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✊ Coworking impact.
🏥 Flex space, within an oncology department #
Angel Serrano Ceballos shares that zityhub and the Comunidad de Madrid (a public hospital) are piloting a free flex space initiative called "right next door" to provide comfortable and accessible workspace for patients and their families to "break away from the hospital routine".
I asked Angel about the model, and plans if the pilot is a success, and in short the space is free, powered by their tech, and aim to expand to concept to 200 hospitals in 2024.
P.S. Angel has also agreed to answer questions around working with public hospitals, or the project, in the TWIC discussion of this summary on Jan 11th. Hit ‘discuss this’ to jump in.
Coworking news & views.
🤐 WeWork allegedly suing to keep customer names confidential #
Benjamin Blumenthal shares that they’re confused about WeWork would be suing to keep their customer names out of it’s Chapter 11 bankruptcy case.
Now whether it’s confusing or not isn’t why I shared this. I do know two things thought. 1) Many operators have shared tales of how WeWork teams ‘acquired’ their customer lists via ‘interesting’ techniques or approaches. And 2) I don’t think exposing customers details because their space provider is being restructured sets a good precedent, especially if it leads to a spike in unsolicited offers to move them out, or even negatively impacts their own fundraising or financial situation.
_What do you think? Is WeWork right to try keep this data confidential? _
🛒 Flex spaces in shopping centers on the rise in Europe #
Oliver Lehmann looks into how the trend of opening flex workspace within shopping centers is expanding from the US and across Europe with new projects launching in Portugal, Poland and across Germany.
☕️ Why humans always spill their coffee… #
In this video Oxford maths PhD student Sophie Abrahams explains why humans often spill drinks while walking, and some techniques we could use to prevent spilling.
Got a lot of coffee or tea spills in your common space? Maybe you should add ‘paw grip’ or walking backwards to the community guidelines?
🤳 20ish ideas for using QR codes in your space #
Cat Johnson shares 22 ideas for using QR codes within your space, from offering downloads, to aiding with onboarding, to helping people get around, connected or find food – QR codes are now pretty easy ways to point people in the right direction just using their camera app on their phone.
Wondering how to create good or branded QR code? Let me know and I’ll share some links. Pro-tip: Keep the links short and changeable, this lands up with neater-looking and easier-to-manage QR codes. Source? Loooong before every phone could scan them, I built a QR-based loyalty & rewards ‘startup’ for brick & mortar stores. Eek!
⏲️ How to make around-the-clock flex space revenue #
Andrea Pirrotti-Dranchak shares that to reach around-the-clock revenue, spaces need to reimagine product offerings based on the unique needs of individuals. The post summarizes an online discussion between Thomas Proctor (NCG), John Allen (Bruntwood), Jane Sartin (Flexible Space Association) and Andrea.
The piece digs into a number of takeaways, but key highlights are: the growing popularity of Saturday access, evening schools, tech’s shift to better service individuals, that almost half of people surveyed by Landmark were NOT using space between 9-5, the important of measuring EVERYTHING and rethinking how spaces can be used differently.
🥳 Focussing on engagement can trump new sales #
Abigail M Schilling reminds us that effort spent on member engagement can provide longer-term and better financial results than any effort spent on outreach, marketing and generating new members.
Of course you should be doing both, but don’t skip on building community through member engagement in order to keep your ‘funnel’ full.
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💻 Coworking technology.
⏱️ Platform ramps up engines already generating $3M+ for some operators #
Alliance Virtual Offices are ramping up how they drive even more revenue from the 180,000+ businesses they actively service towards flex space operators. To do so, they’re integrating with Syncaroo to make managing listings, availability and bookings effortless.
Why this matters? As some operators are already making $250k per month from this channel, and Alliance are actively adding new revenue drivers – then any reduction in manual work around this revenue, drives up the potential profit for all participating spaces. Right?
Full Disclosure: I’m a cofounder at Syncaroo.
