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As Verizon network technology has advanced, the amount of space needed to house its equipment has reduced over time, leaving large pockets of unused space throughout legacy owned assets. In Fall 2015 Verizon announced a creative strategy to repurpose this space by opening coworking communities. The first building was launched in Lower Manhattan, and additional locations in Boston and Washington, DC are under development. Verizon recognises that the most innovative new ideas often come from outside traditional corporate R&D departments. By inviting entrepreneurial communities into their coworking spaces, Verizon has direct access to high value talent, local tech startup subcultures, and global innovation networks. Product innovation teams aim to tap into the energy of these communities to spur new ideas and improve Verizon's brand presence in critical growth markets. Verizon's Global Real Estate team is also applying lessons learned from its coworking venture to their global corporate workplace strategy. At the heart of this real estate strategy is an understanding of space as a critical opportunity to create a platform for innovation, collaboration and communication to support the business.
Keywords: Shanghai2017, 2017 Shanghai Summit, Verizon, coworking
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