Niche Brand REth!nk Closes On $8.0M Financing Round And Launches A National Network Of Real Estate Focused Coworking Spaces
HOUSTON and DENVER, July 11, 2018 /PRNewswire/ — REth!nk, a new coworking brand focused on the real estate industry, today announced the closing of their first round of funding and the acquisition of a building in each of Houston and Denver to house their first two locations as they launch a national network of spaces.
Shared workspace growth has been exponential since the coworking industry launched in 2006. The number of coworking spaces globally has grown by 3800% in the last seven years and it is projected there will be 30,432 spaces globally by 2022. The cultural movement that started with freelancers and entrepreneurs is now a mainstream part of the new corporate office landscape.
REth!nk is a coworking community created by real estate professionals for real estate professionals and will curate its membership amongst asset owners, investors, developers, architects, designers, engineers, general contractors, lawyers, bankers and brokers. “The coworking industry has now moved past the innovators stage and we saw opportunity to learn from the operational lessons of industry pioneers,” said Ken Cope, Founder and President of REth!nk. “We see two striking opportunities. One is to push beyond the traditional coworking lease arbitrage model and create value by owning and renovating well-located but underutilized properties and the other is to take a niche, industry approach to building our community in order to help accelerate the growth of our members’ businesses.”
Real estate (and related industries) constitutes the largest share of US GDP and is a highly collaborative and interrelated industry. Each REth!nk location will be customized for the tasks and work performed by real estate professionals and will provide resources, knowledge and relationships to create shared opportunities. In addition, REth!nk will also function as an incubator/accelerator providing resources to expedite member business growth.
“We are excited by this opportunity as REth!nk is now in a position to offer an innovative and cost effective office solution to the real estate industry nationwide,” said Mr. Cope. “REth!nk is committed to being the best operator of industry specific coworking spaces in America and we’re excited to bring a value to the market that currently isn’t being offered by other providers.”
REth!nk is a startup venture to establish a nationwide platform of niche coworking centers focused on the real estate industry. Unlike other coworking brands that operate on a lease arbitrage model, REth!nk owns the real estate and operates it utilizing a coworking and creative office space model. REth!nk plans to open over 28 locations nationwide in the next five years. Their initial locations are slated to open in Spring 2019 and are located at 1512 Center Street in the Washington Arts District of Houston and 3950 Wynkoop in the RiNo Arts District in Denver. The REth!nk team is comprised of high performing, experienced individuals with a broad range of real estate and coworking experience.
For more information on REth!nk, visit www.rethinkcoworking.com
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