The commercial real estate landscape has changed forever as a result of the global COVID-19 pandemic as it brought about an abrupt halt to traditional office-based working in 2020. Countless business owners, property-owners and lease-holders would face diminished returns while still saddled with the financial burden of ongoing overheads, for now-vacant office spaces. As a result, tenants are now more risk-averse than ever before, no longer needing (or willing) to tie themselves into long-term decisions.
Property owners on the other hand, wanting to ensure that they’re able to extract full value from their assets, are acknowledging the need to re-evaluate their spaces and even consider re-purposing them to allow short-term access, choice and flexibility.
The pandemic forced many employees to work from home for the first time, and while novel to start with, it is not without its challenges. One such challenge is the absence of real human connection that comes as standard while working with colleagues in an office environment, and the risk that this may disrupt or even kill team spirit, culture and innovation if it continues indefinitely. As businesses around the globe problem solve and debate this and other issues relating to the office of the future, the most progressive appear to be landing on a hybrid model that provides for the best of both worlds. In short, there is just no getting away from the fact that the communal setting of a dedicated WORKPLACE gets us all into a more productive HEADSPACE.
Projections show that there will be a significant shift away from traditional commercial offices to flex space, with figures suggesting as much as 30% of global office space will be flex workspaces by 2030.
With so much of the industry moving in this direction, tenant experience becomes paramount. It will no longer be about who offers co-working spaces, but rather who’s doing it well.
Re-purposing your commercial office space into flex workspace need not be a daunting task. Connect Space offers specialist assistance to help you make the transition seamlessly. We use a four-phase process to assess the viability of converting your property:
We spend time with you conceptualising what a co-working space is, the value proposition it offers you as a landlord, and the unique opportunities it holds for you.
2. FINANCIAL FEASIBILITY
We work through base assumptions and conduct an initial opportunity study, which then gets reported back to you.
3. MARKET RESEARCH & DUE DILIGENCE
By drawing on our extensive expertise in the industry, we verify the demand for co-working in your location, analyse competition and determine your target market. This feeds into our competitive strategy and financial appraisal, which we deliver to you as tools to lead your decision-making.
4. DESIGN & FINAL COSTING
We can help you with the design and costing for space conversions and décor designs that will create the atmosphere of your co-working space. These designs feed into a finalised, detailed costing and a financial appraisal to show the benefit of this shift
Our assistance doesn’t end after your conversion, we also offer end-to-end space management services to assist with all areas of running a co-working space. This includes marketing, lead generation, sales, onboarding, ad hoc bookings, technologies, billing, collections, reporting, facilities, amenities and operational maintenance. The result is a co-working space you can be proud of, with help in all the areas that you need.
Importantly, we believe that seeing is believing – why not consider dropping into one of our existing co-working spaces to see what potential lies in this kind of investment.