There are more self-employed and remote workers than ever before. The digital age allows entrepreneurs and white-collar workers the freedom to work from home in dedicated workspaces away from traditional office space.
Multifamily property owners and apartment building owners can turn almost any community space into a coworking space to attract tenants who work from home. That is why an increasing number of multifamily property owners are hiring companies like Peak Renovations to add coworking spaces to their buildings and communities.
Property owners are adding community-based shared workspaces as amenities for all their tenants to enjoy. Whether you want to renovate or construct a multifamily property to include coworking spaces, Peak Renovations is the best multifamily general contractor to hire for the job.
Peak Renovations has transformed this media room into a modern coworking space, perfect for productivity and collaboration.
Here are the top five benefits of amenity space renovation and construction services for adding coworking spaces to multifamily properties:
1) Attract Responsible Tenants
Entrepreneurs and home workers are highly responsible tenants because they are accustomed to managing their finances and work life without a boss looking over their shoulders. Because of this, multifamily property owners and managers can expect entrepreneurs and home workers to pay their rent on time and not make excuses.
It is easy to attract responsible entrepreneurs and home workers by adding coworking spaces as amenities to their properties. Once they learn these amenities are available, you will have highly qualified remote workers competing to rent out your multifamily units.
2) Meeting the Demand
The concept of coworking spaces has been around for at least 20 years. After the increased popularity of the internet in the early 2000s, companies and entrepreneurs saw remote work via the computer as an opportunity to cut expenses and increase productivity.
By mid-2022, over one million people in the United States reportedly use coworking spaces, with over three million using them worldwide. These numbers are expected to rise over the next decade as more companies and entrepreneurs embrace the benefits of remote work.
Incorporating coworking spaces into your multifamily property will allow you to take advantage of this trend before competing with several other property owners for work-at-home tenants.
3) Easy to Develop
Creating a coworking space in a new or existing property does not require a lot of sophisticated or creative design planning. The four essential elements needed to develop a coworking space include:
- A simple workspace design with enough room for tenants, desks, lights, seats, and computers.
- Guest access to complimentary high-speed Wi-Fi connectivity will allow your tenants to work remotely from their computers and mobile devices.
- A private space for tenants to conduct private meetings and have the ability to work in peace without disruptions or distractions.
- Secure access control to the coworking space using keypads and smart lock systems to ensure only tenants have access to the space.
As you can see, it is easy to develop such a space on your property for the community. Just design and construct a private, secure space with high-speed internet and enough room to accommodate a decent number of tenants simultaneously.
4) Charge a Service Fee
The coworking space you build for your community of tenants doesn’t necessarily have to be a free, complimentary service. In fact, many multifamily property owners charge a service fee to tenants who wish to have access to the community coworking space. It doesn’t have to be a substantial fee, but it could still be a way to increase your rental income.
Another way to make money from your coworking space is to charge extra to tenants who want enhanced services, such as access to a private meeting room, an unshared private office, and a faster Wi-Fi internet connection. All of these extra service fees can add up quickly.
Shared workspaces can remain free of charge to tenants. But if you have enough room to create fee-based private workspaces, it could become a second source of rental income for you.
5) Strengthen the Local Economy
Using coworking spaces to convert entrepreneurs and businesspeople into tenants can significantly boost the local economy. It will bring more economically viable people to the community who will have the financial means to spend money at local restaurants, coffee shops, package shipping stores, and more.
As a result, more businesses and job creators will want to come to your neighborhood because of how much it is thriving economically. That will attract even more working tenants to your multifamily property who will have the means to pay their rent on time. Whenever you have a multifamily property in an economically thriving community, only good things can happen.
Contact Peak Renovations to Add a Coworking Space to Your Multifamily Property
Apartment and multifamily property owners interested in adding coworking spaces to their buildings and communities should contact Peak Renovations to request a renovation or construction job. They can transform your new or existing community space into efficient coworking spaces to attract more tenants and help you generate additional rental income. Contact us for a project quote: cfaber@peakrenovate.com
