The national commercial real estate publication spotlights how LocalWorks built a profitable, bootstrapped coworking company – without venture capital, without long-term leases, and without losing sight of who office space has historically left out.
Bisnow, one of the most widely read publications in commercial real estate, featured LocalWorks CEO Barry Greenfield in its ongoing "Innovators" series – a profile reserved for people and companies pushing the CRE industry forward in meaningful ways.
The feature examines how LocalWorks built a profitable, 37-location flexible office network spanning the suburbs of Boston, Washington D.C., and Chicago, all without outside investment and without the long-term lease obligations that have sunk other coworking operators.
It's a model that's easy to overlook because it doesn't come with a splashy rebrand or a venture capital war chest. That's precisely what makes it worth paying attention to.
Starting Small in Salem, Massachusetts
LocalWorks traces its roots to 2012, when Greenfield needed workspace for a small team and wasn't willing to run a company out of his house. He found space in downtown Salem, Massachusetts, brought in a few friends and colleagues to share the cost, and discovered something simple but durable: people will pay for a clean, quiet, affordable private office.