Rapid technological developments make firms favor the creation of new approaches to technology management. Startups can offer large firms access to new technologies and the emphasis on corporate-startup collaboration has therefore reached a new level. Many models exist and co-location is one of these. While co-location in the context of clusters and innovation systems has been studied in previous literature, research on corporate-startup co-location is very limited. The purpose of this paper is to investigate the broader phenomenon of business co-location and based on this review, suggest a framework and metrics to evaluate the effects of corporate-startup co-location. The paper originates from earlier conducted studies on corporate-startup collaboration models. For this paper a literature review on the broader phenomenon of business co-location is conducted. The theoretical contribution is a proposed multi-stakeholder framework and metrics for evaluating the effects of corporate-startup co-location.