How to Manage a Coworking Space as an Amenity in Multifamily Properties
- Dec 23, 2019
One of the hottest multifamily amenities is coworking spaces. Developers are swapping the traditional business centers for shared workspaces to provide better services for their residents. Working from home can become quite different when you get to do your daily activities in a chic coworking space filled with like-minded individuals, rather than a lonely desk in your apartment.
Throw in some meeting rooms, a kitchen and a game room, and residents might even start feeling more comfortable working in the coworking office than in their apartment. If the space is put together nicely, you could also attract freelancers from the area.
So, as a multifamily property developer, let’s say you’re thinking about adding a coworking space to your project, but how exactly will you manage it? Here’s a short list on some of the essential elements you’ll need to consider to successfully manage a coworking space in a multifamily community.
1. Manage costs
One of the most important factors to consider is money management. First off, make sure your apartment renters can afford the coworking office space fees. For example, if it’s a luxury multifamily community, prices can be slightly higher, but if it’s a market rate or affordable community, prices should be set accordingly. Make sure you also include a discount to the renters.
Estimate and overestimate the shared office space’s expenses, and make sure the office will be profitable in the long run.
2. Location, location, location
This goes without saying. A good location will boost your visibility and you’ll have more people looking for a work spot in the office, not just the renters in the building.
3. Add perks, and extra perks
Your coworking office should be fully stacked with amenities. Good internet access is a must, followed by a plethora of other perks such as on-the-house coffee, meeting rooms, break and game rooms, a kitchen and so on.
4. Build a solid relationship with your coworking office clients
Make sure to check in regularly with residents and ask for feedback. Remember to always encourage engagement between members and yourself.
5. Get a coworking space management software
There are some things that can be handled with an app, such as Yardi Kube. Getting your hands on such a tool will help you manage residents, memberships, payments and events.