{"id":34749,"date":"2022-12-12T08:22:48","date_gmt":"2022-12-12T16:22:48","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=34749"},"modified":"2022-12-09T08:28:53","modified_gmt":"2022-12-09T16:28:53","slug":"shared-perspectives","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/shared-perspectives\/","title":{"rendered":"Shared Perspectives"},"content":{"rendered":"\n

Simply providing an open desk isn\u2019t enough for coworking and flexible workspace providers in Canada. What else must space operators do to attract and retain tenants in this dynamic business? That was the topic of a recent panel discussion moderated by Warren Hersowitz, regional sales manager for Yardi Kube.<\/p>\n\n\n

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The session at The Buildings Show<\/a> in Toronto explored ways that space providers can serve members and improve staff efficiency at all stages of the business, from lead generation, IT infrastructure, and space and member management to accounting.<\/p>\n\n\n\n

Here is a recap of the key points discussed among panelists Christine Andrews, founder of Toronto coworking space provider Acme Works and a founder of Deco Group, a consultancy, and Kane Willmott, cofounder and CEO of iQ Offices, Canada\u2019s largest independent coworking company.<\/p>\n\n\n\n

Maximize the member experience<\/strong><\/p>\n\n\n\n

Creating value in a coworking space requires more than \u201cjust good coffee and Wi-Fi,\u201d said Andrews. Settings that are attractive, enable flexible use of furniture and other items and provide opportunities for human connections help operators differentiate their offerings from competitors.<\/strong><\/p>\n\n\n\n

\u201cYou, and your tenant, will get more out of the spaces when you include the human experience. Only focusing on the space misses an opportunity to charge more per square foot,\u201d added Willmott. He described workspace leasing as shifting from a business-to-business model to business to consumer.<\/p>\n\n\n\n

Augment the experience with tech<\/strong><\/p>\n\n\n\n

With shared space more prominent in the post-pandemic world, technology for managing shared space can make the difference. \u201cProspective tenants are less inclined to tour the space. That\u2019s where a website that operators can use to post amenities as well as manage leasing and operations management makes a big difference,\u201d Andrews said, adding, \u201cLook for solutions that make it easier for your staff by speeding up the marketing and leasing processes.\u201d<\/p>\n\n\n\n

While technology is vital in this industry, \u201cit doesn\u2019t solve all problems. It\u2019s a tool to make things more efficient in running the space and allow items to be more efficient and on demand for members. But it\u2019s important not to overlook the human experience,\u201d she said.<\/p>\n\n\n\n

Willmott concurred, describing shared space as a \u201c\u2018book, buy and show up\u2019 experience, with shared space technology enabling prospective tenants to communicate with your space\u201d while automating operations such as ensuring secure access to properties, providing amenities, streamlining office bookings, automating billing and managing communications.<\/p>\n\n\n\n

iQ offices and Acme Works both use Yardi\u2019s all-in-one solution<\/a> for shared space marketing and operations management.<\/p>\n\n\n\n

The need for extraordinary<\/strong><\/p>\n\n\n\n

Operators of shared spaces get quick feedback about the attractiveness of their space, with short-term rentals driving frequent notices to vacate. Landlords, who get feedback only every 5-10 years when a standard lease comes up, \u201caren\u2019t used to this,\u201d Willmott said. That\u2019s why an extraordinary user experience that accommodates the lessee company\u2019s brand outweighs price as the key differentiator.<\/p>\n\n\n\n

\u201cYou can\u2019t create a space based on what space looked like in the past. Spaces need to be flexible in terms of layout and design,\u201d Andrews added.<\/p>\n\n\n\n

New focus on spec suites<\/strong><\/p>\n\n\n\n

Spec suites \u2013 move-in ready office spaces that are built out and designed by the property owner before a tenant signs a lease \u2013 are becoming a larger part of the shared space market in Canada. But Willmott advises landlords to exercise caution in pricing such space, noting that it\u2019s easy to underprice it by failing to account for potential vacancies over an amortization term.<\/p>\n\n\n\n

Final thoughts<\/strong><\/strong><\/p>\n\n\n\n

As a coworking space owner and operator, you need to provide your users with the right work environment. This is key to ensuring that they want to use your space and return to it in the future. As such, investing in some of the above-mentioned features and trends is important. To best manage your space and provide your occupiers with the right work environment and the best user experience, check out Yardi Kube coworking software<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Simply providing an open desk isn\u2019t enough for coworking and flexible workspace providers in Canada. What else must space operators do to attract and retain tenants in this dynamic business? That was the topic of a recent panel discussion moderated by Warren Hersowitz, regional sales manager for Yardi Kube. The session at The Buildings Show […]<\/p>\n","protected":false},"author":610,"featured_media":34753,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2287,2618],"tags":[652,1226,2574],"class_list":["post-34749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coworking","category-events","tag-canada","tag-coworking","tag-yardi-kube"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"Simply providing an open desk isn\u2019t enough for coworking and flexible workspace providers in Canada. 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