The premier coworking franchise achieved significant revenue growth and hit key milestones, laying the groundwork for even greater success in 2023.
WEST PALM BEACH, FL, February 01, 2023 /24-7PressRelease/ — Venture X®, a leading flexible workspace franchise, finished 2022 with substantial growth, reporting sizeable increases in revenue and reaching key milestones in membership, locations, and occupancy. The numbers are fueling projections of continued growth as the brand enters 2023.
As demand for flexible workspace continues to increase, Venture X closed out 2022 with over 10,000 total members systemwide, working in over 50 locations in more than 1 million square feet globally. The brand also achieved several notable success metrics over the previous year, including:
– Average office occupancy rose to over 75% across the brand.
– Average monthly office revenue increased by 61%; total office revenue grew by 49%.
– Virtual office revenue jumped 145% or an average 23%.
“We’re proud of our success in reaching these milestones, which demonstrate once again that we are at the forefront of the revolution in the way people work today,” said Michael White, President of Venture X. “It’s thrilling to see the skyrocketing demand for coworking arrangements and to watch our teams meet the demand with innovation and leadership.”
In addition to Venture X’s impressive revenue and occupancy success, the brand accelerated its domestic and international expansion opening new locations in key markets such as San Antonio and London metro, as well as its first-ever locations in India and Spain. The brand also signed agreements to develop 31 locations in the coming years. Looking ahead in 2023, the brand expects to open new locations in markets such as California, Colorado, South Carolina, North Carolina, Florida, Maryland, New York, Georgia, Nevada, Tennessee, Virginia, and Massachusetts.
Venture X is part of the Coworks™ division of United Franchise Group™ (UFG), which specializes in franchising within the coworking industry and houses other brands like Office Evolution®, Network Lead Exchange™, and Franchise Real Estate. As part of UFG’s family of affiliated brands and consultants, Venture X franchise owners have access to a global network of resources and nearly four decades of expertise in the franchise industry.
“We are thrilled to see these results achieved by the leadership team and franchise owners at Venture X. With the demand for flexible workspaces continuing to rise, Venture X is providing unmatched expertise and solutions to meet the evolving needs of today’s entrepreneurs, business owners, and corporations,” said Ray Titus, CEO of UFG. “We’re looking forward to an outstanding 2023 for Venture X as the brand continues its franchise development and we identify synergies within our Coworks division to bring more coworking spaces to key markets worldwide.”
According to the commercial real estate research firm CBRE Group, more than 65% of businesses are considering changing to flex arrangements to accommodate the hybrid workforce that has emerged from the global pandemic. Venture X provides many solutions for companies entering the flex landscape, such as virtual office space with options including a physical address, reception services, and conference rooms enabling teams to meet in person. Venture X also leads the trend in offering hotel-like amenities such as coffee bars, lounges, and networking spaces.
As a result of its leadership in its segment, Venture X continues to be recognized as a standout concept in the franchising and coworking industries, garnering accolades from prestigious and competitive programs. In 2022, the brand was named a Top Global Franchise by Entrepreneur magazine and received a FranchiseHelp Award in the Fastest Growing Awards category. The brand’s Naples, Florida office also received a A+ Award from Architizer, a leading resource in the architecture community. Most recently, Venture X placed #1 in the coworking spaces category, #361 overall, on Entrepreneur’s 2023 Franchise 500 ranking of the best franchises. The 2023 ranking was the most competitive list Entrepreneur has published in its 44-year history and Venture X’s placement reinforces the brand as a best-in-class franchise system.
About Venture X
Venture X® is a shared workspace and community that is a blend of a boutique hotel and modern office styles, with a high level of design that feels professional and welcoming. Each Venture X location features beautifully designed spaces and a highly developed environment within a community where people love coming to work every day. Venture X has been recognized by Inc. as one of the best coworking spaces in the United States and is part of Coworks™ the largest privately held affiliated coworking franchise network on the planet, associated with United Franchise Group™ (UFG), a successful community of affiliated brands and consultants. For more information about Venture X visit www.venturex.com, and for information about franchise opportunities please visit www.venturexfranchise.com.
About United Franchise Group
Led by CEO Ray Titus, United Franchise Group™ (UFG) is home to an affiliated family of brands and consultants including Accurate Franchising Inc.™, Exit Factor™, FranchiseMart®, Fully Promoted®, Signarama®, Transworld Business Advisors®, and the Coworks™ division consisting of Franchise Real Estate™, Network Lead Exchange™ (NLX), Office Evolution® (OE) and Venture X® as well as a food division featuring Graze Craze® and The Great Greek Mediterranean Grill®. UFG-affiliated brands include over 1600 franchises in more than 60 countries, with consultants that have helped develop over 350 brands into franchises, in over 80 countries with more than 2500 franchisees. With over three decades in the franchising industry United Franchise Group offers unprecedented leadership and solid business opportunities for entrepreneurs.
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