For real estate investors and organizations interested in developing their own coworking concept, the following services outline our turnkey coworking service.
Coworking Solutions
Over the past decade the shared office model, represented by the coworking industry, has had a significant impact on conventional office leasing. What at first appeared to some as a fad or trend, coworking has evolved into a $26B/yr industry with over 35,000 coworking spaces operating around the world. Shared space is not for everyone, and we know that there is no ‘one size fits all’ solution. Each case presents its own challenges, and we pride ourselves on our ability to listen to individual client needs.
Our feasibility assessments provide comprehensive market analysis, detailing the competition, the pricing dynamic for that market, This includes a pricing matrix with our recommendations for a pricing strategy. We provide unbiased and objective value with our independent recommendations. We pride ourselves on being honest in our evaluations, and we don’t hesitate to suggest to clients that a coworking business in a particular market does not make sense.
Most of our clients seek to have both the market feasibility assessment and the financial modeling conducted in tandem. We can conduct independently or as a combined report. Either way, we take pride in our ability to accurately model the financial potential of a coworking project. Having developed dozens of pro forma for our clients around the world over the past six years, we present a clear picture of the capital expenses required (including FF&E), operating expenses, as well as the various potential revenue streams available. We demystify the coworking financial picture.
As a project moves from a Go / No Go decision (based on the Feasibility Assessment and Pro Forma), the next step is to design the space and tie the business model to a specific space allocation direction. A financial model is not complete until it is grounded in a concrete set of design commitments. Projected revenue is only ‘real’ when the design of a space supports the assumptions behind the projections.
Central to any coworking business is the software (+ hardware) at the center of the operation. We have extensive experience working with the most prominent of the coworking applications. Coworking software packages enable all of the essential functions of a smooth business- membership processing and payment, desk booking, room booking, invoicing, individual and group messaging, community management, event management, etc.
Our operations packages entail most of the materials that an operator would receive in a franchise situation. We simply help build that material into our clients’ brands. Since this part of the development process comes after we have learned about the specifics of the business, the materials in the package are customized and are available…
Coworking is a relatively young industry, so it is often difficult for new operators to find staff who have experience in the industry. Thankfully we have extensive experience in helping clients fill this gap. To help with that process, we have developed a full process for curating a staffing model and deploying a training program for the on-the-ground team.
For clients who need support for launch at the end of the development process, we have developed a comprehensive operational checklist to share with the staff prior to and through launch. This can also entail a short (1 month- 3 month) support contract where we are available to be ‘on the other end of the phone’ for troubleshooting purposes during the launch phase.
For companies that are exploring flexwork solutions, we provide workplace strategy based in Prosci Change Management frameworks. As more companies openly embrace flexible working during and after Covid-19, hybrid strategies and solutions are becoming more important than ever. We can assist in the transition journey. Not all ‘coworking’ solutions will necessarily be off campus at third party coworking locations. Some companies are embracing coworking more as a ‘way of working’ than as a specific place for working. Here we bring the values of coworking (openness, flexibility, choice, autonomy, etc.) to companies looking to embrace coworking on their own campuses.
