It’s another potentially tumultuous Wednesday in Britain’s House of Commons . Somewhere in the vicinity, Prime Minister Theresa May is limbering up to face a fractious assembly of Conservative Party MPs  in a further  bid to convince them that her Brexit strategy is not only on track but also in the ‘national interest’.

 

But in the Members’ Dining Room, a much more tranquil meeting is underway as US shared-workspace provider, WeWork unveils new research to an audience of  entrepreneurs, VCs, business leaders and maybe just a few Members of Parliament (MPs). Carried out by the Centre for Economic and Business Research (CEBR), the report seeks to highlight how WeWork’s  network of co-working centers is impacting on the wider London economy.

 

Bigger Than You Think

 

WeWork’s presence in London is bigger than you might think. According to Ed Vaizey, MP – who hosted the Westminster event – the company is now second only to the UK government itself in terms of occupied Central London office space. Today, the company operates (or is imminently coming on stream) in 39 locations, hosting 600 employees and more than 35,000 members. All of which makes it a significant player in  Britain’s entrepreneurial economy.

 

But exactly how much of a player? Yes, the company accommodates a lot of startups and early stage companies across its various sites and some of them may well go on to become leaders in their chosen markets. But that doesn’t automatically mean that WeWork itself is playing a crucial role in the innovation economy. In theory at least, if  WeWork had never opened its doors in the UK capital, other providers would have stepped in. So with the publication of the CEBR report, WeWork is making its claim to be not only a provider of shared working space, but also a catalyst for economic  growth.

 

From Micro To Macro

 

As Nina Skero, Head of Macroeconomics, at the CEBR explained, the research  was essentially broken down into three parts – namely , the role WeWork plays in the success of member businesses, the impact  of WeWork facilities on companies  close by, and an analysis of any benefits that might be rippling out to the wider London  economy.  And as the CEBR sees it , the impact is tangible and positive. “Our analysis shows how collaborative work environments can cause an economic ripple effect which supports local economic development and a city’s vibrancy,” said Skero.

 

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