Is Co-Working the Right Thing for Your Unused Office Space?
Are you considering the options for how to use unused office space? Have you considered turning this space into a co-working space? The first thing you need to consider before making the decision is what potential advantages and disadvantages adding co-working space can have. Let’s look at a few factors that may affect whether or not co-working is the right thing for your unused office space.
Attract New Types of Tenants
Adding co-working space to your building can attract a whole new array of tenants from startups to corporations looking to move into a space that adheres to a more flexible work style. The unleased space in your office building could be transformed into a space that will inspire companies that may not want to work in a traditional office setting to reconsider if they have the opportunity to also have a flexible space.
Value-Add to the Building
A co-working space is a great amenity to add for current tenants. This can help give the building an added value and give current tenants incentive to renew leases. If you want to keep up with new office building projects that are implementing co-working space into their new design. Modernize your building and add value by changing your unused office space into a co-working hub.
Creates a Network
A co-working hub offers a space for all tenants to get together and establish a community and a network. The stronger a community of tenants is in the building, the happier tenants will be and the more likely they will be to renew their office space within the building. One of the hardest things to accomplish within a building is a sense of a community and a co-working space may bridge the gap.
It will take a substantial investment to turn unused office space into co-working space, but the advantages will offer a great return on this investment. Keeping your space modern and your tenants happy with new and innovative amenities is priceless. If you are looking to rent the space out on a subscription basis like a WeWork or SPACES concept would, you can make a quick return on the renovation expenses if you market the co-working space effectively and attract plenty of tenants.
With an added co-working space, you will have an increase in the utility bills, which could be an extensive cost depending on how large the co-working space is and what type of amenities you plan to include in the space. Are you adding a coffee bar? Or perhaps adding in extensive lighting? These will all increase your utility bills for the space and the building as a whole.
Managing the Space
Managing the co-working space is another thing to really think about. Do you have the bandwidth to manage a space and all of the tenants using the space? Do you have a staff in place who can be at the co-working space. These are all key things to consider.