Do you own a hotel or a restaurant? Do you have a large space that is not utilized enough? In these instances, there is one opportunity that can prove to be promising – coworking. With the continuous popularity of coworking and shared office rental in Plano, such as Common Desk, it is becoming a preferred choice for freelancers, entrepreneurs, and professionals who are looking for a place to work at an affordable cost. That said, it can represent a great real estate investment.
Commercial Real Estate Properties that can be Transformed
On top of the list would be the hotels. All over the world, there are already a lot of hotels that have decided to maximize profitability by creating a coworking space. Business centers are gone in hotels. In their bid to adapt to the needs of the modern workforce, they are building coworking spaces instead. With lifestyle and tech advances, hotels are realizing the fact that the traditional business center is an old concept. Instead, they consider building coworking spaces, such as in the lobby or a separate room.
Next to hotels, restaurants are amongst the biggest businesses to join the coworking trend. This is a good way to earn money during off-hours. For instance, a lot of restaurants are open only for lunch and dinner. In between that, they are closed, or they do not have any customer. To maximize the use of the space, they are making the space available for coworking, which will represent additional income for the business.
Landlords with huge building or rental spaces that are not fully occupied can also make money out of coworking. It will require a substantial investment, but given the demand for coworking, the costs can be justified in the long run.
Building a Successful Coworking Space
You can draw inspiration from successful coworking providers, such as Common Desk, which is also a provider of a virtual office. From choosing strategic locations to competitive pricing, the company has been one of the successful names in the industry.
In one article from Forbes, the author noted that for coworking to be successful, landlords must treat their tenants as guests and provide them with a customer-centric place. Work-life integration should be a priority.
To add, to transform a real estate property into a coworking space, it is also important that it is in a strategic location that can be easily accessed by potential clients.
It is also important to add elements of work and play in the coworking office. Meaning, commercial real estate owners must renovate or design the place in such a way that it isn’t too formal or boring. Often, coworking spaces have playrooms or common areas where tenants can interact. After all, networking is one of the biggest benefits of coworking.
Indeed, coworking is a trend that is anticipated to be bigger in the years to come. With the continuous rise in demand, this is an opportunity that can be exploited in the field of real estate. Property owners might want to consider the possibility of transforming their investment into a shared office to make it more profitable.