Michigan Coworking & Ecosystem Predictions for 2024

Bamboo and our Michigan ecosystem thrived in 2023.

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This past year, a whole new wave of founders launched companies. We witnessed an inclusive movement emerge with Black Tech Saturdays in Detroit. Additionally, we expanded to Ann Arbor, unveiling our third coworking and office location just minutes away from the University of Michigan.

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As Bamboo spans three locations and surpasses 1,200 members, we eagerly anticipate increased collaboration and business growth within our community for 2024.

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We extend warm holiday wishes and New Year's greetings to all. Below, we share our predictions on coworking in Michigan and the burgeoning startup and small business landscape.

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Coworking Continues: With a lasting shift toward hybrid and remote work, the coworking and flexible office industry is expected to grow nationally by 12-15% annually. This marks significant growth for an industry recently recovering from the global Covid-19 pandemic. We discussed this trend with Crain's Detroit earlier in the year. Our team anticipates coworking to expand beyond downtown cores, which still witness 60-70% of their pre-pandemic daytime foot traffic. We also foresee landlords emphasizing more amenities and fostering partnerships with coworking operators.

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Collaboration at the Forefront: Collaboration remains a cornerstone for our team at Bamboo. As we branch out into the Ann Arbor community, our goal is to cultivate increased collaboration among Michigan's expanding cities, including Detroit and Ann Arbor. Given the emergence of newer transit options, such as the D2A2 bus, and the keen interest from community partners in Ann Arbor, we anticipate enhanced collaboration within and beyond the Bamboo community.

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Fundraising for Startups Grows: Startups perpetually navigate risks, adapt to change, and seek capital. The high-interest rate environment of 2023 posed fundraising challenges for many Michigan startups. However, with rates projected to decrease in 2024 and more early-stage startups resonating with customers, we anticipate improved fundraising prospects for our startup ecosystem.

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Potential Exits & Acquisitions: Michigan's startup landscape witnessed several acquisitions this past year, including Tome, Nutshell, Nixcode, and Trustpage. With  six Series A startups at Bamboo and a growing number of mature startup companies in Michigan, we anticipate additional exits, mergers, and acquisitions.

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New Leadership Emerges: In recent months, new roles have emerged in mobility innovation, startup incubation, the Michigan Founders Fund, and the State of Michigan's inaugural Chief Ecosystem Officer position. We look forward to seeing emerging talent fill these leadership roles, ushering in fresh perspectives and invigorating the ecosystem.

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We remain optimistic for a prosperous and fruitful 2024 for all.

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What predictions do you envision for your community?