9/7/18

Working With a Broker to Find a Location for Your Coworking Space

Establishing a flourishing coworking space is rather a stiff task. From sorting out the legal stuff and ensuring tight security to hiring a bright community manager and building a thriving, close-knit community – it requires a lot of time and dedication. However, finding a suitable location is the first brick in the wall of creating a shared work venue.

Why Does Location Matter?

A well-pinpointed location is the main determinant of how successful your coworking space will be. When searching for a coworking space, a locale is the first and the critical factor that any potential member considers. You really have to be strategic about where your office will be and should never leave this matter to chance.

A location is one of the key factors that attract members to a coworking space.

Take successful coworking spaces as examples to follow. WeWork’s success in part can be attributed to the fact that their real estate team thoroughly analyzes the neighborhood area before they close a deal on a new spot. The most sought-after places are easy to reach and are located close to certain amenities such as cafes, restaurants, childcare facilities, grocery stores or fitness studios. Think of your target clients and their needs. Are they active millennials who are trying to strike the work-life balance? Or perhaps you aim to attract top talent and high-end clientele who will make use of meeting rooms, conduct conferences and invite their clients to your venue? Consider those questions before you hire a broker who will make sure you are making sensible decisions.

How Can a Broker Help Me Find a Suitable Location?

A good broker will assist you in getting the desired result and make the process less complicated compared to you working single-handedly. He or she will help you find a suitable location, assist with signing the lease and back you up whenever you have any doubts or concerns. By working with a broker, you will also save a lot of time, avoid pitfalls in a lease agreement, and prevent situations in which you can act rashly.

From finding a good spot to signing a lease agreement – your broker will navigate you through this time-consuming process

Finding a suitable location is the first step. Once you have identified your potential clients’ needs, a broker can help you pinpoint the requirements for your space. He or she will provide you with listed properties that specifically meet your requirements, and may even have some real estate options that are not on the market yet. Once you have seen the properties and shortlisted the suitable ones, a broker will help get quotes from general contractors.

Having decided on a specific locale, an agent will help you streamline all the processes associated with a location lease. They will make sure you are allowed to run a coworking space in the property you lease, and that your activity complies with the local requirements. A good broker will also help negotiate more preferable lease conditions for you.

In case you need financing, or you are not sure about financial requirements to lease a property, an agent will give you advice on what landlords are usually looking for in lessees.

The bottom line is, by cooperating with a broker who follows through the process of location finding and lease signing, you maximize your chances of finding a place that will attract members and become a home for a flourishing community.

The Yard Coworking

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