Columbus Business First

17 November 2016

Co-working spaces are all the rage these days and a Columbus hotel company is getting in on the action. Renascent Hospitality, a hotel manager and developer, has become a franchisee of Rye, New York-based Serendipity Labs Coworking. Renascent will open four labs in Central Ohio starting in 2017.

“Columbus has seen tremendous growth over the last few years, with good reason. Companies see the enormous potential in everything from the central location, to the talent pool and resources available,” John Arenas, CEO of Serendipity Labs, said in a release. “As about 45 percent of our members are employees of established companies who have the monthly membership paid by their organization, 20 percent startups and 35 percent independent professionals, we think Serendipity Labs is the perfect fit for Columbus’ fast-moving business environment.”

Renascent is looking at the downtown and Short North areas for locations for the first labs. Co-working has been called the “new sub sector of the real estate market” and “one of the largest startup segments” by Forbes. But the industry has its challenges, the story said, including unpredictable revenue streams and high fixed costs.

Scott Somerville, president and principal of Renascent, was featured in Tuesday’s Wall Street Journal where he talked about the similarities between hospitality and co-working. The labs are described as upscale and have private offices, team rooms, lounges and cafes. Renascent also is expected to create day and evening programs for tenants.

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