NYU Stern Center for Real Estate Finance Research’s Third Annual Symposium
Co-working is a transformative force and represents a fundamental change in how we look at work. Soon, we'll just call it ‘work.’
MBA students Yishan Eva Lin and Sudharsun Jagannathan moderated the discussion on co-working (a rising trend of young professionals and start-ups sharing office spaces and administrative services) with panelists Tony Bacigalupo, mayor, New Work City; Richard Beyda, managing member, The Yard; Marissa Feinberg, co-founder, GreenSpaces; Jason Juliano, founder, So Techie Space; Molly Rubenstein, interim executive director, Artisan Asylum; Jason Saltzman, CEO and co-founder, Alley NYC; James Wahba, co-founder, Projective Space; and Event Malone, president and founder, NextFab. The students have been researching co-working as part of a Stern Signature Project (SSP) with the Center for Real Estate Finance Research. They explained that co-working involves a shared working environment such as an office, but unlike a typical office environment, co-workers are generally not employed by the same organization. Co-workers may share expertise, combine talents for large projects or refer business to one another, however. The students detailed their research, outlining the history of co-working, which largely emerged among freelance IT professionals in the late 1990s, and they noted that the market increased by 300% between 2005 and 2013. They also discussed common business models, challenges and costs. Panelists shared their experiences with and views on co-working, noting that demand for co-working spaces is currently bigger than the supply, and that their main selling point is a sense of community. Bacigalupo noted, “Co-working is a transformative force and represents a fundamental change in how we look at work. Soon, we'll just call it ‘work.’”
The symposium featured other industry leaders including Isaac Zion, co-chief investment officer, SL Green; Alan Rifkin, managing director, Lazard Freres & Co. LLC; Thomas J. Gallagher, partner, Cozen O'Conner; James Guidry, tax partner, PwC; Ed Liva, KPMG LLP national industry leader, US real estate tax practice; Blake Rubin, partner, McDermott Will & Emory, global vice chair, US and international tax group; Jeffrey Alpaugh, managing director, Marsh Inc., global real estate practice leader; James Fetgatter, CEO, AFIRE; Frank Lively, executive vice president, Wafra, real estate division; Jon Mechanic, partner, Fried Frank, chairman, real estate department; Bob White, president, Real Capital Analytics; Prof. Edward Glaeser, Harvard University; David Karnovsky, partner, Fried Frank, and former general counsel to the NYC Department of City Planning; Steve Hentschel, Hentschel & Company; David Belt, executive director, DBI and Macro Sea; Jilliene Helman, CEO, Realty Mogul; Ben Miller, co-founder, Fundrise; Rodrigo Nino, CEO, Prodigy Network; and Scott Relick, president, KCI Investment Company.