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Why Landlords and Property Managers can Benefit from the Coworking Trend

Coworking is the new “normal”, and it’s not only attracting freelancers and entrepreneurs, but also corporates and property managers. What started off as a trend ten years ago is now revolutionizing the way people think about the workplace and about space in general.

Today’s world is powered by experience; the ability of spaces to offer to individuals a balance of work, life, and play. It’s why mix-use buildings are gaining popularity and why concepts such as co-living are attracting investors across the globe.

Landlords and property managers are now aware of the added value that a coworking space can give to their building. Coworking and shared workspaces are increasingly focusing on the hospitality aspect of their service. To be successful in this industry, operators need to offer unique services and amenities to their members to attract and retain them.

Offering these types of perks increases the value of the space, and therefore the building. People are willing to pay more to get a better experience; this could be anything from certified spaces, to top-notch connectivity, to access to unique events. And while coworking operators are the ones running the show, property owners have now realized how they can monetize and benefit from the trend.

For one, by working with a coworking operator, landlords take away the hassle of looking for tenants and it gives them more freedom to repurpose and redesign the space to fit their particular needs at a specific time.  Secondly, if a coworking member outgrows the coworking space and they’ve had a good experience with the building, chances are they will look for space within the building, just on a different floor–this circles back to our first point.

Thirdly, it allows landlords to stay updated on current trends on workplace design, technology, and management best practices. Fourth, landlords have found coworking operators to be great partners when it comes to running and managing a building. This is what operators are there for, to deal with all the nitty-gritty so that the end-user will have the best experience ever; this focus makes them the best partner out there to manage a building and do so in an advantageous way.

Finally, it allows property owners to tap into a formerly untapped market–like the younger generation, retired professionals, or growing companies. Where before their market was a small one, there now lays a new opportunity to redefine what their space should be like, and whom it will cater to.

In the end, it all boils down to one thing: added value. Landlords and property owners alike are embracing the coworking trend because it is increasing their building and property’s value–both monetary and in terms of perception from the end-user. And the opportunity goes beyond partnering with an existing coworking brand; in fact, some property owners are now running and operating their own brand of coworking or shared workspaces.