Vast Coworking Group, the world's largest privately-owned franchisor of coworking spaces, reported substantial growth in 2023 with systemwide sales increasing by 21% and systemwide membership rising by 16.5% year-over-year. The company's expansion was further accelerated by its acquisition of Intelligent Office, a pioneering flexible workspace concept, which elevated Vast to the third-largest global coworking network with over 190 locations, 40,000 members, and 2.4 million square feet of space across eight countries.
The company opened 11 new locations in 2023, including nine Venture X and two Office Evolution spaces, adding 295,578 square feet to its global footprint. Vast also signed 34 franchise agreements that will fuel its development pipeline with domestic and international locations, including expansion of Venture X and Office Evolution into Portugal. Jason Anderson, President of Vast, noted that demand for flexible workspace remains at an all-time high, positioning the company as a dominant force in the private sector of coworking.
To support its rapid growth, Vast strengthened its leadership team by promoting several longstanding leaders. Paula Mercer was elevated to Vice President of Vast, Tammy Senter to Vice President of Operations for Venture X, Brad Johansson to Vice President of Operations for Office Evolution, and Darcy Masciotro to Vice President of Operations for Intelligent Office. Ray Titus, CEO of United Franchise Group, Vast's parent company, emphasized that having the right people in the right roles is fundamental to any company's success.
For HR vendors and talent management professionals, Vast's growth signals continued expansion in the flexible workspace market, which has implications for workplace strategy, remote work policies, and corporate real estate decisions. The company's franchising model and global expansion through brands like Venture X and Office Evolution create opportunities for vendors serving the coworking industry with technology solutions, furniture, amenities, and HR services. As flexible workspace demand remains strong, vendors can expect increased demand for products and services that support hybrid work environments and distributed teams.
Vast's position within United Franchise Group, which operates over 1600 franchises in more than 60 countries, provides additional scale and resources for continued growth. The company's performance indicates that the flexible workspace market continues to evolve beyond traditional office models, with implications for how organizations approach talent acquisition, employee experience, and workplace design. More information about Vast's operations and locations is available at https://www.vastcoworking.com.
