Shared Amenity Spaces And Co-working Facilities In Property Development – The relationship between commercial owners and cooperative operators is not always so clear-cut. They exist as two different sides of the office space story: serving different businesses and serving different needs. That is, until recently.
The global commercial real estate sector has been undergoing rapid changes in recent years. Health and safety measures implemented due to the recent pandemic have emptied commercial office space and prompted a shift to flexible working around the world.
Shared Amenity Spaces And Co-working Facilities In Property Development
This change has brought many positive changes. There are now fewer constraints due to location, which leads to greater work-life balance and contributes to greater productivity.
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Employees also now expect more choice when it comes to where, when and how they work. This has led to organizations re-evaluating their use of office space and resisting long-term leases to accommodate hybrid work.
Commercial office building owners are challenged to provide on-demand amenities, services and space to attract quality tenants. Now, as a solution, many are forming partnerships with cooperative operators. This means that now is the right time for co-op operators to build relationships with owners to help enhance the workspace experience that such owners and developers have to offer.
For many employers, capitalizing on the coworking space’s already strong brand presence is the way to go. This is often the most common way for cooperative owners and operators to work together. Often management agreements refer to this partnership. Owners take on more risk—paying for fit-out, wages, and more—and agree to have their space managed by a co-operator under the operator’s name.
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This type of partnership has many advantages. For cooperative operators, this means lower capital costs and lower risk, while expanding their portfolio and increasing revenue.
For landlords, it guarantees some form of occupancy and gives them the ability to “leave it to the experts” when it comes to the workspace experience their tenants and employees really want. Ultimately, it results in a positive association between their building and brand presence that the co-operator has worked so hard to establish.
Some owners may prefer to put their name on the sign, so to speak. In these situations, cooperative operators may offer “white label” solutions.
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As with branded workspace offerings, the co-op provider operates the space. This includes staffing, facilities, customer management, sales and day-to-day operations. The only difference is that the space operates under the name of the owners or developers rather than being associated with the co-op space.
Landlords looking to improve their building branding are more interested in this type of partnership, and for good reason. This provides the ideal situation to move away from the traditional office model and leverage the expertise of co-op providers to differentiate their building in a competitive market.
For cooperative providers, this is an ideal solution to serve long-term owners and developers with a significant presence in the commercial real estate market.
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With the increased focus on wellness in the workplace and providing spaces that make commuting worthwhile, many buildings are now being upgraded with additional services and amenities to enhance the workplace experience. You may find that many partner providers now offer these services.
The process is simple: Cooperative operators create a customized offer based on the building’s specific requirements and goals. It can combine many things: cafes and bars, dry cleaning services, parcel management, event space, restaurant reservations and business, cultural and social events. At Hub Australia, we call this offering Building Hospitality.
The result is more of a workplace than a workplace. It becomes the perfect blend of work, wellness and lifestyle and enables flexible working. If I had to make a guess, I’d say we’ll see many more forms of partnership between co-owners and operators in the near future.
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Brad Krauskopf is the founder and CEO of Hub Australia, Australia’s largest private provider of co-working space, providing premium space to growing companies across the country. Hub Australia has seven locations in Melbourne, Sydney, Brisbane and Adelaide, supporting over 3000 members and businesses. Lockdowns caused by the Covid-19 pandemic have opened the eyes of both workers and businesses to the potential benefits of flexible working, which includes working from home for part or all of the work week. As principal Michael Swiszowski and senior architect Richard Daw discuss in this insight paper, build-to-rent designers, developers and operators must now respond to this phenomenon by considering incorporating co-working spaces into their developments so that they and residents can reap the benefits. Potential benefits that such spaces offer.
For years, Chapman Taylor has been challenging the design and development of large, single-use buildings as people appreciate the benefits of having multiple uses and facilities under one roof. Increasingly, designers and developers are recognizing the benefits of learning from trends in other experience-centric markets, moving away from working in siled sectors to transform experiences for their end users. In recent years, residential developments have adopted ideas traditionally owned by hotels, for example, and many office developments are borrowing heavily from the leisure and hospitality sectors and perhaps come to mimic the trends and successes of build-to-rent. area..
Build-to-rent developments are at the forefront of embracing the potential benefits of offering a mix of amenities under one roof, combining residential forms with ideas drawn from the hospitality and leisure sectors and creating what has become a very attractive option. . , residential-only apartment blocks, especially for singles, small families and young professionals.
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However, collaboration is an area that has recently been relatively neglected by build-to-rent developers and operators. Collaborating / working from home is the thing for build-to-rent operators
Consider now as part of their offering – the Covid-19 pandemic has brought about a paradigm shift in how we view the world of work and the importance of work-life balance. Where the once-dominant working patterns saw people moving in before 9am and people inflowing after 7pm, there is now more flexibility, more people at home during ‘traditional’ working hours and more activity in and around the building throughout the day. Helps strengthen emotions.
The provision of a shared workspace can be critical to the social and commercial success of a build-to-rent development, especially after long periods of living away from one another, making them appreciate the value of personal human interaction. It is increasingly apparent that developers of large buildings in UK cities are finding it harder to fully let unless they have at least one co-working space in them, and this phenomenon may soon extend to the build-to-rent sector.
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While it is true that co-working offers huge revenue potential untapped by the build-to-rent sector, the importance of incorporating the co-working sector is not just for revenue generation; Rather it should be seen as something that will be a necessary prerequisite in an age where a significant proportion of people choose to work from home, part-time or full-time.
Build-to-rent has always been about getting people out of their apartments as much as possible to interact with each other. This should apply to both their work time and their free time, especially if they have now, post-pandemic, chosen to work from home for a significantly larger proportion of their lives.
Build-to-rent operators should aim to provide space that residents and the local community can use to work in a space that requires more than just an office in their flat. Benefits for residents may include meeting, collaborating, doing work that requires more space more easily, experiencing the buzz of activity around them, access to ancillary facilities (for example, printing and photocopying), and the ability to access opportunities. Can lead to business ideas and foster innovation.
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Some people may want to work primarily from their apartment, but spend an hour or two in a welcoming environment, enjoying a coffee and a meal while working on their laptop, just for that important sense of social connection and well-being.
Spaces can be designed for 24-hour work, accommodating those whose work patterns go beyond the traditional 9-to-5 template. Alternatively, if the context is different, it can be a flexible, adaptable space that can be used easily. For various activities in the evening.
As mixed-use specialists, we are familiar with designing environments that blend a range of uses. When designing a new build-to-rent development, it is important to consider the original residential environment, but it is equally important that any ancillary uses are designed to function as efficiently as possible. structure
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