Top 5 Coworking Community Manager Problems Many entrepreneurs and established professionals thrive in coworking spaces due to their flexibility and...
Use Occupancy to measure your coworking space performance
The space-as-a-service industry has tight margins. Coworking space operators can’t really afford to guess when it comes to understanding their space’s performance.
One important metric is occupancy. And rather than force you to run complex calculations of occupied versus unoccupied space, Coworks coworking space software makes it simple.
The Coworks Occupancy feature is designed to give coworking operators a quick, accurate snapshot of how full your dedicated spaces are. If you rent out offices, suites, desks etc. it’s extremely important to know how many are booked and how many are still left to sell, as well as more granular metrics.
Here’s how the coworking Occupancy feature works in Coworks:
Head over to the Occupancy tab to see a list of your available inventory.
By default, you’ll see all of the vacant (or unoccupied/unassigned) suites at the top of the list, as those are the ones you need to take action on.
You’ll also see some important stats for you to track related to your occupancy:
Occupancy Percentage: This is the percentage of currently filled or occupied suites in your community. 75% occupancy would mean your space is 75% full with tenants. Your goal should be to see 100% at all times!
Estimated MRR: This tells you the estimated amount of monthly recurring revenue that you should anticipate from your currently occupied suites. We generate this number by calculating the totals from the attached price plans on each suite. This does not include discounts, add-ons etc. so is a very well-informed, high-level estimate.
Estimated Potential MRR: The estimated amount of monthly recurring revenue that you are currently missing out on from your vacant suites. This is essentially the anticipated revenue left on the table from suites you have yet to fill. You want this number to be 0!
Create your coworking suites
To create a suite, click “New Suite” in the top right of the Occupancy tab. Be sure to fill out important information like your suite size, capacity etc. as we can sort and filter on those options. The other important piece of creating a suite is assigning plans and teams
Assign a coworking suite plan
Assigning a plan is critical to understanding the market value of that suite so that we can generate revenue metrics and sorting capabilities. To assign a plan you must first go to the Plans tab in the sidebar and create a plan of type “Suite”
Once you have created your suite plans you can assign them to the suite in the suite form.
Assign a team to your coworking suite plan
Adding a team to a suite will automatically mark that suite from “Vacant” to “Occupied” after saving. This will auto-recalculate your occupancy percentage and MRR. You can remove a team at any point by clicking edit on the suite.
Sorting and filtering your coworking plans
The occupancy feature comes built with a powerful set of sorting and filtering to make it easier for you manage your inventory. You can easily sort/order your list by name, capacity, size, vacant/occupied to bring the most important ones to the top. Additionally you can filter by price, minimum capacity, or availability (vacant or occupied) so that you only see the suites that matter most to you in the list.
The Coworks Occupancy feature is a quick way to understand everything about the performance of your coworking space.