Setting Up A Co-Working Space? What Property Management Organisations Need To Consider

Co-working has become increasingly popular, despite drastic business changes since the Covid-19 pandemic hit. The idea of co-working is hugely cost-effective for those who own a small business due to the lessened requirement for unnecessary office space, with the idea of only renting what is needed. Finding the perfect sized working space can be tricky, especially if business owners have no upcoming plans to expand their staffing numbers, as additional unused office areas won’t be financially productive.

As such, the market could be the perfect opportunity for commercial property managers that want to find a potentially lucrative source of revenue. Here are some practical tips for property management companies:

Think About Costs And Budgeting

When renting out your building, there are many different factors to consider. One of the most significant is costs. There are financial expenditures, which you will need to charge renters, such as the purchasing of office furniture and electricity. This may also include cleaners, pest control, decontamination, mechanics, engineers, air conditioning and, in some cases, grounds maintenance, landscaping, interior design and security. Cleaning is especially important due to the current situation, so this will be more frequent and thorough than before, so you also need to factor this cost into the amount you charge to co-working service users. Make sure that you think about all the costs involved in managing a co-working space before you set charges and budgets.

Use Facilities Managers To Save Time

Managing a large property with a lot of facilities users can be time-consuming, but it doesn’t have to be. Working with teams that offer a wide range of services, such as First Response Group, will limit the need to work with multiple facilities maintenance companies. Therefore, if you rent out your property or office space, the need for finding numerous reliable and cost-effective services is removed, and you can leave the facilities management responsibilities to one reliable firm. This can be especially productive and less time consuming when you’re managing a co-working space, as you can allow the facilities management company to deal with the requests of all the various service users in the property. Also, you won’t have to work with or pay for multiple companies, no matter what support you need.

New Ways Of Working Mean Co-Working Market Is Here To Stay

While co-working spaces look set to remain popular in the future, working environments are adapting with Covid-19, which in some ways is working well for businesses. Before the pandemic, many jobs that were office-based had little or no flexibility, with homeworking now becoming a regular fixture for some, even after lockdown restrictions have been lifted. The increasing popularity of hybrid working has allowed businesses to redefine the need for full-time office space, which in turn is promoting a healthier and safer work balance for some. As a result, it’s clear that co-working properties will remain popular over the coming months and years. Therefore, while it might seem like a substantial investment in the short term, launching a co-working space could be potentially lucrative over the coming years.