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Why Multifamily Properties Should Focus on Coworking Spaces

November 10, 2016 Elizabeth Francisco
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The days of working in a traditional office are slowly dwindling as young professionals want the freedom to choose their ideal work environment or enjoy the comfort of being in their own home while being productive. For a variety of independent and entrepreneurial professionals, coworking spaces provide the ideal solution: a communal place to work on individual projects. Taking the mundane office life out of the equation allows workers to have more control over their job, while maintaining that community feel a traditional office provides.

 

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Creative coworking space inspiration from WeWork 

The trend in coworking spaces has hit the startup space, giving entrepreneurs a place to get their business off the ground, as well as helping freelancers stay motivated in an office-like environment. Where’s this trend moving next? Multifamily.

Apartments are experiencing a surge in trending amenities, and communal office space is a clear draw for many renters. When it comes to easy amenities to attract renters, think: shared spaces, co-working lounges, or community office areas—however you want to brand it.

Now hear us out. This is more than a room with two computers hooked up to a black-and-white printer with a few office supplies in the corner. Residents need a place to retreat and thrive while working remotely, on a passion project, or freelancing.

 

The changing landscape

Apartments are transitioning into more than just a temporary living space. The residential lifestyle is quickly replacing this thought as renters are looking for a community to call home. Likewise, young professionals are embracing a change in the workplace. Employers are focusing more on worker output rather than time spent at the office, according to Catalina Design Group.

As employers adopt this mindset, young professionals are starting to work remotely or from home more often. And with a majority of young professionals also being renters, they need a space to relax, think, and produce great work that’s right within their community.

 

The value behind coworking spaces

Young professionals don’t want to have to buy a coffee just to check their email in a new environment. Cost saving and convenience are clear advantages for renters who don’t want to rely on coffee shops as a temporary offices. Renters who work from home also don’t want to venture too far for a place to get some work done.

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A casual, relaxed environment breeds creativity and productivity (WeWork — DuPont) 

Starting to hear the clear solution? Coworking spaces within apartment complexes provide the perfect solution. It gets residents involved, meeting other residents and feeling connected to the community. Furthermore, coworking spaces offer a boost in creativity and productivity for residents. According to Catalina Design Group, 71 percent of participants reported a boost in creativity since joining a coworking space. The relaxed, yet stimulating work environment close to home is the perfect motivation.

 

The resident demand

Residents aren’t looking for a business center. They’re looking for open, multi-purpose areas for creating, learning, or increasing productivity. The coworking trend blends collaborative elements to encourage socializing with independent work areas for focusing.

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An open-layout design inspires collaboration, similiar to the coworking space, KoWork.

Think big open tables where residents can spread out or collaborate, and abundant technology, including plenty of outlets and charging stations. Also, installing a giant whiteboard or chalkboard can be great for resident’s creative thinking. While many apartments have coffee and keurigs in the leasing office, consider bringing the same perk to the coworking spaces. Residents will linger longer if they’re motivated by some caffeine fuel.

Coworking spaces offer great opportunities to add value to your property and give residents a spacious and stimulating environment to be productive. 

 

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