The greatest asset you have is your real estate, whether private offices, workstations, or both. Calculating the value of your space to get the highest return on your overall investment is key.
Let’s take a look at some factors that affect the price tag you put on your space.
Part 1 of the FREE eBook: The Key Metrics for Workspace Success
Opening a shared workspace can be a smart venture in today’s market. More and more SMB and enterprise companies are embracing flexible and Coworking spaces while the number of startups, freelancers, and remote workers continue to consume space-as-a-service products. With the growing real estate footprint of shared office space come new market competitors such as commercial real estate giants, property management companies and hobbyist coworkers.
essensys is gearing up for what will be an exciting season of events. We’ll join the ranks of Coworking owners, operators and industry gurus at GCUC in our own back yard: New York City. In a mere 12 months, the Coworking industry has grown and evolved more than we could have anticipated this time last year. With its expanding footprint, it’s brought new challenges to owners and space managers in the form of competition from ambitious market players, traditional office space operators and commercial real estate agents.
The GWA is ramping up for their annual conference, to be held this September in Miami, with a workspace operator survey. Make your voice heard on workspace products, services, and profitability. In our relatively young market where limited data is available, your input will help the larger, continuously emerging workspace community to understand the challenges and solutions encountered by operators.
essensys works with over a thousand shared workspace locations in 27 different countries globally. We're kind of lucky, and it gives us a tremendous amount of insight into different markets and operating models.
Whether Serviced Offices or Coworking Spaces, we see some of the common challenges that arise whether they be people, process or technology problems or needs. We've tried to summarize some of the common trends we see - and how those issues should be opportunities to automate tasks.
Part VI of the free eBook: The Key Metrics for Workspace Success
Very often shared workspaces operate on a limited budget which means the center manager ends up wearing multiple hats and has few tools or resources at his or her disposal. When it comes to the finances, if you’re not an experienced CFO, financial controller or bookkeeper, the task can become daunting. In this article, we referenced the top tips for workspace financial management: automation, integration, real-time information, data integrity and tracking services and payments.
Part III of the FREE eBook: The Key Metrics for Workspace Success
In Part III of our Metrics for Success series, we're taking a look at the Sales, Marketing and Customer metrics that operators can measure to evaluate customer value and ROI on marketing initiatives. For many operators, putting a dollar sign over every members' head seems wrong, for some even sinister. Yes, establishing a community of collaborative members and delivering more than a workspace is important - especially for creating a pleasant vibe, member experience, and retaining customer retention rates. But, at the end of the day, you're running a business that must be profitable in order to sustain itself in the hopes of growing.
Part 2 of the FREE eBook: The Key Metrics for Workspace Success
As we saw in the first part of this series on workspace metrics, operators must be committed to meticulously tracking occupancy and revenue. While space and workstation occupancy are key determinants of success, we must not neglect the revenue generated from additional services.
Operators must track supplementary services revenue to understand growth or diminution beyond the monthly recurring rent. This number should account for a total of 20% of total revenue, half of which should originate from meeting room revenue. The measure of supplementary services can serve as an indicator of how well your team is performing; if they are creating stickiness with your members and keeping them coming back to your workspace, your services revenue can quickly increase.