What’s going on:
Real estate firm Koelbel and Company and coworking operator Hemmeter Ventures, have partnered together to launch a new “work-near-home” office venture called Work Simple. The new business endeavor aims to purchase and revitalize older office buildings in suburban areas across the country, converting them into flexible workspaces.
Work Simple states that it will own all its buildings and will focus on converting “distressed opportunities in the traditional office market into private office spaces that are intentionally designed to enhance productivity and convenience, optimize the work environment, and attain an optimal work-life balance.”
Why it matters:
An increasing number of individuals are seeking flexible work arrangements, especially in a post-pandemic economy. Repurposing old office buildings into convenient suburban workspaces allows workers to avoid long commutes, while still having access to a dedicated workspace near their homes.
Work Simple is aiming to buy and renovate 50 buildings within five years, according to Denver Business Journal. By focusing on undervalued suburban office properties and transforming them into functional workplaces, Work Simple is encouraging the revitalization of suburban office markets and is striving to cater to the preferences of individuals and small businesses.
How it’ll impact the future:
Work Simple’s approach to revitalizing suburban office buildings aligns with the changing dynamics of the workforce and the economy. By providing flexible workspaces in close proximity to residential areas, it will offer an alternative to traditional downtown office spaces. This approach could influence other commercial real estate companies and office location preferences, promoting a more distributed and localized work environment. It could also promote economic growth in suburban communities by attracting entrepreneurs, independent contractors, and small businesses, creating new opportunities and enhancing local economies.
