The business of running an office building has been the subject of significant disruption over the past decade as the trend toward remote working and a flexible, scalable workforce becomes less of an anomaly and more status quo.
Looking for the next big thing
Commercial brokers who have invested in office buildings have likely noticed the change in recent years. The demand for traditional office space is much lower, companies are downsizing and restructuring, and many office buildings are emptying as the workforce shrinks.
Brokers are always on the lookout for the next big startup, and while the changes in commercial office real estate may have morphed into something unrecognizable from just a few years ago, savvy investors see the opportunity.
Enter the shared workspace, a growing movement that makes the most out of office space while maximizing revenues, empowering startups, and strengthening local culture.
What startups are looking for
Shared workspaces are a hotbed of startups. They don’t always succeed, but they don’t always stay small, either. The upshot is that you, as a broker, will have access to a steady pool of incoming ideas that could, potentially, turn into the next unicorn company.
Some of the benefits that shared workspaces offer to startups include:
Flexibility
Startups are incredibly volatile, which makes it imprudent for them to commit to a long-term office lease. On the other hand, they need to be prepared for rapid scale if the idea takes off.
These are just some of the benefits that make shared workspaces so attractive:
- Short-term commitment
- Affordable
- Fully equipped with office amenities
- Scale up or down as needed
Community and networking
Coworking, and shared workspaces, in general, are a great benefit to startups as they put them in contact with like-minded others, including potential investors, customers, and talented freelancers. This is one of the most attractive things about coworking, and it’s certainly something you don’t get with conventional office space.
How commercial brokers can benefit from shared workspaces
While coworking is nothing new, it has significantly changed the way office buildings work. Even if companies have little need for conventional office space, they may still have a field team or remote teams that they need to accommodate. They will still need meeting space and traditional office amenities, and coworking can answer all of those needs while saving them money.
A shared workspace provides value to companies of all kinds, and it provides building owners with a sustainable revenue stream without having to repurpose office space into another use or sell it off completely. Currently, there are more than 20 thousand coworking spaces in the world, but the industry is projected to grow by 42 percent between now and 2020.
Of the companies accessing shared workspaces, 65 percent are new companies, 26 percent are companies who are expanding, and large chain companies hold the rest.
If you would like to learn more about what investment in shared workspaces can do for you, reach out today.
