Venture X owner says demand is growing for coworking space

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Is coworking space making a comeback?

Terry Wallace, owner of Venture X Bethlehem, said he sees growing demand for such space as people miss the perks of in-person work and office ammentities.

He opened Venture X in March of 2020, bullish on the market for what was an evolving office trend at the time.

But soon after opening, the Covid-19 pandemic came, devastating the business concept.

“Those first couple of years were brutal,” Wallace said. “People say that it was amazing that I survived. I may have shuttered and walked away licking my wounds.”

In fact, he said many coworking spaces disappeared during the Covid era.

But today, the environment is quite different. While the traditional office space market is still weak, he’s finding a niche demand for coworking space, like Venture X.

Venture X Bethlehem is currently home to over 150 companies and 250 members sharing space.

He currently has a waiting list for space and said he expects that demand to continue.

“The shift to remote work had been going on for some time before Covid showed companies they could make it work,” Wallace said. “Firms seeking to return to office find the right balance here. It’s not a full time expenditure.”

He said such office space is also more flexible, because a company isn’t tied into a five to 15-year lease.

For individuals who run their business out of the coworking space, Venture X offers connections.

“You get to be part of a lockable space, but where people can work in an open common area and convene or collaborate with other people,” Wallace said.

The coworking space offers them staff, aesthetics and ammenities ranging from office equipment to a colabrative cafe.

“We have companies that have verbalized to me that having office space here is an attraction and retention advantage,” Wallace said.

Simply put, many people enjoy the ability to work in an office, without having to be there full time.

It’s also a way to give a break to people who would otherwise be “super commuters” driving hours to a larger city to work. Many companies will take out space in a coworking office to give an employee access to an office closer to home.

Wallace said there is a community feeling to being in a space like Venture X that his tennants enjoy.

To sweeten the pot, Venture X even offers 10 events a month ranging from wine tastings and waffle days to educational presentations.

He said the demand for space has been so strong he’s looking to open a second Venture X in the Allentown area, with an eye to possibly opening an Easton-area Venture X sometime in the future.

His ultimate goal is foster an interconnected community of 1,000 local businesses in the Lehigh Valley.

“I want to be able to say that if you live in the Lehigh Valley you’re no more than 15 minutes from an office with world-class space” he said.