Friday, November 23rd, 2018 November23rd2018

Sell for More News: Landlords are opening their own coworking spaces

Published on November 23rd, 2018

Beau Beach

Sell for More News is a weekly blog series with interesting information from the world of commercial real estate.

 

Convene, a coworking company, recently added a service that will help Class A landlords quickly deliver coworking space and amenities.  The service allows a landlord to easily open their own coworking space instead of leasing the space directly to a coworking provider like WeWork, Knotel or Regus.

Convene will help design, build and manage the space but landlords will have control over the economics, tenant relationships and branding.

The idea is to allow landlords to quickly add meeting space, cafes, concierge services, community programming, health and wellness operations, private clubs and flexible work spaces.

Keep in mind, Convene also operates like a typical coworking space provider. Typically when Convene leases office space from a building owner, it will build and design its own co-working space.  Convene will maintain that model, but this offering will give it another service it can offer commercial building owners. Currently, when a tenant leases space from Convene, it collects rent from them. This new offering would allow the building owner to receive most of the profits.

With Convene providing the design, project and construction management, hospitality operations and built-in technology platform on an accelerated timeline, landlords will be able to respond to their tenants’ increased demand for flexibility in a timely manner.

The takeaway here isn’t about any specific company. The takeaway is that demand for easy, flexible office space is real. It’s not unrealistic to expect all Class A office buildings to have some coworking component in the future. Some landlords will outsource to coworking companies…others will open their own. Either way it’s good for our industry.

 


Considering selling?  Get the step-by-step blueprint to sell your property for the absolute highest price the market will pay, 100% free (click here)


Sell for More Club is an invitation-only group of property owners who enjoy exclusive weekly benefits (click here)


Refer a seller and earn up to $2,500 (click here)


About Beau Beach, CCIM

Beau is a tenacious Investment Real Estate Broker, author and adoring father of four. His clients appreciate his no-nonsense demeanor and his legendary work ethic.

Beau leads Prowess IRES which is a commercial real estate broker for sellers in the Nashville, Milwaukee, South Florida and Chicago markets.

He’s the author of the books The 3 Reasons: Why Most Commercial Properties Don’t Sell and True Wealth: What Every Seller Should Know About 1031 Exchanges.

Beau can be reached at 414.324.4938, 615.603.9770, click to schedule a call or Beau@ProwessIRES.com