How Coworking Spacesare Reshaping the Real Estate Industry
Novel Property Ventures
Real estate industry may undergo a shift in
business due to the rise of coworking
spaces in city neighborhoods.
Coworking companies allow for small
businesses, startups, freelancers and
entrepreneurs to rent space in a collaborative,
comfortable and affordable setting.
Coworking spaces embody all of the assets of a
great office without the high overhead investment.
Here are three ways coworking spaces are likely to
impact the real estate industry
Energizing neighborhoods1.
Coworking spaces create buzz and excitement,
and may draw in new residents and commuters
to up-and-coming neighborhoods.
An influx of residents and commuters means that
local businesses in the periphery will benefit from
more foot traffic and patronage.
Growing in size and value2.
There’s always risk in leasing coworking spaces,
which are inherently unstable.
Fortunately, coworking spaces have been
booming consistently, with space doubling
every year for the past five years.
A model to emulate3.
One thing is abundantly clear:
the traditional office is losing its appeal.
Real estate developers can use this model to
their advantage by offering more flexible
spaces with malleable leases.
Whatever the case, shared offices are, for many, a
welcome addition to city real estate.
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