifically for the location. Each Convene office has a concierge, in-house catering and everything else you would associate with a top tier corporate office. Now working out of more than 20 venues, it’s easy to see why the focus on the building has led to such meaningful success. If We-Work as a solution for start-ups, then Convene is the next stage in the evolutionary growth cycle.