Coworking is a phenomenon the world has only begun to grasp. Over the past few years, the amount of spaces continue to grow significantly. If you’re into Commercial Real Estate (CRE) you have probably observed this trend and have an interest in getting involved. When looking to break into Coworking spaces for CRE, one must be observant to the rising trends of the industry. The three biggest trends currently dictating the market is space as a service, technology, as well as the use of data and analytics. Staying on top of these trends is indicative to meeting the needs of members, thus ensuring your commercial real estate space is productive, thriving, and altogether profitable.
The Rise of Space as a Service
Space is not the issue. Space is available with very little shortage. Across the United States, desks upon desks sit unattended within empty offices. The issue lies with creating service from that space. That means creating a productive work environment that can attract businesses and entrepreneurs looking to incubate their big ideas. Paired with the rise of the gig economy and a significant amount of the workforce earning a living through freelancing, tenants are seeking quicker and more seamless methods toward leasing spaces. According to an article published on Allwork, “30% of corporate portfolios will comprise flexible workspaces by 2030.” Corporations today need a workspace that truly attracts and retains talent; this means providing better services, premium locations, hospitality. The workspace-as-a-service industry has come to fill this need in an evolving business world.” The significance of this trend cannot be understated. It is important to invest into a space that fits the needs of a Coworking space while also offering its members the tools they need to be productive.
The business landscape is shifting from the baby boomers to the millennials making decisions. With this said the demand for technology has risen with this change in the demographic. Your technology could make or break the rate of member retention within your Coworking space. Whether or not you have a fiber optic connection within the walls of your workspace is increasingly become a deciding factor for whether or not your clients will stay or go. Coworkers want cutting edge resources with no down time as much as fresh coffee. Not only do they demand functional and robust technology, they want it integrative with the ability to jump from one system to the next with no interruption of workflow.
Data and Analytics
According to a recent article form AllWork, “Organizations are using this data to enhance design, understand how the workspace is being used, and how they can improve the space for its end-users. This trend is moving the shift towards smart buildings and smart workplaces. There is now furniture that monitors heart levels and stress, sensors that respond to individual choices and personalization; all of this contributes to improved performance and better workspace experiences.” Being able to provide your members with advanced analytics and logistics is the next step is to cut down the steps needed to get from one avenue to the next. Especially if these Coworking spaces are housing startup businesses, being able to assist members with providing insights and analytics not only meets member’s demands, it helps these incubated businesses make better strategic decisions so that they can afford to stay in your space. This is win-win.
The WUN Platform was built on providing integrative technologies to meet these rising trends. From Wi-Fi, to APIs, to connecting various components and functions essential to a thriving workspace, WUN works to bring a single solution through a “Coworking in a box”-like product. Our technology for Coworking space allows you quick and easy access both to monitor and implement changes as you grow. If you’d like to learn more about the WUN platform can transform your commercial real estate towards a Coworking space that exceeds every member demand, click the button below to schedule a demo.
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.