Vast Coworking Group™ (Vast), the world’s largest privately-owned franchisor of coworking spaces, is riding a wave of remarkable success. The company announced its impressive year-over-year performance in 2023, closing out the year with double-digit increases in key benchmarks, including a 21% rise in systemwide sales and a 16.5% jump in systemwide membership.
Vast’s growth trajectory has been further propelled by the acquisition of Intelligent Office®, a pioneering flexible workspace concept, earlier this year. This strategic move elevated Vast to the third-largest global coworking network, boasting over 190 locations, 40,000 members, and 2.4 million square feet of space across eight countries worldwide.
Jason Anderson, President of Vast, expressed enthusiasm for the company’s achievements, stating, ‘Our past successes have propelled our ongoing growth and opened us up to new opportunities that we’re excited to seize this year. We see ourselves as a dominant force in the private sector of coworking, and we are excited to continue growing both our Vast network and member community as demand for flexible workspace remains at an all-time high.’
In 2023, Vast opened 11 new locations – nine Venture X and two Office Evolution – adding 295,578 square feet to its global footprint across both brands. The company also signed 34 franchise agreements, fueling its development pipeline with domestic and international locations, including the expansion of Venture X and Office Evolution into Portugal.
To support its rapid growth, Vast has strengthened its leadership team by promoting several longstanding leaders. Paula Mercer has been 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. ‘Having the right people in the right roles is fundamental to any company’s success,’ said Ray Titus, CEO of United Franchise Group, Vast’s parent company. ‘Each of their unique experiences and strengths add so much to our organization and will be instrumental in taking Vast to the next level.’
With a robust development pipeline, an expanded global footprint, and a strengthened leadership team, Vast Coworking Group is well-positioned to capitalize on the growing demand for flexible workspace solutions. As part of United Franchise Group™, the global leader for entrepreneurs with over 1600 franchises in more than 60 countries, Vast is poised to continue its remarkable growth trajectory in the coworking industry. For more information, visit www.vastcoworking.com.
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