What Benefit Does Coworking Offer CRE Brokers?

What Benefit Does Coworking Offer CRE Brokers?

Coworking spaces are an incredibly attractive option for businesses in early stages and startups. The community vibe, the flexibility and the perks that shared workspaces offer can help alleviate the pressure owners feel and allow them to place more focus on scaling their business and not running an office.

If you are a broker looking to tap into the coworking/flex space market, visiting and working out of several different operators facilities will provide you insight into the community and how best you might bring value to their members.

How CRE Brokers Can Benefit from Coworking

By investing time in building relationships with these members and operators of the coworking/flex business, you will likely increase your chances of working with a coworking tenant when they are ready to sign their first lease. Down the line, if you continue to foster the relationship with the coworking operator you may be able to create a preferred vendor relationship and be provided referrals from the operator.

Leverage Coworking

Once you have established a presence in a coworking space, you can begin to cultivate relationships. Through collaborating and being available to other members, you will be sure to run into potential future clients that one day may possibly need your assistance or have a friend, or associate that may need a brokers assistance.

When you refer a client to a coworking space who is not ready to sign a long-term lease, you establish instant credibility as a broker because you are providing them flexible options that may focus on their current needs, and not just your brokerage fee, if their current situation is more suited for a shorter term commitment as opposed to a more traditional three to five year lease structure.   

Additionally, coworking facilities can be leveraged by commercial brokers who may be trying to expand one of their clients in a nearby office building, but the space isn’t available for an extended period of time but the client needs space immediately. Utilizing a flex space might allow the client to grow and expand without the hassles and expenses of relocation the entire office.

Most coworking spaces offer brokers commission for referring clients to their space. But, once a client becomes a member it’s entirely the broker’s responsibility to stay in touch with your client to stay abreast of his potential need to expand, not only within the coworking/flex space but also if his/her needs outgrow the space. Hopefully, when the client is ready to transition out of the coworking space to a more traditional lease structure, you will be top of mind and have the first opportunity to win the assignment.

Coworking Space

Sharedspace, is a regional coworking business focused on creating modern, professional, and energetic work environments to stimulate the creativity and productivity of entrepreneurial businesses and their teams! Please don’t hesitate to reach out if your business is looking for creative opportunities reinvigorate your workforce and brand with a modern coworking environment like SharedSpace. Contact us today to schedule a tour of our facilities or for a consultation on your business.

Spec Suites / Team Suites: A New Trend in Coworking

CoWorking Trends: Spec Suites / Team Suites

Spec suites and team suites are the newest trends in coworking. Spec suites are a great option for when a tenant needs to secure an office space immediately but does not have time to wait for construction and a build out. Let’s take a deeper dive into what defines a spec/team suite and how tenants can benefit from using them.

What is a Spec Suite?

“Spec” just means the landlord has already spent the time and money to build out a turn-key office which includes standard FF&E and access to technology in hopes of finding a tenant who wants to move into the space immediately “as-is.” A lot of businesses like this solution because they don’t have to wait three to six months for their space to be built out and to be ready to move in. Spec suites have become increasingly popular in certain markets, especially in those where Fortune 1000 companies are in need of quick move-in or co-working solutions with shorter lease commitments to fulfill specific project needs in cities where they may not have a presence.

Liquidspace, a market leader in identifying global availability and options in coworking spaces recently created a new division, AtaSpace, to specifically focus and target users of spec/team suites with turnkey solutions for Fortune 1000.

The Nitty Gritty of Spec Suites

Coworking spaces with spec/team suites typically include the must-have features like kitchens, conference rooms, workspaces, and a reception area. Renting spec suites entails a certain knowledge of the market. It’s also important for brokers and landlords to accentuate the positives about team suites and to make spaces more appealing with better finishes and lighting and the opportunity for the company to recreate their own brand and identity within the team suit. The best team suites find that sweet spot between the coworking owner’s identity and the brand.

Not all Spec Suites are the Same

Some spec/team suites use high-impact wall graphics and displays to tell a story about the property or area. Hospitality inspired designs with warm colors, wood finishes, and dimmable lights can be more attractive to companies looking for a space that adheres to a more casual lifestyle. There is no one-size-fits-all option for team space, but operators are attempting to bridge the gap between custom and traditional coworking finishes to give tenants of team suites their own identity.

How Can Tenants Benefit from Team/Spec Suites?

For example, a client may want to expand their business quickly and need additional square feet within a quick window. This is where a spec suite can come in handy and can be ready within a few days with a lease in play within the first week.

Another benefit to a tenant when thinking about leasing a team/spec suite is the security deposit amount required by the landlord will be typically less than if the tenant were to lease another (not ready space) in the same property.

If a tenant decided to choose another available space in the building, the Landlord would have to spend a lot more time and money in order to tailor this space for occupancy, which will result in more time to deliver the space, a potentially higher security deposit, and a longer-term lease.

Team suites can give tenants a more immediate picture of what they would be leasing without a long lease commitment. The build-out creates a very sensory experience, which can be much more impressive and convincing than a 3-D walkthrough or detailed renderings of the space.