😍 Another glowing review for app-based flex space access #
Andrei Cretu reshared a comment by Maria José Piñeros noting how they (Genially) closed one of their 2 offices and switched to giving their team worldwide coworking access via Pluria.
Always great to see people involved with talent acquisition share that their teams love remote, but also seeing their colleagues when they feel like it. Well said.
🤣 When they say “we’re an all in one platform” #
Pavlo Cherniakov shares a gif that made me chuckle. Yes, I’m a geek with a geeky-sense of humor, but it does highlight the ongoing trend of flex spaces shifting from ‘all-in-one’ monolithic tech stacks to an orchestra (if you will) of best-in-class solutions playing superbly alongside, and with, each other. The difference in results are IMHO incomparable.
Ok, I’ll stop beating that metaphor now. Maybe.
Coworking data.
🕵️♀️ A few discoveries from digging into lead conversion data #
Craig Baute shares some discoveries they made digging into a coworking chain’s data.
Key takeaways are that not all locations converted website visits to tours (some took 11 visits, others took 55 visits), tour conversions also varied by location (hot-desking heavy location converted 72% of tours to members, where another hot-desk heavy location had almost no tours and abismal conversion rates whilst the average office-heavy conversion rate was 37%). Interestingly unstaffed locations with virtual tours performed similarly to similar spaces with in-person tours.
🙇♀️ What influences employees workplace decisions? #
Gensler shared results from a 2023 survey of over 4,000 remote and office-based workers revealing that factors such as commute, generation, living situation, team type, and working across time zones influence decision making around how employees work, when they work, and why they value the office.
Although the report is email-gated, they do share that on "average, office workers spend 48% of their typical workweek in the office, but they say to maximize their productivity they need to spend 63% of their week in the office." Work that into your messaging, for sure.
😶 Once again coworking is pigeon holed, and spelt wrong. #
Liz Elam responds to Andrew Parsons’ take of what WeWork’s current issues could mean for coworking real estate in 2024.
As always, I wish folks who make bold statements about the industry, took a little bit of a look past the first 2-3 names that come to mind and explore the abundance of models, innovation, revenues, impact and dare I say… profits, that most of the industry are creating every single day. Resolution Capital team, hit subscribe, we’ve got you.
🚮 What’s in/out of workspace trends #
Gensler shared 10 workspace trends using the popular online trend of what’s in/out.
Looking over the list, we see trends we’re already seeing and have discussed in the newsletter previously notably: moving from real estate metrics to people-centric ones, creating ‘destinations’, multi-use neighborhoods, biophilia, and workpace ecosystems.
Coworking market moves.
🔥 Flex space franchising heats up with big acquisition #
In news that was teased out over the weekend, Vast Coworking (that houses flex franchises Office Evolution and Venture X) announced on Monday that they’ve acquired Intelligent Office.
The acquisition adds 55 locations across the US and Canada to the group, bringing their total to over 190, servicing some 40k+ members. Jason Anderson, President of Vast, will lead the brand and oversee its ongoing development and growth. This big move puts the light back on franchising in flex, an area were IWG currently lead the pack with over 4,000 locations across their 14-or-so brands.
🇬🇧 BE Offices files for administration #
BE Offices and almost a dozen of it’s subsidiaries filed for administration (a formal insolvency process designed to rescue businesses in financial trouble) in London. The firm, who managed a mix of leased, managed and wholly owned sites, had issued a warning last year that it was struggling to recover from the impact of pandemic lockdowns.
ICYMI: The firm had received a £5M loan from HSBC, sold off their owned properties in ’22 and ’23 to repay loans, and then got an additional long-term £3.5M loan from their shareholders. The firm will continue to operate ‘business as usual’ as the restructuring process continues.
💼 Owner-operator launches Partnerships team #
EXPANSIVE have announced that due to demand for flex space, the firm has built a Partnerships team to work with landlords and other partners across the country to incorporate flex into their portfolio.
