Multifamily Developers Find Value In Coworking Spaces

Multifamily developers are swapping traditional business centers for coworking spaces in an effort to provide better amenities and services, as well as appeal to those who work from home.

“Developers are competing to try to get the best amenities in a space. Now, developers are doing coworking spaces,” said Felicia Hyde, multifamily studio director at architecture firm Hendy. “Last year, we were seeing more traditional business centers or small coworking spaces, but developers are starting to expand on those much more. They are larger, and they are putting in more technology.”

Coworking spaces are different than business centers as they are equipped with state-of-the-art amenities, technology, and functional design. With high-end amenities comes a higher price tag, but developers are still prioritizing these shared offices as they see their value.

Developers are also building out their own spaces rather than working with an operator, allowing them to implement more self-serving scheduling technology.