Madison’s various coworking spaces are each filling needs within the city’s business community, according to a panel discussion at the monthly WIN luncheon held Tuesday at the Sheraton Hotel.

“Coworking allows companies to take the next step in their growth without being exposed economically,” Josh Rikkers of Cresa said.

Rikkers explained the difficulty startups can have taking on long-term leases, renting large office spaces and paying for amenities as reasons why the coworking industry, including in Madison, has seen growth.

In Madison’s burgeoning startup scene, places like Matrix and 100state are continuing to grow and evolve, according to their leaders.

For example, when Matrix launched in 2013, it was known as “shared office space” before becoming a coworking space with an active community of members, said Tiffanie Mark, the founder and director.

Mark also said that companies that have moved out of Matrix tend to keep their membership to remain a part of that community.

Meanwhile, 100state’s 300+ members, the largest group in the state, have now outgrown their second space at 30 W. Mifflin St., prompting a move to 316 W. Washington Ave. in January.

100state Executive Director Greg St. Fort mentioned it’s not just employees of early stage companies represented in his space, it’s also employees of established companies who may be looking to work remotely.

“Throughout the day, you’ll see different types of experiences (at 100state) based on who’s working,” St. Fort said.

Other Madison coworking spaces include Madworks, PinkSpace, Horizon and Synergy.