Multifamily And Hotel Firms Are Giving Coworking Operators Tough Competition
As coworking spaces have grown increasingly popular over traditional offices, hotels and multifamily firms want a slice of the pie. An IWG workplace study found that 85% of participants believed that flexible work options boosted their company’s productivity, so it makes sense that demand has risen significantly over the past few years.
Many hotel and multifamily operators have started including coworking spaces within their locations as an additional amenity in order to attract and retain new residents and guests.
“These amenities have to be there to get foot traffic, whether or not people use them,” said Elyse Linowes, founder and principal of interior design firm Linowes Design Associates, Inc.
For example, Craftwork in Fort Worth, Texas provides “space as a service” within the multifamily sector. It offers apartment owners more income by leasing out unused spaces for coworking spaces and allows apartment residents free access to the office.
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Similarly, hotels have started including such spaces within their buildings to set themselves apart from the competition. A recent JLL Trends & Insight report noted that this trend is a great opportunity for hospitality companies to cater to young, on-the-go freelancers and entrepreneurs.
New York City’s Ace Hotel offers free access to their coworking space whether the user is a hotel guest or not as it boosts brand awareness and increases foot traffic at the hotel’s retail services.
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