At a recent ULI Houston luncheon discussing matters including the Emerging Trends in Real Estate® 2019, the idea of coworking as a core strategy came up. Though it was a gathering of Houston minds, the implications are actually being realized across the nation: Commercial real estate investors are becoming more than just landlords, there’s a niche as a hospitality business geared towards the real-estate-as-a-service model through the concept of coworking. Real estate investors from around the nation should take notice of this growing opportunity.
As online businesses and independent contractors grow in numbers, these workers are looking for flexibility, amenities and a feeling of shared space that their typically solitary businesses can’t otherwise provide for them.
Imagine you are a web consultant and you’ve started your own business. You can work from home in your PJs, but you’ve found that that perk is outweighed by disadvantages such as distractions, chores, and family demands. Yet, you can’t justify renting an entire office building when you need little more than a computer desk and internet access to get your job done. Plus, you miss chats at the water jug and the break room that working in a firm once afforded you. The idea of coworking, or working independently around other independent workers in a shared space with shared amenities might sound pretty amazing.
Commercial real estate investors have noticed a demand for these shared coworking spaces and are profiting nicely from this niche. Some real estate investors are combining coworking space into multifamily residential spaces too. Coworking is the use of a working environment by people who are either self-employed or working for different employers. They share equipment, ideas, and and well… each other’s company.
Coworking has become a global phenomenon. Coworking spaces are popping up in most major cities all over the world. This niche has an annual growth rate of 24.2% and if predictions are accurate, there will be over 5.1 million coworking members by the year 2022. This niche combines real estate, community and technology and it’s literally shaping the way people will work in the future.
According to CBRE Group Inc., coworking providers were stewards of 4.4%of square footage leased during the first half of 2018. That’s more than quadrupled in just five years and it’s growing exponentially. If the pace is kept up, coworking leasing activity will surpass that of the legal, government, and insurance sectors by the middle of this year.
RE/MAX Keys Connection
Upscale, Comfortable Commercial Real Estate Office
The RE/MAX Keys Connection office is located in the Historic Heritage House in the heart of Old Town, conveniently located immediately nearby major downtown hotels. Our unique, cafe-style real estate office offers our valued clients a welcoming, upscale, professional environment. Enjoy complimentary beverages, free wi-fi, and a private conference room or expansive front porch, depending on the level of privacy you’re most comfortable with.
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Experienced Commercial Real Estate Brokerage Company
RE/MAX Keys Connection’s owner and broker Curtis Skomp is one of South Florida’s top commercial real estate brokers. With over two decades of experience and a CCIM (Certified Commercial Investment Member) designation, Curtis has brokered commercial real estate including industrial properties, shopping centers, strip malls, trailer parks, bars, restaurants, hotels and multi-unit apartment buildings. Unlike many brokers, Curtis isn’t intimidated by bank foreclosures either.
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RE/MAX Keys Connection offers clients international exposure with local service. Our service area includes Key West, Big Pine Key, Marathon, Islamorada, Key Largo, and all of unincorporated Monroe County. Our office is fluent in Spanish, which is highly important when doing business in Southern Florida.