Coworking (aka Shared Serviced Offices) is a rapidly growing industry. According to Deskmag, the industry has seen an increase of 88% in the number of coworking spaces opened worldwide since 2011. The startup community has been a large advocate for shared office space as it provides flexibility and can adapt to the needs of a business that has a lot of uncertainty. Having a rapidly growing business is a good problem to have but in the sharing economy it presents another dilemma: outgrowing shared offices or coworking.
WorkReady Suites bridges that gap. Our story starts in the shared office and hospitality environment, with a combine total of more than 30 years developing and managing commercial offices, hotels and shared serviced offices. Most clients outgrowing shared office spaces are typically searching for between 2,000-5,000 SF of space, which is relatively small in commercial real estate transactions. There are three main challenges these clients face when entering the “conventional” real estate market vs their shared office environment.
1. Time is money. Brokers spend just as much time on a 3,000 SF deal as they would on a 30,000 SF deal. Most would rather spend their time on the larger deal which yields a larger payout. Small space users are typically left without the full undivided attention of an industry expert to help navigate the process.
2. Tenants in shared spaces are used to having everything provided—from furniture to IT and staff to manage the space. Once a tenant signs their lease, they will need to coordinate the setup of their office with services and designate someone to manage these tasks.
3. Shared offices provide a community to engage with and events to attend, in addition to offices, meeting rooms and services to use on demand. Having your own space limits these benefits.
WorkReady Suites was developed to simplify this transition. We assist clients in navigating the lengthy process of finding commercial office space, regardless of the size needed. Furthermore, we don’t stop at the lease. Our transition team has a portfolio of services to assist in curating the space to the point of occupancy and beyond.
Our clients hated that they would no longer have a sense of community to turn to as they were leaving the shared environment that they have grown to love. This led to the development of WorkReady Plus, a membership included for all of our clients, giving them access to an online network of people, places to meet across the US and services to help them with their office, business and life. Our WorkReady team is fueled by a die-hard love of customer service and going above and beyond every minute of every day to make sure our clients have the best office, leaving the small details to us so they can focus on what they do best.
The hospitality industry has much to offer to the real estate marketplace. However, there is still much more that can be incorporated to improve tenant retention. There are a lot of ideas to continue to improve the marketplace for all, so stay tuned, connect with us and give us your feedback on how we can keep challenging commercial real estate.