Miami’s office market continues to be dependent on coworking firms to fill their spaces, but some landlords are concerned that their absorption rate is becoming too much.
CBRE’s coworking business gives landlords a say
As flexible workspaces continue to flourish, big brokers such as CBRE are elbowing through to get a piece of the pie by offering landlords a better deal that cut out the middlemen.
Landlords once embraced coworking firms as a way to rent out their spaces, but now owners are fearing that major tenants will develop loyalty to operators, which would subsequently reduce their control over who occupies the space.
CBRE has launched its own coworking sector called Hana, where it plans to offer flexible spaces and partner with landlords to maintain their relationships with tenants.
Its first deal will be with Dallas’s PwC Tower in partnership with the building’s owner, Metropolitan Life Insurance Company.
The Latest News
Delivered To Your Inbox
The company will take over three floors of the 900,000 square foot building that is expected to open midyear. Under the Hana partnership, CBRE and the landlords will share the expense of designing, building and profiting from the space.
Andrew Kupiec, chief executive of Hana, said that the firm hopes to have multiple locations across 25 markets within three or four years.
WeWork has also started exploring the partnership structure in order to maintain a connection with its tenants.
“In the last three to four months, we’re pushing [the partnership structure] a lot more,” said Granit Gjonbalaj, WeWork’s chief real-estate development officer.
Latest on Daily Digest
Gym-coworking hybrids have gained traction recently, allowing members to be productive at work while encouraging them to take care of their physical and mental health.
The 2019 Global Coworking Survey has revealed that there is to be 2.2 million coworking members by the end of this year and identified the state of the industry so far.
Office Depot has been testing out coworking spaces within three of their existing locations in an effort to expand its current services and drive traffic into stores.
Just ahead of its IPO, WeWork has signed four new Manhattan leases to open its “Headquarters by WeWork” offering dedicated to providing un-branded spaces for clients.
Despite the coworking industry seeming congested, operators are not concerned about the competition as each coworking space gears its services to a specific audience.
Flexibility in the workplace has become a common option for workers, but some firms are going further by becoming 100% remote so staff can work from wherever they please.
Coworking firms, such as WeWork and Knotel, have been rapidly expanding their footprint in New York’s Flatiron District as it becomes the city’s hub for shared offices.
British brand Established & Sons have introduced four new furniture designs that aim to create a more comfortable workplace, while also being functional to homes.
Condeco’s newest research paper found that 41% of employers offer remote working, thanks largely in part to major technological advancements that are sweeping workplaces.
Industrious is partnering up with national retail and mixed-use developer Seritage Growth Properties to brings its coworking spaces into five of the retailers locations.
Companies have accepted that wellness in the workplace should be prioritized, but the trendiness of it can overshadow what is most effective — starting from the basics.