Just when you thought Austin couldn’t handle another co-working space — enter Firmspace. The Austin-based company just opened a 33,000-square-foot space on the 19th floor of 500 West 2nd, which is also home to Google.
Firmspace differs from many other local co-working spaces by targeting upper-end firms with a little more luxurious buildout than many competitors. That includes soundproof offices, a fitness center and other, more common perks, like stylish lobby space and cold brew coffee.
Firmspace is led by CEO and co-founded Matt Ferstler and chief development officer and co-founder Justin Bayne. The company also has a space in Denver, and it is looking to expand in Houston, Dallas, Atlanta, Miami, New York City, Salt Lake City and Washington D.C.
Ferstler was previously founder and CEO of the Testicular Cancer Foundation. Bayne is a managing partner at SkylesBayne Company, a commercial real estate company in Austin.
“Co-working shouldn’t involve a trade-off between privacy and isolation,” Ferstler said in a news release. “Professionals such as lawyers, financial services firms and remote corporate executives demand a secure, polished, yet private office space without the financial constraints of long-term leases or the professional drag of a second-tier, crowded space.
You may recall that WeWork recently announced plans to open a fourth space in Austin, which will be just a few blocks from WeWork’s first location at 6th and Congress. This adds to a huge list of co-working chains in Austin, which includes Industrious, Galvanize, TechSpace and Vuka.
It’s easy to assume Austin is on the verge of max co-working. But as companies continue to mine Austin for its tech talent and open regional or one-person offices, the growth of small, but communal, workspaces could grow even more before it plateaus. Meanwhile, more startups and mature companies are seeking short term leases to accommodate rapid changes to headcount.
That said, competition will likely continue to force out smaller, less-funded co-working companies as the industry matures.
“With the launch of Firmspace, we are witnessing the second wave of co-working,” Bayne said in the news release. “Traditionally underserved niches like experienced white-collar professionals are finally finding their work home. With demand already moving us to capacity, and fast, we anticipate rapid-fire growth across the nation in the near future.”