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Coworking spaces: Why it works and how to be a successful investor

System - Sunday, August 6, 2017
Property Management Blog

Should investments be geared to a coworking space?

According to many years of research from the Harvard Business Review, this answer point to yes. People who belong to coworking spaces report levels of thriving that approach an average of 6 on a 7-point scale, which is almost an entire point higher than the average for employees who work in regular office spaces.

So … what’s the secret?

Unfortunately, there is no one secret to solving this mystery. But, data aside, those who use coworking spaces often thrive more due to the flexibility and freedom the space offers as well as the community and comfort it can provide to remote workers.

A study performed by Metro Offices predicted that about 1.2 million people worldwide will work in coworking spaces this year. In the Triangle, businesses such as HQ Raleigh or American Underground have already discovered a lot of success in this growing industry.

Are you interested in investing or starting your own coworking space?

Although many things can be done when launching a coworking space, the main things to keep in mind revolve around four factors.

Target audience

Define your target audience. Will you serve a specific industry or will your admissions process will be selective or not? These decisions will help you navigate the decision-making process.

Location

Make sure your location is easily accessible. Typically, the best coworking spaces are near populated places. Locations that have public transportation stops nearby are a plus.

Interior design

The design and layout of the space should offer practicality as well as flexibility to support various devices and provide comfort.

Community

Remote workers want an environment that is more than just about business. They want to feel connected professionally and socially. Create or foster opportunities where members can feel like they’re a part of a budding community.

The future of these combined workspaces is on the rise, so speak to a Century 21 CRE agent to help you find the ideal space to get started.