This is an interesting move from the firm that’s become almost synonymous with owning their own buildings, but.. that may be why they’re being sought out by potential partners, afterall who understands their concerns more than other office building owners? This continues the growing trend of operators focussing on providing fully-managed solutions or brands to more traditional office landlords.
🇨🇴 Co.Labor nearing goal of $500k in funding #
Joel Ballew shared that Co.Labor are just $40k off their funding target, sercuring "an additional $30,000 in funding in the last few days".
_I like their mission of "doing good while doing well", and will keep an eye on their journey to build more collaborative workspaces around Colombia. _
🇧🇬 Coworking Bansko acquired by Networking Premium #
The local coworking chain with locations in Sofia and Plovdiv acquired the digital-nomad-focussed operator, in a move they note is designed to enhance the digital nomad experience in Bulgaria.
Networking Premium also noted that they will work to "simplify the process of moving to Bulgaria, obtaining an address, tax entity, and opening companies and jobs in Bulgaria."
🌱 An update on The Coven’s progress as a franchise #
Alex West Steinman shared an update from a year ago when The Coven had no franchisees to today where they have three growing hubs in the network, and what they’ve learned from each.
Franchising was definitely an undercurrent trend over the last two years, but I believe it will become more front-and-center as an alternative entry into flex space businesses this year.
🇩🇪 Close-to-home network opens first Munich location #
Murat Kaya shares that 1000 Satellites is officially opening their first location in Munich.
🇩🇪 Local operator entered insolvency procedures #
WorkRepublic (who manage 12 locations across Germany, generate €6M in revenue and has 13 employees) has entered into insolvency procedures. The provisional insolvency administrator Dr. Alexander Zarzitzky has made an initial analysis, secured salaries for the employees till March 2024 and is currently seeking potential investors.
Restructuring was made more difficult due to 3 shareholders being citizens of the Russian Federation, and due to sanctions on the banking infrastructure transferring fresh investments or funds were practically impossible.
🎙 Coworking conversations.
Flip Howard from Lucid (prev. WorkSuites) chats with Liz Elam about how he picks where to put his locations, why he won’t be going to Florida and that he probably did too many locations in Dallas on the GCUC Podcast.
On the Business Made Simple podcast by Donald Miller, Will Guidara (restauranteur and author of Unreasonable Hospitality) gives a whole new perspective to mistakes, while sharing some real life examples of how we, as flex spaces, can serve our customers.
Paula Mercer, VP of Coworking for Vast Coworking at United Franchise Group chats with Gio and Jamie on the Flex Uncensored podcast about their strategy of creating a diverse portfolio of brands, the importance of servicing franchisees and learning from past experiences.
Jamie Russo walks through 10 criteria that should be considered by a buyer and seller of a coworking space business on the Everything Coworking podcast.
Lance Amato chats with Tracy Wilson about the SUPER Certification, CANOA and Pacific Workplaces.
📆 Coworking events.
🎥 How to Grow Your Coworking Space in 2024: Acquisition – Live Webinar #
Jan 17: Join Kia Rahmani, CEO at Optix, Jenna Macken, Customer Success Team Lead at Optix, and Adam Hyman, Founder at KoWorks for a live webinar where they’ll be discussing the coworking marketing acquisition funnel and how to grow your coworking space in 2024 through a strategic member acquisition plan. All registrants will receive a recording of the event.
🎊 Convo #50: Celebrating the Co in Coworking #
Jan 26: Cat Johnson invites you to join by Anne Kirby from The Candy Factory, Liz Elam from GCUC, Carlito Smith from Hunt Street Station, Rebecca Pan from Trellis, Odeen Domingo from CO+HOOTS, Iris Kavanagh from Women Who Cowork as we celebrate Coworking Convo number 50!
😅 There’s over 25 coworking conferences coming up! #
andcards shares a list of 25 coworking conferences coming up in 2024. It’s a well-curated and strong list of coworking-specific or -adjacent global, regional and virtual events you should probably note down.
(Running out of post-it space? You could subscribe to… say… a weekly email newsletter that’ll remind you about important events alongside interesting summaries and links.)
