Universities are partnering up with coworking spaces in an effort to accommodate increasingly hybrid higher education arrangements.
According to JLL, flexible space is rebounding as companies switch to hybrid work policies, and this rings true for universities as well.
Flexible office spaces saw a downturn in activity over the past year, but this rejuvenated sense of purpose for the industry has led higher-level schools to seek a new revenue stream. This is mainly due to the dwindling number of international students, as well as more students switching to online courses and no longer needing to live on campus.
One instance of such a partnership comes from Purdue University, which recently partnered with Carr Workplaces to offer businesses with flexible office space at its Discovery Park District, giving users access to the school.
Another example is the Silverstein Properties, Cantor Fitzgerald and University Place Association partnership that will develop, operate and lease a life sciences-building featuring a coworking space in Philadelphia’s University City district.
“Universities are recognizing the value to the wider community of their real estate, facilities and talent,” said John Mortensen, education solutions lead in APAC for JLL’s Work Dynamics group. “Conversely, businesses bring innovation and energy to universities.”