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.
Providing secondary cities with high-end coworking
As the coworking space industry expands at a rapid pace, major operators such as WeWork are continuing to take up buildings in core markets, leaving some areas to be underserved. Now, other players are entering lesser-explored markets to provide the same amenities found in high-energy cities across the country.
Serendipity Labs is just one of those firms who hopes to reach out to clients in the suburbs and secondary cities. Chairman & CEO John Arenas said that the company focuses on offering upscale workplaces with high-end hospitality and services.
The firm runs on a business model similar to the hotel industry, which keeps the operating company investment and real estate investment separate. Such agreements can include a lease, joint venture, a revenue share lease or a management contract.
Arena said that his company differs from others in the market by being more of an extension of the workplace for established companies.
The Latest News
Delivered To Your Inbox
The firm focuses on meeting strict standards for data security, personal safety, confidentiality and regulatory compliance that most enterprises require.
In regards to the company’s expansion, Arenas said that they look for areas with strong trade area demographics, higher education, and high walkability scores. Places that are close to entertainment, dining, and fitness can help members improve their quality of life.
“Short and long term, our goal is to provide members with inspiring places to work that help them reach their full potential as individuals,” said Arenas. “We want to continue to be part of our communities by hosting art exhibits and local business events.”
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.