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Yardi Corom
Looking for a way to increase occupancy without slashing prices? Creative value-add amenities can distinguish your property from competitors. One such value-add feature is a coworking space. The demand for shared work spaces is on the rise. You can benefit from this by transforming an existing area into a coworking space for residents. 
Coworking Spaces for Multifamily?
Nationwide, there are more than 57.3 million freelancers. In corporate America, 55 percent of hiring managers believe telecommuting among full-time employees is becoming a staple in their business structure. That number is expected to rise. Employers responded that nearly 38 percent of their workforce will be telecommuting within the next decade.
So where are all of these freelancers and remote employees getting their work done? Their homes and coffee shops, mostly. Fortunately for you, you can be both and attract the revenue for yourself.
You can create a shared workspace on your property by converting an existing conference room or business office. Add some chairs and a coffee maker and you’re done! Almost .. here’s the next steps.
Must-Have Coworking Space Features
Coworking offices are profitable and you can benefit from their popularity and capacity to drive revenue. You will, however, need more than a coffee maker and some chairs to get the most out of the space’s earning potential. Here are five must-haves to make your space functional.
- High-speed connectivity is a must. You will need to decide whether wi-fi or cable connection is right for your building.
- Comfortable, customizable seating is just as important as connectivity. Workers must feel comfortable if you want them to return and perceive your workspace as a reason to sign or renew their lease. To increase comfort, equip your space with a combination of adjustable office chairs at desks and cozy lounge-style seating.
- Integrated power strips are also essential. Power strips, of course, are needed to keep workers’ multitude of electronic devices charged. Integrating the strips into the space (inset into the table, mounted on the wall) keeps cords out of the way. Get all the power with less liability.
- Pick a location that is both accessible and quiet. Residents won’t value what they don’t use. The location of your coworking space must be easy to walk to from most units. It should also be quiet enough to facilitate conversation, calls, and presentations.
- Decide on space reservation policy. This is particularly important if your share workspace is large enough for small presentations and group meetings. (More on that below.)
The Icing on the Cake
Some features aren’t essential but will go a long way towards making your space welcoming, usable, and appealing when it’s time to sign and renew leases.
- Soundproof nooks are a great place for workers to take calls, especially those that will involve sensitive information. Partitioning a soundproof nooks offers privacy and convenience for users.
- Don’t forget bright yet warm lighting. Avoid fluorescent bulbs which are harsh on the eyes and an aesthetic nightmare.
- Bluetooth-enabled presentation equipment is also a valuable asset to help users present to small groups or prepare for presentations elsewhere.
- Remember that coffee maker? We weren’t kidding. Small touches such as coffee, tea, snacks, and greenery improve the usability of your shared workspace. Also consider posting a list of local lunch spots that deliver and consider negotiating a discount program for your residents.
