If you’re interested in incorporating flexible office space into your commercial property, you’ve done your research, and you’ve considered the five key factors that support success, I’d strongly advise you to make one more consideration: find a like-minded partner to help manage your flexible office business.
Don’t get me wrong. This is something you could do yourself. But in my experience, working with a partner who’s got the process down to an art could mean the difference between success and failure.
1. They Can Offer In-Depth Expertise
A reliable partner will help you ensure you’ve covered every possible detail. For instance, at Launch Workplaces, we conduct a thorough 12-point evaluation of every building before we activate it for a landlord.
And with this evaluation, we score buildings on a scale of zero to 100.
Buildings with a score of 80 to 100 have a propensity to succeed. Buildings with scores between 60 and 80 may have some red flags and absorption may not happen as fast, meaning they may not follow the normal path to success.
And if I don’t think a building will be successful, I’ll be completely honest with landlords about that, too.
Since we started out in this business, we’ve evaluated well over 100 buildings and created a patented system that allows us to give landlords credible insights and advice.
2. They See Eye-to-Eye With You
At the end of the day, the building owner and operator need to be aligned. Because even if you’re a hands-off owner, your members will still interact frequently with the people who represent you.
This means that you’re still part of the ecosystem of that building and you’re involved in it.
I believe firmly that you can have the best building in the best location with the best prices but if you’re not aligned with your operator, you won’t succeed.
3. They Will Do It for the Right Reasons
A great coworking partner will be driven to make your building better rather than just making it full.
Here’s what I mean.
When you get into flexible office space, it’s critical that you activate the building and transform it into something better.
I believe your success will be hindered if you partner up with a person or company that’s financially motivated and are solely chasing an arbitrage situation.
Rather than just coming in, taking a floor, and trying to lease it out, you’ll benefit massively from a partner who cares about enhancing the quality of life for your tenants. That’s how you create longevity and success in this industry.
I’ve been doing this for a long time. And I’ve seen first-hand what flexible office space can do for a building and would recommend it to commercial landlords as a must-take next step in futureproofing their business.
The reality is that you can never truly know if flexible office space is going to be the right thing for you because there are no guarantees. But with the right partner, you can make sure you’ve checked every box that will drive your success.
Just be patient. Find a great partner. And if you’d like to learn about how you can activate your building, I’d love to speak with you about how Launch Workplaces can help, so feel free to get in touch.