Report: Bamboo Detroit’s Co-Working Community Generates $74M in Revenue Annually
Bamboo Detroit offers various options for co-working in the city.
Photo Courtesy: Bamboo Detroit
Co-working space Bamboo Detroit has released a report regarding shared office and workspace trends, based on a survey of approximately 100 of its 250 members.
To date, the report indicates Bamboo members have generated a combined revenue of $74 million annually. Specifically, the survey’s findings indicate that 51 percent of respondents considered themselves women-owned businesses, and that 28 percent reported making between $500,000-$2 million or more in revenue annually.
Bamboo’s companies also hire an average of four new employees per year, while 75 percent of the respondents cited a preference for hiring local talent or partnering with locally owned businesses. Additionally, 80 percent reported hiring, partnering, or referring business to a fellow Bamboo member.
Bamboo’s member companies serve the professional services, marketing and communications, technology and information technology, design and arts, real estate, food, retail and e-commerce, and education industries. More than 75 percent of respondents reported using Bamboo as their primary office, while 25 percent use it as a satellite office.
Additionally, 60 percent of members are early state companies, combined with 40 percent classified as growing for more than three years.
“As co-working and shared offices grow, reflecting new work styles and economies, we created this report to better understand the economic impact,” the report says.