Readers of the blog know we are big believers in the potential for co-working spaces as a value-add real estate investment. From retail to older office buildings and corporate centers, adding a vibrant co-working community could be the kickstart to a successful redevelopment.
Catie Dixon has an excellent article in BisNow which even the title highlights what today’s tenants desire, Working From Home Never Looked So Good, that points out some ways multifamily real estate owners could benefit from incorporating co-working spaces into their building or buildings. Catie writes:
As remote work increases, multifamily landlords are increasingly swapping out clubroom or lobby space for coworking.
It can serve as an amenity for residents, and some multifamily owners are taking an extra step — bringing in outside coworking tenants, monetizing the space and perhaps drawing in new residents along the way.
To meet this rush of demand, designing common areas in multifamily to include workspaces has changed dramatically over the last two years, according to Linowes Design Associates founder Elyse Linowes, whose firm specializes in multifamily design. “It’s now something that’s a must-have,” Linowes said. “It’s no longer just a bonus.”
This is what we’ve been preaching. Those who are able to re-work old un-used or under-used space in their multi-family buildings into a productive co-working space, have the ability to capture the tenant of the future.