Collaborative creative cooperative working spaces, a convenient mashing of alliterative buzzwords that ultimate means shared office, have gotten a lot of attention in Philadelphia — there are  17 co-working spaces currently open or under construction in the city. 

On September 2, one of these spaces announced it’s closure. Impact Hub, coworking and event space in a massive South Kensington building at 4th and Thompson streets, announced that they will be closing.

Executive Director Dominique Aubry sent an email explaining the news to members today. In it she said:

Based on our current capacity and expenses, at this time we cannot sustain a co-working business at 1227 N 4th.

Aubrey cited “considerable financial losses” as the reason for the company’s closing. They are planning on reopening someplace downtown and having the next step ready by sometime in October. Impact Hub Philly is part of a national network of coworking spaces.