How to Manage a Property with a Shared Workspace

Shared workspaces have become increasingly popular in recent years, providing a flexible and cost-effective solution for businesses and entrepreneurs. As a real estate investor or property manager, it’s essential to understand how to effectively manage a property with a shared workspace. In this article, we’ll explore the key aspects of managing such properties, including tenant relations, space optimization, and legal considerations. We’ll also provide valuable insights and examples to help you succeed in this growing market.

Understanding the Shared Workspace Concept

Before diving into property management strategies, it’s crucial to understand the shared workspace concept and its benefits. Shared workspaces, also known as coworking spaces, are office environments where multiple businesses and individuals work side by side, sharing resources and amenities. These spaces typically offer flexible membership plans, allowing tenants to rent desks, private offices, or meeting rooms on a short-term basis.

• Benefits for tenants: cost savings, networking opportunities, and access to professional amenities.
• Benefits for property owners: increased occupancy rates, diversified tenant base, and potential for higher rental income.

According to a 2019 report by CBRE, the shared workspace industry has grown at an annual rate of 23% since 2010, with over 80 million square feet of flexible office space in the US alone. This trend is expected to continue, making it an attractive opportunity for real estate investors and property managers.

Tenant Relations and Community Building

One of the key aspects of managing a shared workspace property is fostering a sense of community among tenants. A strong community can lead to increased tenant satisfaction, longer lease terms, and positive word-of-mouth marketing. Here are some strategies to consider:

• Host regular networking events and workshops to encourage collaboration and relationship-building among tenants.
• Provide a dedicated community manager to facilitate introductions, address tenant concerns, and maintain a positive atmosphere.
• Offer shared amenities, such as a communal kitchen or lounge area, to encourage interaction and create a welcoming environment.

Case study: WeWork, one of the largest shared workspace providers, places a strong emphasis on community building. They offer a range of events and programming, from professional development workshops to social gatherings, helping to create a sense of belonging among their members.

Space Optimization and Design

Maximizing the efficiency and functionality of your shared workspace is crucial for attracting and retaining tenants. Consider the following tips for optimizing your space:

• Offer a variety of workspace options, such as open desks, private offices, and meeting rooms, to cater to different tenant needs.
• Incorporate ergonomic furniture and design elements to promote comfort and productivity.
• Ensure ample natural light and ventilation to create a pleasant working environment.
• Provide reliable and high-speed internet access, as well as other essential technology infrastructure.

Example: Industrious, a leading shared workspace provider, focuses on creating thoughtfully designed spaces that cater to various work styles. Their locations feature a mix of private offices, coworking areas, and meeting rooms, along with amenities such as phone booths and wellness rooms.

Legal Considerations and Lease Agreements

Managing a shared workspace property involves unique legal considerations, particularly when it comes to lease agreements. Here are some key points to keep in mind:

• Ensure that your lease agreements clearly outline the terms and conditions of the shared workspace, including membership plans, fees, and rules for using common areas and amenities.
• Consider incorporating a flexible lease structure, allowing tenants to easily upgrade or downgrade their membership plans as their needs change.
• Stay up-to-date on local zoning regulations and building codes, as these may impact your ability to operate a shared workspace.
• Consult with a legal professional to ensure that your lease agreements and property management practices comply with all applicable laws and regulations.

Statistic: According to a 2018 survey by the Global Workspace Association, 54% of coworking spaces offer month-to-month lease agreements, while 28% offer daily or weekly options. This flexibility is a key selling point for many tenants, particularly startups and freelancers.

Marketing and Tenant Acquisition

Effectively marketing your shared workspace property is essential for attracting and retaining tenants. Consider the following strategies:

• Develop a strong online presence, including a user-friendly website and active social media profiles, to showcase your property and its amenities.
• Offer virtual tours or open house events to allow potential tenants to experience your space firsthand.
• Partner with local business organizations, such as chambers of commerce or startup incubators, to increase your visibility within the community.
• Utilize search engine optimization (SEO) and targeted online advertising to reach your desired audience.

Example: The Yard, a shared workspace provider with locations across the US, utilizes a comprehensive marketing strategy that includes a visually appealing website, active social media presence, and partnerships with local organizations. This approach helps them attract a diverse range of tenants, from freelancers to established businesses.

Conclusion

Managing a property with a shared workspace presents unique challenges and opportunities for real estate investors and property managers. By focusing on tenant relations, space optimization, legal considerations, and effective marketing, you can create a thriving shared workspace that benefits both your tenants and your bottom line. As the shared workspace industry continues to grow, staying informed and adapting to the evolving market will be key to your success.