One of the hottest multi-family amenities is open office space. Co-working is the new trend disrupting the corporate environment by tackling one of the biggest problems facing startups and small businesses – office space. Multi-family developers are capitalizing on this trend by offering open office space to their tenants as a perk of living in the building.
The co-working trend moving into condo and apartment buildings gives access to shared office space and often times shared amenities to cut down on high overhead costs—a big perk for renters actively seeking workspace outside of their home. Research suggests that the demand for shared office space is growing which, according to Forbes Magazine, has led to an explosion in the number of multi-family developers providing access to shared offices with varying amenities to support business activities.
Shared Space Boosts Creativity and Productivity
Though the demand for office space in apartment complexes is already there, developers can offer this as an incentive for tenants. A recent study that found 71 percent of participants reported a boost in creativity since joining a co-working space. A further 62 percent said their standard of work had improved in a co-working environment. Who doesn’t want to live in an environment that will boost their creativity and productivity?
“The future of work should not be dictated by space or place, but by the individual and the tasks that he or she has to deliver,” Regus CEO Mark Dixon tells Fast Company.
And as employers move in favor of assessing workers by output rather than time spent at the office, more employees (and tenants) are working remote, often times from co-working spaces or from home.
Not Your Average “Business Center”
This presents a prime opportunity for developers to rethink the design of the traditional office space to capitalize on the co-working trend. When before we used to have “business centers,” office space today is more in the form of a Cyber Café or e-Lounge. In designing the space, developers should factor in the needs of the young professional to socialize and collaborate, with the option to retreat to a private space if and when necessary.
Open office space with desks and lounge chairs can also be accompanied by conference rooms and more private table enclaves to give more options to professionals conducting business from home.
Cost Saving Benefits For Startups, Improved Work Environment For Employees
Co-working provides many opportunities for collaboration, something that is very appealing to the millennial worker – now the dominant demographic in the workforce. The trend has become so popular, Forbes Magazine reports that the number of startups now offering access to these kinds of collaborative services under one roof is growing at a rapid pace. The options range from renting a cubicle for a few hours to a fully furnished office with access to a shared receptionist, IT services, conference rooms and other useful amenities.
Developers have a distinct opportunity to cash in on this trend by offering tenants access to an exclusive co-working space right in their building, rather than going to a co-working space elsewhere. Millennial entrepreneurs and professionals who work remote are attracted to the opportunity to interact freely and draw ideas from others around them. For developers, return on investment will depend on the willingness to adapt to the needs of the market and go in the direction where the demand exists. Office space is a highly sought after multi-family amenity that will certainly pay off for developers.
Read more about the Hottest Multi-Family Amenities: