Ascender is a “hub for Pittsburgh’s starters and builders” that provides co-working space, educational programming for entrepreneurs, and business incubation in Pittsburgh’s East End.
Ascender engaged Fourth Economy Consulting to help them understand trends in the co-working market as they considered a potential expansion. Their key questions included: How much demand exists, broken down by industry type, location, age, etc.? What is the market pull for different types of co-working space? What are the trends related to price points, features/amenities offered, or the size or maturity of businesses? When small companies transition from co-working spaces to their own office spaces, what are they finding? And, how does Ascender’s model compare?
Our team undertook several research activities, including analyzing data to approximate the potential market of entrepreneurs that could be Ascender’s future tenants; conducting research and a literature review to understand the alternate supply of co-working space and conventional small office spaces for those potential future tenants; and interviewing potential tenants to learn more about their needs and how Ascender might offer them a compelling value proposition.
The resulting confidential work product was utilized by Ascender to make decisions regarding the next steps in their operational growth. It provided a data-driven view of the region’s coworking trends and the potential for real estate and service expansion.