Coworking Trendsetter

Sharedspace, is a regional coworking business focused on creating modern, professional, and energetic work environments to stimulate the creativity and productivity of entrepreneurial businesses and their teams! Please don’t hesitate to reach out if your business is looking for creative opportunities reinvigorate your workforce and brand with a modern coworking environment like SharedSpace. Contact us today to schedule a tour of our facilities or for a consultation on your business.

Can a Coworking Space Thrive in the Suburbs?

Can a Coworking Space Thrive in the Suburbs?

Currently, 90 percent of coworking space is located in dense, urban areas. Most, if not all of suburban development happening today, has a mixed-use component, offering amenities for coworking close and within walking distance. The million dollar question professionals are asking is can coworking survive in the suburbs?

Coworking Space Expands to the Suburbs

The rise of suburban coworking space showcases a broader trend occurring in office real estate across the country. The suburban office has seen positive absorption for several years, spurring an increase in coworking space in these markets. According to research from WalletHub in 2017, the fastest-growing cities in the United States are mid-sized, suburban cities like Frisco, TX, Kent, WA, Lehigh Acres, FL, Midland, TX, and McKinney, TX. Coworking operators who are looking to grow their footprint should look to suburban markets, where the highest growth is happening.

Economic growth is higher in the mid-sized market than in larger cities, making it clear there are professionals in these areas that need a space to work. Many of these individuals are likely commuting back and forth from the city to the suburbs and they will be attracted to the idea of being able to work right in their backyard at a coworking hub.

Blending Shared Office Space Into a Community

As a coworking operator, one should research and understand the community and neighborhood that the space will be catering to. Finding out the types of services people within the suburban mark needs and the prices they are willing to pay for them will be important to an operators success.

For example, Serendipity Labs is one of the several coworking companies that have spread outside of the urban core. They have opened up locations in places like Aventura, Florida and Ridgewood, and New Jersey near transportation hubs or major interstates and catered their pricing and amenities to attract these suburban markets. Serendipity Labs’ CEO John Arenas believes that coworking will become part of work culture everywhere and that suburban coworking will be a new normal.

The Appeal of Remote Offices for Larger Companies and Corporations

Suburban coworking spaces are a boon to corporations that need space for satellite offices or offsite teams, but they also might be more diverse in regard to age, industry, and gender in comparison to the urban counterparts. Suburban coworking spaces will thrive simply because they offer professionals the flexibility of going home in the middle of the day if needed and being close to their children.

National commercial broker CBRE recently released a study statistically showing that although millennials enjoy living in urban areas they overwhelmingly move out to the suburbs when they have children. The study also suggested that given many millennials have never worked anywhere but a coworking type environment they will want similar work environments in their new communities

Coworking In Suburban Areas Will Continue to Trend All Over the World

This idea of expanding coworking space into the suburbs is not just a national trend, but an international trend too. CMPNY, a leading coworking company in Canada, has locations exclusively in suburbs as opposed to Vancouver’s downtown core. Darryl Bosa, Founder of CMPNY, said, “Commuters desire office space that is local, easily accessible and gives them a sense of pride every day. Families living in the suburbs expect all the amenities of living downtown; walkable neighborhoods, entertainment, schools, and parks. They also want coworking spaces where small businesses can thrive, where freelancers and remote workers can feed off of each other’s energy, stay focused and gritty … accelerating their achievements.”

As the suburbs continue to boom in population and mixed-use developments continue to pop up in these areas, expect to see coworking operators expanding into these markets. Commercial real estate firm JLL projects that by 2030, flexible space will account for 30 percent of the total corporate real estate portfolios, meaning there will be the need to expand into suburban markets.

Top Tier Coworking Environment

SharedSpace, is a regional coworking business focused on creating modern, professional, and energetic work environments to stimulate the creativity and productivity of entrepreneurial businesses and their teams! Please don’t hesitate to reach out if your business is looking for creative opportunities to reinvigorate your workforce and brand with a modern coworking environment like SharedSpace.

SharedSpace 2018 In Review

What a wild year it has been for SharedSpace!  We continue to see amazing growth throughout the Atlanta community and are so thrilled to be opening in Augusta this January.  As we focus on 2019, let’s take a quick look back at what we’ve done in 2018. Here are a few of the highlights:

  • 1,323 meetings were scheduled in our conference rooms
  • Over 270 members are now a part of the SharedSpace Community
  • Over 100 companies now call SharedSpace home
  • 43 companies moved into new private offices this year
  • yoga classes were hosted
  • 378 space tours were given
  • new location was opened (SharedSpace Cobb)
  • 1  new location was built! (SharedSpace Augusta)
  • 3 new SharedSpace Employees were hired
  • 94 events were hosted between our locations
  • 1 company selected for TechStars Atlanta – CommissionTrac
  • 23 kegs of Sweetwater 420 were consumed
  • Over 865 pounds of Rev coffee have been consumed
 Thanks for making 2018 such a wonderful year and Happy New Year to you all!

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