A rising trend in commercial coworking spaces is not one to likely diminish in the near future, providing commercial property investors rewarding advantages.
Commercial property investors continue to enjoy the rewards of an upward trend in coworking spaces. What this means to the commercial property management business is a sizeable influx of new customers. The coworking space growth continues to be so prolific, the demand for management, maintenance, and new tenancy will keep property managers very busy.
Shared office centers, known popularly as coworking spaces have grown extensively the Dallas / Fort Worth area. Through the end of July 2019, 20 new coworking office leases were added, accounting to more than 650,000 square feet.
Why is coworking space in such demand? For one thing remote work is on the rise. Since 2014, the number of remote workers has steadily increased. The 2017 U.S. Census report showed that more than 5 percent of U.S. workers worked from home in 2017. That’s around 8 million people throughout the country.
Coworking provides a flexible workspace for tenants who need workspace quickly or those who like the flexibility. Landlords are able to offer this as an additional convenience, along with conference and meeting space, as well as room to quickly expand if needed.
Like any real estate investment, location is the most important factor. One Global Workspace study revealed that users prefer a workspace that’s close to their home and easy to get to. About 80 percent of coworking members live within a 30-minute commute from the space.
Exponential growth in the market indicates that now is the best time to invest. The millennial generation is projected to comprise 75 percent of the workforce by 2030 with the number of remote workers continuing to rise. As more of these workers seek coworking spaces, the investments have the potential to be very rewarding.
Other advantages commercial property investors realize in coworking spaces is that they generate two to three times more revenue per square foot than traditional space.
Coworking spaces provides a value-added service to existing tenants by giving them an overflow space, empowering them to meet the increasing demand of today’s workforce and increase property value.
Add to that the valuable services provided by an expert commercial property management company and the complexities of managing and being a landlord are much more efficient and easier.
Cousin James Management provides all of the most difficult aspects of managing commercial rental property, two of which are turnover and vacancy. After all, a return on your investment is why you’re in the business in the first place.
Cousin James Management teams of professional contractors are on hand day and night to handle maintenance and inspections; tenant screening; monthly account reports; and eviction services. Turn the stress and worry of commercial property management over to the pros who have been doing it for more than 25 years. Your relationship with Cousin James Management, a strong and respected name among property management companies in Texas, gives you more freedom to enjoy the rewards of your real estate investments.