Recent article, “Five Ways That Real Estate Has
Misunderstood Co-Working”,
highlights some common coworking misconceptions. What can we learn from these
and what is Preferred Office Network, a flexible workspace solution
provider of over 650 locations, doing to address these misconceptions?
1. The evolution of the flex market – coworking does NOT just mean
coworking.
Coworking and flex space now
includes serviced private offices, executive suites and hybrid spaces, so we
need to adopt a new mindset when we hear the term “coworking” and remember that
it includes more traditional office options as well as what we typically
associate with coworking. Hybrid spaces allow for agility and give your
business truly flexible options – something Preferred Office Network knows is
important to its clients.
2. The market is diversifying, NOT consolidating.
93% of flex space operators are independently owned. Preferred
has brought many of these independently owned operators together to be part of
a larger network that serves as a single provider to corporate accounts. They
not only give the benefit of working with people at a local level who are
invested in their business, community, and clients, they also streamline the
corporate process for acquiring and managing offices in these centers. Their
national agreement with set terms and a more client-focused platform allows
them to do what WeWork and Regus can’t – offer the most flexible terms in the
industry.
3. The geographic spread of flex space is ready to change
Currently, 51% of the total number
of centers are located in just 5 states, but this number is anticipated to
shift as coworking centers expand into new markets and grow proportionally as
part of the commercial real estate market as a whole. Preferred Office Network
has over 650 business center locations in urban and suburban markets throughout
North America, and they continue to expand into new markets monthly.
4. Square footage vs profitability is a real challenge
Centers must find a way to
balance amenity and collaborative areas with private space to continue to
attract corporations while maximizing profitability.
5. Corporate requirements are changing the demand profile
Demand for flex space is
increasing. Clients like the flexible pricing, lease terms, locations, and even
free beer! Prime spaces combined with excellent service has created a new
product offering attracting more and more corporate occupants.
Preferred Office Network offers the largest network of
independently owned business centers in North America. Workspace Strategies is proud to be part of that network through its managed
locations in California, Texas, Maryland, Tennessee and Florida. They are committed to providing the most
flexible terms in the commercial real estate industry and are entering their
eighth year of providing network benefits to their members and clients. To
learn more, visit www.preferredofficenetwork.com, or
contact us today.
