YES! has had success working with Real Estate Developers looking to incorporate coworking and flexible office space into their developments.
The mix of multi-family with coworking/flex is a particularly powerful combination for developers as we move into a post-2020 reality of continuing to work mostly from home. While most employees still want flexible and remote options, there are times when it can become too confining, and isolating, only working from home. As we like to say, “When there are two feet of snow in Chicago , wouldn’t it be nice to go downstairs in your building and be able to work with other humans?” That’s just what we’ve helped developers understand in capturing this residential audience and the surrounding community.
In the video interview below, we share two stories: One featuring Shift Workspaces growing to 3 locations in Denver; The other is Landrosh Development in Chicago starting their first 6-story, multi-family/flex office to open in Q3 2023.
In addition to the video, here are more thoughts…
Why coworking / flex vs. retail? the ability to generate perhaps 2 to 2.5 times market rents compared to commercial office or possible 1.5 times retail is absolutely worth a review of our financial modeling together. There are in-demand amenities that can generate more revenue and create higher member and residential tenant retention. You’re truly making your development a community where people want to be AND stay longer term.
What is the optimal size of the coworking / flex space? As supported by decades of industry research, the optimal size is still 12,000 – 15,000 s.f. as a minimum, up to a maximum of 20,000 s.f. This enables the developer to provide a rich mix of offices, conference rooms, cafe/lounge, event space and content studios. There is also an opportunity to create some outdoor space as well, which is very much in-demand no matter the market.
When is the best time to engage YES!? At the very beginning to work through the financial modeling. Our overall objective is to protect your investment prior to any construction taking place.
It’s a simple as reaching out to us at firstname.lastname@example.org. From there, let’s talk through your concept and plans to create a strong, sustainable business model.