Everything Coworking Featured Resources:
Masterclass: 3 Behind-the-Scenes Secrets to Opening a Coworking Space
Creative Coworking Partnerships: How to negotiate and structure management agreements from the landlord and operator perspective
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I've heard a number of coworking operators recently say that they simply don’t rely on open plan memberships (hot desks) to run a profitable business. They don’t worry about members that leave without notice. They don’t mind offering part-time memberships. They don’t sweat the small stuff. If you aren’t open yet, and you’re working on designing your coworking business, consider that approach. You’ll sleep better at night :)
For those of you that can’t turn a (healthy) profit in your coworking business without selling your hot desks and dedicated desks, hosting meeting rooms and selling event space, here’s what I think is going on in the market.
Everything Coworking Featured Resources:
Masterclass: 3 Behind-the-Scenes Secrets to Opening a Coworking Space
Creative Coworking Partnerships: How to negotiate and structure management agreements from the landlord and operator perspective
Resources Mentioned in this Podcast:
Paul Stanton Head of Strategy for Equiem, Managing Principal for Workplace Hospitality Management, Co-founder of Building Social, and an Asset Manager for Alliance Partners HSP, LLC (“Alliance”), a private real estate investment and operating company.
Paul Stanton’s very first job was in real estate brokerage. That was not for him. So he got a law degree, went into asset management, started a tenant engagement platform for landlords called Building Social, then was a founding partner at WHM (Workplace Hospitality Management) which set out to help coworking brands achieve accelerated, capital-light scale and building owners create premium real estate asset value through creative partnerships…and now he’s head of strategy for Equiem.
In this episode, we talk about:
- Flex and proptech themes that Paul sees in the marketplace today
- What he’s most excited about today.
Everything Coworking Featured Resources:
Masterclass: 3 Behind-the-Scenes Secrets to Opening a Coworking Space
Creative Coworking Partnerships: How to negotiate and structure management agreements from the landlord and operator perspective
Examples mentioned in the podcast:
Management agreements are really attractive to coworking spaces, and with good reason. Mike Kriel, CEO of Launch Workplaces with locations in DC, Maryland, and Cleveland, shares his perspective on what’s new in management agreements in 2022.
Mike was last on the podcast in October 2019. Some things have not changed since then…and a lot of things have.
Mike does only management agreements and has done a lot of the. He comes from a deep commercial real estate background. He’s taken over some locations that were going to close in 2020 and has recently expanded from the Maryland/DC area to Ohio.
In this episode, Mike and I talk about
What’s not new in management agreements:
- Don’t do a deal just to do a deal – there are still consequences
- Partners matter
- Who does what (and who doesn’t do what)
- Who makes what / when
- How do we break up?
What is new?
1 – Buzzword
2 - Acceptance
3 – How to be a good partner (this is not a lease)
4 – You always remember your first (doing your first management agreement)
5 – New noise in between (consultants/brokers/etc.)
Everything Coworking Featured Resources:
Masterclass: 3 Behind-the-Scenes Secrets to Opening a Coworking Space
Creative Coworking Partnerships: How to negotiate and structure management agreements from the landlord and operator perspective
Examples mentioned in the podcast:
Proximity Coworking Space Management Software
Jen Thoemke Chief Connector and Creator opened Connects Workspace 7 years ago with a strong hunch that the small town of Golden, CO (population 20,000), needed a flexible, professional workspace focused on connecting business owners and remote workers and giving them a great place to be productive.
Her hunch was right…she has expanded her location twice since opening, bought the cafe adjacent to the coworking space, and is now building a combo coworking space and food hall about 20 minutes away from her first location.
In this episode, we talk about:
- Jen’s coworking story - how she got started and where she is today.
- Jen’s real estate story - from rent to own.
- Her advice on running a full cafe AND a coworking business
- Her marketing approach in a town of 20,000
- What she has learned from her first 7 years of business that you’re transferring to your new location?
- What the Connects Workspace team looks like
- What space management platform Connects Workspace uses
- Jen’s favorite tech/tool that you use for your coworking business?