Coworking - The Solution to Empty Commercial Space

Business Is Changing

The pandemic’s effects have sent massive ripples throughout the US economy. Working from home has increased company productivity all over the country, but has also left landlords footing the bill on millions of square feet of unused office space.

Repurposing empty desks and utilizing unused conference rooms for a coworking environment is a great business savvy way to keep revenue coming in, but it’s not as simple as just signing up individuals. It takes careful planning.

Operating a Coworking Space

Managing flex spaces comes with its own set of unique challenges. The typical landlord doesn’t have the resources, staff, or training to operate a coworking space successfully. Even traditional leasing is usually outsourced. It's important to note that coworking members have come to expect certain amenities. Coffee, snacks, current technology, communal spaces and even staff to help with their needs and questions are essential.

Due to the intricate complexities and nuances of a coworking space, very few landlords will find success on their own. It is crucial that landlords partner up with those with experience operating and working in a flex space setting. Village Workspaces has over 7 years of research behind us and having been operating since 2014. As leading experts in the field of flex spaces, we understand the wants and needs of workers and how to provide them with the perfect environment to succeed and be happy.

Benefits of Operating a Coworking Space

• Filling these converted office buildings with coworking tenants also means you can collect premiums on the same space, bringing in between 30-40% more income than you could from a traditional leasing agreement, says the Commercial Real Estate Development Association.
• Coworking can also generate additional revenue. Landlords interested in opening up a coworking space into their building should consider working with a third party with experience in operation coworking spaces. This means that a coworking space can be competently managed all while providing an extra service for the building.
• Coworking also can provide additional foot traffic to your building. Members create consistent visitors to your building increasing overall interaction with your building and driving potential revenue from secondary purchases such as buying coffee or enjoying lunch form other potential businesses within the building.

If you are a property owner interested in the getting into the coworking industry, please reach out to us.