The way that Americans do business is constantly changing. Nowadays, many people choose to freelance, work from home or start their own businesses. With many people choosing not to work for one solitary company, it may not make as much sense to purchase commercial real estate to sell to one business.
Instead, real estate investors may want to consider coworking space. According to the U.S. Chamber of Commerce, coworking spaces allow small businesses, freelancers and entrepreneurs to rent space to work and network.
Are coworking spaces popular?
Just 10 years ago, most people did not know about coworking spaces. Now, there are more than 17,000 coworking spaces globally. Most people understand the need for coworking space and would gladly rent space to be productive and to be able to network with others. When people work from home or work independently, they do not always have a means to network with other individuals in their community. Coworking spaces change that.
Do coworking spaces provide monetary value?
When you rent a coworking space, you can rent by the month, the year or even by the day, in some cases. You choose how you want to charge potential tenants. You can also add more value to your space by offering other benefits. For instance, you may wish to provide business mail to your tenants. Additionally, give your clients a chance to try out the space before you lock them into a contract. Most people like coworking spaces because there is more flexibility than a typical commercial real estate rental.
Independent contractors and entrepreneurs will continue to want a space to work productively. If you have unused office space, you can offer coworking spaces.