Would you want to invest in commercial real estate? Well, you should take advantage of recent trends and invest in a coworking space. Read the extract below to learn more about coworking spaces and why they are one of the most profitable commercial real estate investments.
What Is a Coworking Space?
A coworking space is an office concept that allows different professionals to share their working space. Most coworking spaces adopt an open office environment where people can interact and share ideas as they work. They are an ideal choice for millennials who are tired of the traditional office environment. The atmosphere created in the coworking space helps boost their creativity and productivity.
Coworking Space Models
Coworking spaces that adopt an open office model will have lounges, desks, tables and a conference room for people who want to hold meetings. A coworking space could also have offices. It is suitable for people who prefer to work in an enclosed environment. These offices could either be individual or shared.
People that want to use the coworking space pay a daily, monthly or yearly membership fee. If the coworking space features offices and open working space, a member can subscribe to access the office, open space or both.
How to Set Up a Coworking Space
Below are a few tips to help you set up a coworking space:
Location. The coworking space must be conveniently located. People may not be interested if the space is too far from town. Choose a relatively quiet area where members will not be distracted by noisy traffic.
Space. The area must be spacious. Remember, your clients are avoiding the crowded office.
Décor. The coworking space should feature high-quality fixtures and furniture. Create an ambient environment by installing pendant lights and indoor plants.
Amenities. The space should have a spacious kitchen where members can make coffee or snacks. It should also have washrooms. Free Wi-Fi and fast internet are must-haves.
Managing a Coworking Space
The best way to advertise your coworking space is through social media. For instance, you could put up paid ads or add the business on Google business listings. Advertise the conference facility separately to attract people looking for affordable conference rooms. You will need a manager to ensure the premises are clean and address member complaints. Increase the profitability of your venture by having a snacks shop or small cafe.
Coworking spaces are a profitable commercial real estate venture. The coworking space must be affordable and conveniently located. Besides, it should offer a wide range of amenities.
Contact a company like Officeport to learn more.