This week we see another Retail + Coworking project announced, a divergence in flex workspace strategies, skyrocketing US sublease listings, reported increase in operator profitability and more.
Get future weekly summaries in your inbox.
📰 Coworking updates.
🛍 Atlanta mall announces new food hall + coworking space.
Another retail + coworking project was recently announced. This time Simon announced that they’d be working with Life Time Work to bring a 25k sqft coworking space into the Phipps Plaza, a luxury mall in Buckhead, Atlanta. Members will also have access to an athletic club and rooftop beach club.
Life Time Work sound familiar? They should, they were in TWIC #8 2021 for a similar (slightly larger) project in Houston.
🤷♂️ The range of diff. strategies for ‘tackling’ the future of work.
Candace Carlisle shares an insightful article via CoStar News looking into the different strategic routes being taken by coworking brands, landlords, CRE firms and technology platforms.
“Demand for flexible office space is expected to rise and outweigh supply as the pandemic delays long-term corporate leasing decisions and companies seek offices outside of one central hub” Charlie Morris of Avison Young said.
The piece also features insights from John Arenas of Serendipity Labs, Nick Clark of Common Desk, Will Hendrickson of Granite Properties, and Flip Howard of WorkSuites.
🗽 Sublease supply skyrocketing in Manhattan, and elsewhere.
Miriam Hall shares how firms like JPMorgan Chase, Yelp and PricewaterhouseCoopers are marketing office space on the NY sublease market. And firms like Salesforce, Wells Fargo and Uber are subleasing some of their occupied space nationally.
Dropbox actually shared with investors that they’re expecting to make $800M by subleasing real estate at big discounts to what they’re paying landlords.
Could this reduce the go-to-market cost for shared workspace operators, or would the subleasing of a subleased lease be too unreliable long-term?
📈 Flex spaces are reporting increased profitability globally.
Workthere have shared that according to their newest research, the proportion of flex workspace operators that are reporting operating profitability has gone from 79% to 82% over the last 12 months.
This contrasts HEAVILY to data-sources reported in previous TWIC newsletters that showed an apparent collapse of smaller office providers.
Share This Week's Summary
🧱 Coworking Resources
💡 Updating your membership agreements and code of conduct.
This month’s Coworking IDEA challenge is to check and update your membership agreements and code of conduct to help build a community that’s inclusive, diverse, equitable and accessible for all.
Checklists, templates and ideas are shared to help make the process both easy, and rewarding, for current and future members.
📃 70 page report into the human face of coworking.
The O4 Coworking team have updated and released the report they’d aimed to release in spring 2020.
Within it, you’ll find a fascinating deep dive into how/why the biggest competition for coworking spaces are not other spaces, but home working.
📚 Flex Management Agreements for landlords and operators – part 2.
Barbara Sprenger (Satellite Deskworks + Satellite Workplaces) and Robbin Orbison (CapeSpace) return with part 2 of their discussion on management agreement best practices.
💻 Coworking technology.
💰 Tenant Experience app raises further $60M.
HqO who offer a tenant experience software platform for commercial real estate firms, recently announced their Series-C funding round. The announcement also shares that they are currently used by firms managing 150M sqft.
🏢 Group adds 3,400 of their locations to online aggregators.
In a recent press release, IWG announced that they’d be adding all their workspace brands’ locations to the Coworker platform by June 2021.
Whilst this boosts the location count to 18,500, whether this new supply will boost overall bookings for all operators remains to be seen.
📅 Day Offices added to workspace discovery app.
Nick Donnelly has shared that they have added Day Offices to the WorkClub apps, alongside existing listings for free and paid workspaces and meetings rooms.
🎙 Coworking conversations.
Ceci Amador chats with Jamie Orr about how coworking is a gravity center for rural economic activity.
Caleb Parker chats with David O’Coimin chat about creating offices that ‘give people superpowers’ and dive into building neuro-inclusive spaces.
Jamie Russo chats with Roland Stanley about how Dragon Coworking expanded their community, virtually and IRL, during the pandemic.
Bernie Mitchell chats with Caroline Russel, Green Party London Assembly Member about London becoming a 15 Minute City, landlords, the youth, jobs, inclusion and ofcourse coworking & the future of work.
📆 Coworking events.
22 Apr: “Workspace Trends Research Summit” – showcases the best of the latest research into work and the workplace and how it can be applied for practical benefit.
27 Apr: “The Coworking Alliance Summit” – bringing together cooperative coworking leaders.
28 – 30 Apr: “COWORK 2021” – The German Coworking Federation’s annual conference.
30 Apr: “Greening Your Space” – Coworking Convo lead by Cat Johnson.