The coworking industry is buzzing with change, and WeWork's recent bankruptcy declaration has prompted many commercial real estate professionals to rethink their approach.
Instead of relying on external operators like WeWork, savvy property managers and investors are considering a more hands-on approach to create thriving coworking communities within their office spaces. The secret weapon? Flexible software that not only empowers you but also builds strong connections within your community.
The coworking rise: a snapshot
Before diving into how you can "be your own WeWork," let's take a quick look at the coworking industry's evolution. Over the past decade, it has witnessed remarkable expansion. In 2019, there were over 2.2 million coworking members worldwide, a number projected to reach 5.1 million by 2022 (source: Statista). This meteoric rise has brought a profound impact locally, transforming the way we work, interact, and innovate.
Why go independent?
So, why choose to blaze your own trail in the coworking world? Here's why it makes sense:
- Control and customization: Taking the reins means you can tailor your coworking space to fit your tenant's unique preferences and needs, making your property more appealing to a broader audience.
- Cost-effective: Steering your coworking ship can save you from hefty management fees that third-party operators usually charge. It translates to higher profitability and enhanced property value.
- Thriving communities: A successful coworking community attracts and retains tenants while fostering invaluable connections among them. This leads to happier tenants, higher retention rates, and a vibrant working environment.
- Adaptability: With the right flexible software, you can effortlessly adapt to shifting market dynamics and tenant demands. This nimbleness keeps you ahead of the curve and ensures your competitiveness in the ever-evolving coworking landscape.
Coworks: the platform that powers your community
To bring your vision of being your own WeWork to life, you need the right tools, and that's where Coworks comes in. Coworks is a versatile and trusted flexible space management platform that empowers various member-based spaces. Whether you're running a traditional coworking space, managing commercial real estate, running a university entrepreneurship center, shared lab space, or even a social club, Coworks has got you covered.
How can Coworks help commercial real estate?
Coworks simplifies complex tasks and keeps your coworking community thriving. Here's how:
- Space management: Effortlessly manage and allocate coworking spaces, optimizing occupancy and revenue while keeping an eye on real-time space utilization.
- Member management: Build a tight-knit community with member profiles, communication tools, event scheduling, and networking capabilities.
- Reservation and billing: Automate booking, invoicing, and payment processing, streamlining administrative tasks and improving the tenant experience.
- Analytics and reporting: Gain crucial insights into space usage, tenant preferences, and financial performance. Use this data to make informed decisions and optimize your coworking space.
- Scalability: Whether you're just starting or scaling up, Coworks can grow with you and adapt to changing market conditions.
Who is the next WeWork? You are!
WeWork is in no way the bellwether of the coworking industry. But the bankruptcy of WeWork has highlighted the importance of adaptability and self-reliance.
Property managers and investors now have an opportunity to chart their own course and create vibrant coworking communities within their spaces. With Coworks as your operational platform partner, you can achieve greater control, save costs, and foster community engagement. Embrace the future workspace and be your own WeWork with Coworks, a solution designed to empower you in every step of your coworking journey.