• Marketplace
  • Resources
  • Business Directory
  • Events
  • Advertise
  • Brand Pulse
  • Publish a Press Release
  • Get the Newsletter
  • Contact
  • About Us
The FUTURE OF WORK® since 2003
Allwork.Space
No Result
View All Result
Subscribe
  • More
    • Columnists
      • Dr. Gleb Tsipursky – The Office Whisperer
      • Nirit Cohen – WorkFutures
      • Angela Howard – Culture Expert
      • Drew Jones – Design & Innovation
      • Jonathan Price – CRE & Flex Expert
    • Get the Newsletter
    • Events
    • Advertise With Us
    • Publish a Press Release
    • Brand PulseNew
    • Partner Portal
  • Latest News
  • Business
  • Leadership
  • Work-life
  • Career Growth
  • Tech
  • Design
  • Workforce
  • Coworking
  • CRE
  • Podcast
  • More
    • Columnists
      • Dr. Gleb Tsipursky – The Office Whisperer
      • Nirit Cohen – WorkFutures
      • Angela Howard – Culture Expert
      • Drew Jones – Design & Innovation
      • Jonathan Price – CRE & Flex Expert
    • Get the Newsletter
    • Events
    • Advertise With Us
    • Publish a Press Release
    • Brand PulseNew
    • Partner Portal
  • Latest News
  • Business
  • Leadership
  • Work-life
  • Career Growth
  • Tech
  • Design
  • Workforce
  • Coworking
  • CRE
  • Podcast
No Result
View All Result
Subscribe
Allwork.Space
No Result
View All Result
Advertisements
Kube Suite - TL
Home Business

On Global Meetings Industry Day, Let’s Talk Meeting Room Revenue

Jo MeunierbyJo Meunier
April 4, 2019
in Business
Reading Time: 3 mins read
A A
Articles
  • Global Meetings Industry Day is a campaign that seeks to shine light on the impact meetings and events have on people, businesses, and the economy.
  • Meetings Mean Business group estimates the value of business meetings to be around $2.53 trillion.
  • For flexible workspace providers, meeting rooms could represent their most profitable asset.

Today, April 4th, is Global Meetings Industry Day (GMID). Never heard of it? Here’s what it’s all about and why flexible workspace operators should sit up and take notice.

GMID is an annual campaign led by the Meetings Mean Business group. Their aim is to shine a light on the impact that meetings and events have on people, businesses and the economy. In terms of economic impact, the group puts the global value of business meetings at $2.53 trillion.

Advertisements
Disaster Avoidance Experts

That’s a sizeable impact, and today the group is coordinating hundreds of events across 40+ countries and 6 continents “to showcase our industry’s impact all over the world.”

Whatever your view of business meetings — revenue source, business opportunity, or a necessary evil — business leaders certainly haven’t lost their thirst for face-to-face meetings. This comes despite advances in technology and the prevalence of high quality, free online meeting software for group audio and video calls.

Advertisements
Maximize Flexible Space Revenue

For the flexible workspace sector, meetings are undeniably good business.

Behind office rental and membership plans, meeting rooms and event space hire bring in a sizeable income (source: Cushman & Wakefield Coworking Report 2018).

Flexible workspace revenue is derived from two main streams: membership or office rental fees, and supplementary services such as meeting room hire and IT services.

Meeting space has the potential to be your most profitable asset; yet it is also one of the most under-utilised, as it typically spends more time vacant than occupied. Unlike serviced offices and coworking spaces, which are typically billed monthly and continue to earn revenue even when the client isn’t in situ, a meeting room that sits empty costs the operator money.

However, meeting rooms are one of the most requested amenities. According to Cushman & Wakefield’s 2018 Coworking Report, “There is a consensus regarding the most important amenities/services, with meeting rooms, connectivity, break-out space and networking opportunities ranked top.”

Advertisements
Yardi Kube automates flex and coworking operations

Therefore the onus is on workspace operators to utilise the space as much, and as frequently, as possible.

The majority of coworking space users expect dedicated meeting rooms to be available on-site (source: Cushman & Wakefield Coworking Report 2018).

Case in point, Knotel provides 40 meeting rooms for every 100 seats, which the company claims is “4 times as many conference rooms as many popular coworking spaces”. That’s a staggering amount.

