A 13,980-square-foot shared workspace with 60 offices, two meeting rooms and a training area opened in the Discovery District in January.
Venture X, located at 5825 University Research Court, is “basically a space where people can reserve fractional space,” Moniesha Shorter, the College Park franchise owner, said. “So a business that’s starting off, maybe they just need a professional address and a place to meet with clients. Some clients only need office space a few days a week.”
Shorter said the building has flexible terms that allow clients to reserve space by the hour, day, week or month. Most clients use the offices when they have in-person meetings or need a quiet place to work, she said.
Some virtual clients rent just the address and receive their mail there, and some use the virtual receptionist and phone answering service.
“I think, increasingly, long-term leases are less favorable,” Shorter said. “Because if you’re a small business, you can’t really predict what your business is going to be like, and so this gives them an opportunity to reserve space.”
The business, which shares a building with a number of tech and research companies, has five tenants so far.
Jaye Wilson, CEO of Melinated Moms, a business that caters to women of color by offering programs related to health, fitness, emotional support and career development, operates out of Venture X.
Wilson, who also does business consulting, said she uses the space primarily for meetings and networking.
“It gives me that feeling that I’m not alone,” Wilson, who recently moved from Trenton, N.J., said. “Working from home is convenient, but after a while, you kind of get lazy, you don’t want to get dressed, you don’t want to do all those things. So this actually makes me excited to get up and get to work.”
Wilson said she tried working from Venture X’s Columbia location but signed up in College Park when it opened because it is close to her home.
She said the building’s proximity to the University of Maryland (UMD) was another reason she wants to work in College Park, as the location offers opportunities for networking.
She said the price to rent her private office is affordable.
Prices range from $29 a day to use a shared space to $1,595 a month for a dedicated, lockable office for a team of three.
Virtual clients pay $49 a month to use the business address and another $30 for mail service.
Venture X is a chain with offices in 17 states and eight countries.
Shorter said she located her franchise in College Park because it is home to UMD and the Discovery District and is a hub of entrepreneurship.
“We were very intentional about making our home here,” Shorter said. “Because the Discovery District really sits at the intersection of research, innovation, entrepreneurship and culture, and so we definitely want to amplify entrepreneurship here.”
According to Shorter, the space can serve a variety of tenants, ranging from traveling businesspeople to those in real estate to large companies whose workforce has outgrown their headquarters.
Michael Williams, head of economic development for the City of College Park, said he anticipates Venture X will draw businesses to the city.
“I would say we’ve had merchants and business people looking around for office space to do business and wanting to be accessible to College Park,” Williams said. “I look forward to perhaps a big name coming out of that concept and being able to expand his, her or their businesses here in College Park.”
