Shared office spaces – a workspace where individuals or businesses rent desks or private offices within a larger commercial building – are becoming more prominent in the commercial property sector, as workers seek to optimise and reduce their spending.
Why? Having multiple individual leases allows for businesses to have more flexibility in their property options and tenancy duration, as well as reducing the cost of rent, amenities, and security deposits. It is essentially a way for smaller businesses to cut costs effectively.
For property owners, the flexibility that comes with dividing an office space offers far more control to businesses, making it a more attractive option for entrepreneurs, for example.
The opportunity to have multiple tenants also ensures that the property will likely have at least one tenant present at all times, securing a steady income flow.
For potential tenants, another appeal of these spaces is the location. Typically, co-working spaces are located in the CBD, allowing workers to have access to facilities without the requirement or cost of a full lease. Many tenants, specifically individual workers, are drawn to opportunities in the city that provide them with modern facilities and technology that they would not have access to otherwise.
Shared office spaces also contribute to more sustainable work practices, consolidating the amount of energy and amenity usage required to operate multiple business locations. By having multiple tenants working under the same roof, it maximises the property’s potential and efficiency, while minimising the amount of overall energy consumption that would be used individually in comparison..
Understanding the logic behind shared office spaces and their appeal to potential tenants is an invaluable way to capitalise on the expanded opportunities that exist in the contemporary commercial property market.
Broadway Property understands the value of flexibility and efficiency. We offer a range of commercial property solutions to meet the diverse needs of our clients, so by choosing Broadway Property, you can benefit from our expertise and experience in the commercial real estate market.