“This means no conference room booking chaos, no competition with the other startups on your floor, and no time wasted on finding a room: just your own spaces to come up with your next great idea.” – Knotel

This brand typically operates in highly competitive downtown areas, therefore by providing a high quota of meeting space, they avoid competition with other companies in their area for meeting room bookings — including neighbouring coworking spaces and hotels.

More stories for you

How AI Agents Are Streamlining Coworking Operations

How AI Agents Are Streamlining Coworking Operations

1 day ago
Africa Surpasses 500 Coworking Spaces As Remote Work And Startups Drive Surge

Africa Surpasses 500 Coworking Spaces As Remote Work And Startups Drive Surge

2 days ago
IWG Sets Sights on India as Its Third-Biggest Coworking Hub

IWG Sets Sights on India as Its Third-Biggest Coworking Hub

5 days ago
AI At The Front Desk Are Bots The Future Of Reception In Coworking Spaces

AI At The Front Desk: Are Bots The Future Of Reception In Coworking Spaces?

7 days ago

But, Knotel targets established, high-growth companies and enterprise-level clients. It claims that their clients spend as much as 50% of their time in meetings, therefore it pays for them to provide a high ratio of meeting rooms to ensure those clients stay within the building.

For smaller coworking spaces and business centres, it doesn’t pay to allocate so much potential rental space for meeting room hire.

It’s all about balance, as Deskmag’s survey findings revealed (2017):

“…meeting spaces count as a good supplementary income stream. But too many of them can leave behind a big hole in the budget. Besides below-average membership figures, unprofitable coworking spaces are characterized above all by too many meeting spaces. If these rooms occupy more than one-fourth of the floor space or revenue, coworking spaces have a higher-than-average probability of going bankrupt.”

Advertisements
Disaster Avoidance Experts

As our industry continues to gain valuable ‘space-as-a-service’ recognition, and with new market entrants increasing competition, it’s more important than ever that an operator’s entire space is utilised, and optimised, to its full potential.

Initiatives such as GMID and groups such as Meetings Mean Business are doing important work to raise awareness of the value of business meetings and, naturally, the venues in which they are held. That’s why it’s worth keeping a close eye on proceedings today, and if you haven’t already, take a little time to find out more about their work: meetingsmeanbusiness.com.

Advertisements
Subscribe to the Future of Work Newsletter
Tags: Coworking
Share5Tweet3Share1
Jo Meunier

Jo Meunier

Jo is Allwork.Space's Senior Editor for the UK and Europe. Jo has worked within business centre and coworking circles since 2009, researching and contributing written features for numerous industry publications. She reports on the latest market news and delves into local issues with one main objective: to champion the flexible workspace industry and its members.

Other Stories Recommended For You

How AI Agents Are Streamlining Coworking Operations
News

How AI Agents Are Streamlining Coworking Operations

byAllwork.Space News Team
1 day ago

AI agents are already working inside real businesses, responding to customers, scheduling meetings, guiding onboarding, and even preparing leads for...

Read more
Africa Surpasses 500 Coworking Spaces As Remote Work And Startups Drive Surge

Africa Surpasses 500 Coworking Spaces As Remote Work And Startups Drive Surge

2 days ago
IWG Sets Sights on India as Its Third-Biggest Coworking Hub

IWG Sets Sights on India as Its Third-Biggest Coworking Hub

5 days ago
AI At The Front Desk Are Bots The Future Of Reception In Coworking Spaces

AI At The Front Desk: Are Bots The Future Of Reception In Coworking Spaces?

7 days ago
Advertisements
Nexudus - Tech Stack Lovers
Advertisements
Drive Virtual Office Revenue

Unlock your competitive edge in tomorrow's workplace.

Join a community of forward-thinking professionals who get exclusive access to the latest news, trends, and innovations that are shaping the future of work.

©2024 Allwork.Space News Corporation. All Rights Reserved.

Exploring the Future Of Work® since 2003.

Advertise   Newsletters   Privacy Policy   Terms Of Use   About Us   Contact   Submit a Press Release   Brand Pulse   Podcast   Events   

No Result
View All Result
  • Home
  • Latest News
  • Topics
    • Business
    • Leadership
    • Work-life
    • Workforce
    • Career Growth
    • Design
    • Tech
    • Coworking
    • Marketing
    • CRE
  • Podcast
  • Events
  • About Us
  • Solutions
    • Advertise | Media Kit
    • Publish a Press Release
    • Brand Pulse
Subscribe

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00