July 11, 2019 | By Luis Estrada
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March 20, 2018
Coworking space performance, simply by its uniqueness, can’t be measured in the same metrics that you would a traditional office. The open concept is not conducive to measuring people assigned to a designated space. Coworking Space KPI’s are needed to best decide what to offer your client base, as well as finding ways to target other forms of clientele.
We’ve found that analyzing “Cost per Desk” alone doesn’t cut it anymore. To best understand what works for a Coworking space, here are the KPIs you must look for.
To ensure more accurate KPIs than “cost per person”, a Coworking operator must look deeper within the space. The most important factor to take into consideration is that Coworking spaces are more agile, with a great emphasis on dedicated workstations vs. shared spaces.
Within the agile work environment, you’ll want to track these additional space utilization metrics to further improve your cost per person:
With a more agile workplace, it’s important to measure utilization metrics with a consideration for the level of collaboration within the space. By measuring the way members work together within a shared coworking space, you can see how your place is being fully utilized, giving you insights on where you can make improvements.
The key to measuring Community KPIs is to find the optimal form of productivity that can only come from members working together. Strong engagement will show an increase in the following categories:
These are all pretty self explanatory. The higher the metrics are for usage of your conference rooms, group spaces, and phone booths, the easier it is to determine your space’s needs and performance.
One of the biggest factors separating the thriving Coworking spaces from others is their ability to decrease churn rate (member turnover). For best results, you should calculate it per a span of 3 months, on average.
Just by adding a month or two to the average time a member stays at your space, your revenue will take an incredible jump. According to the 2018 Coworking Survey from Deskmag, nearly 75% of members plan to stay at their current space for at least another year or have no plans of leaving at all. Imagine if you could get that percentage up into the 80s at your space!
Take note of the following metrics for retention:
Clearly, it’s more than just the raw numbers of how many members you have or what your dollar revenue is. If more of your members are inquiring about your location via social media advertising or posting, then obviously invest more in that medium than an ad in the local paper for example.
The location, be it a large urban area, a suburban area, or a small city, will have an effect on the metrics.
For instance, Coworking in NYC could prove to be much more expensive for the member as well as the operator, but there are countless more competitors there than in, lets say, Wichita, Kansas. So you could see your average member lifespan decrease, while seeing your overall new members per month increase.
Factor in location and account for it when determining what you’d consider a successful month or year based on these KPI’s.
To best measure these statistics we recommend using a workspace management platform that can best assess this data. Once you are understand these metrics, you can find exactly what you can adjust to keep your members longer.
For instance, measuring daily and average peak utilizations on an excel spreadsheet could prove inaccurate and time consuming. The right Coworking software could generate it in seconds.
Furthermore, if you can segment usage per business, you could have a clearer vision of member demand within your workspace.
When looking for the best KPIs for Coworking space management, you always have to keep in mind the agility of the workspace as well as when to deviate from using measurements specific to traditional offices.
What you must look for includes deeper insights into your occupancy in terms of usage, the engagement of your services within a shared or communal workspace, as well as methods for decreasing the churn rate of members.
For more information on how Yardi Kube can transform your workspace for greater productivity, please click below.
Yardi Kube is a coworking management platform delivering all the tools needed to grow a smart and connected workspace. The Kube platform enables your technology to work intellligently together from managing leads and monthly billing, to accounting, and on-demand Internet and Voice services. With all the hardware, software, and essentials for building a thriving workspace, Yardi Kube helps you increase revenue, maximize productivity, and build community.
Yardi KUBE allows operators to seamlessly manage their Coworking space operations and financials in one fully integrated platform while providing a phenomenal member experience.
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