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.
How can co-living benefit real estate developers?
Over the past few years, co-living buildings have taken older buildings and rejuvenated neighborhoods all over the world.
Co-living spaces mimic the model of coworking offices by relying on a shared economy. People have individual bedrooms, but share a kitchen and communal spaces.
Companies such as WeWork have created these cheaper living alternatives in major cities that have rising real estate prices. There are numerous advantages for both residents and real estate developers in this upcoming market.
By converting low-density units into high-density ones, companies can make efficient use of space while creating a market for people who value location, services and community over actual apartment space and privacy.
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Renovating such spaces also allows for a larger occupancy within buildings at a lower cost, which is ideal in cities with high construction costs.
Using a team to redesign a space that offers short-term, long-term and communal living can also boost overall rental income without having to expand the building itself.
Many companies find that providing these living arrangements in workable cities like New York and London to be ideal, but others see them as a fad rather than a sustainable business.
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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.