Serendipity Labs expands to LA

Different business model than WeWork

Serendipity Labs Founder John Arenas told Reuters that sees a particular opportunity to give employees of larger companies in smaller towns and suburbs places to work. In those places, Serendipity mostly partners with hoteliers using a franchise model, according to CO who first reported the news.

How it works: A franchisee commits between $1-1.5 million and will operate the space. The startup then offers standard office leases and membership passes.

Worth Noting: Over the past two years, a staggering 29.4 percent of new leases signed in the U.S. came from co-working spaces, according to JLL.

Heavy Hitters: With competitors like WeWork, IWG, Industrious, and Knotel, the battle for market share is fierce.