The commercial real estate industry has evolved significantly over the past few years, and the mantra of “location, location, location” may not have the same impact as it once did.
Now more than ever, the new “three golden rules” of the office space industry in particular should be community and convenience, productivity and well-being.
Coworking spaces have been a boon for community and convenience as many offer both in places other than the heart of major cities.
For example, coworking space Cloud39 is located in the suburbs of Auckland, New Zealand and has been successful due to people in the community wanting a space that is closer to their homes and their families.
Furthermore, having a workspace that is easily accessible cuts down on commute times and can help boost productivity. Reduced commute times have been found to decrease work-related stress, while allowing employees to spend time wasted traveling to and from the office to get their best work done.
Additionally, coworking spaces offer a variety of work stations that appeal to all work styles, such as collaboration areas, private offices and meeting rooms.
One of the most important factors in ensuring a successful office space is the well-being of tenants. Not only does a better well-being improve overall productivity, but it leads to longer-term attendance rates, loyalty, happiness and fulfillment. This can be achieved by hosting community events, offering on-site catering, using design that supports wellness and more.