Changes in the commercial real-estate industry that were already starting to gain traction have been precipitated by the COVID-19 pandemic. One of the key changes is the rising demand for shared workspaces by companies both big and small.
This situation is a huge threat to the way commercial brokers have been doing business for years, but this challenge also presents many opportunities to diversify their portfolios and to attract more clients.
One such opportunity comes from the shared workspace industry. It is a fact that demand for shared workspace has been on the rise for some time now, and this demand has increased even more with the COVID-19 pandemic. Now both enterprise tenants and landlords are looking at shared workspaces as an integral part of their long-term strategies.
Here are 5 ways commercial brokers can benefit from shared workspaces:
- Building relationships with shared workspace operators
Adding shared workspaces to your portfolio is easier when you build strong relationships with the shared workspace operators you would like to work with. And the best way to go about this is to become an active part of their community by actually working at one or even many of their spaces, attending events they organize, and interacting with other members.
This will benefit both your clients and your own brand because you will know exactly what you are recommending to them.
- Offering solutions for distributed teams
The covid-19 pandemic created a shift in the way people work, and companies are looking for solutions that help them accommodate the new work patterns that have emerged. A very attractive strategy that companies are looking into is the hub-and-spoke strategy, where the idea is to complement hub offices with smaller satellite spaces. Shared workspaces fit the criteria for satellite spaces and an added benefit is that companies are able to test the locations out to see what works best for their employees.
- Taking advantage of flexible lease terms
Flexible lease terms are a key component of shared workspaces, so it is a fantastic idea to use this as a selling point for your commercial real estate clients. Companies can reduce the risk of signing long term leases and simply negotiate more flexible terms. They might for example sign a six-month lease with a shared workspace operator and customize the workspace according to their needs and using their own branding.
- Offer clients immediate solutions
Another great feature of shared workspaces is how quickly you can get a space to work on. Adding shared workspaces to your portfolio means that you are able to offer your clients immediate solutions whenever the need arises.
- Close deals faster
Negotiating and closing a traditional lease takes a long time. This being a long-term commitment means that all parties want to be absolutely certain that they are getting a good deal that will be relevant for them at least a decade from now. With shared workspaces you take this long commitment out of the equation and this enables you to negotiate and close deals a lot faster.