Former software executive Kevin Priddy is rapidly expanding his coworking empire, with three new Atlanta locations and plans for dozens more across the Sun Belt. Priddy founded Priddy Spaces in 2022 and has since opened 12 franchise locations under the Venture X and Office Evolution brands. His venture into coworking followed the sale of his previous company, PlanHub, a software platform for commercial contractors, to a private equity firm. Alongside his wife and business partner, Giedre, Priddy identified the coworking industry as a promising opportunity during its recovery phase.
His debut Metro Atlanta location opened in July at 1100 Circle 75 Parkway, near The Battery Atlanta. Two more branches are set to follow: one at Regions Plaza in Midtown, opening in December, and another at 5155 Peachtree Parkway in Peachtree Corners, slated for early next year. These locations are strategically positioned to cater to the growing technology workforce that prefers suburban offices closer to home.
Targeting Sun Belt Growth
Priddy, a franchisee of Vast Coworking, aims to open four locations annually, eventually reaching 50 in operation. He’s targeting the Sun Belt, where population growth has outpaced office construction, particularly in suburban areas. This focus aligns with the broader trend of urban sprawl in regions like Dallas, Florida, and Metro Atlanta, where workers seek offices closer to their residences.
“There is a lot of growth in this industry right now,” Priddy said. “There’s a huge boom in entrepreneurship, especially with AI. We have so many AI companies coming in and signing up for space.”
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The coworking industry is rebounding after pandemic-related consolidation. According to CoworkingCafe, a Yardi subsidiary, there were 8,973 coworking locations in January, a 15% year-over-year increase. The total U.S. coworking footprint reached 160 million square feet, up 16% from January 2025. This recovery follows a period of contraction between 2020 and 2022, when over 800 coworking locations closed, including major players like Knotel and WeWork, which faced bankruptcy.
Independent Operators Dominate
Despite the presence of major players like WeWork, IWG, and Industrious, independent operators control nearly 80% of the market. This segment is growing rapidly, with the number of coworking companies operating 10 or fewer locations climbing from 3,300 in 2024 to nearly 4,500. Wybo Wijnbergen, CEO of infinitSpace, highlights the potential in this space, having founded the company in 2020 and planning to operate 30 locations in major U.S. cities like New York, Seattle, Austin, and San Francisco over the next two years. infinitSpace partners with commercial real estate landlords to manage coworking spaces, further illustrating the industry’s growth opportunities.
Priddy’s strategy involves limiting location size to 25,000-30,000 square feet to minimize risk. “If we keep our focus under 30K SF, we feel comfortable we’re not overexposed and risk a location,” he said. He signs direct leases with landlords, leveraging tenant improvement allowances as startup capital. Venture X and Office Evolution primarily offer private office suites for individuals and companies, catering to a diverse clientele including small professional services firms and midmarket businesses.
Focus on Affluent Markets
Each location aims to turn a profit once 70% of the space is leased, a goal Priddy expects to achieve within a year of opening. While seeking full-year lease commitments, customers join locations anywhere from month-to-month to longer than a year.