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Coworking news & views.
🍾 Could cork LEGO-like blocks be coming to coworking? #
Menno Lammers shares an interesting invention of modular building bricks made from cork. The eco-friendly, sturdy, heat-resistant, and soundproof blocks can be assembled and disassembled easily, without the need for tools, screws, or glue.
Given how many operators are offering modular spaces, could Corkbrick be a new option worth exploring?
👉 Read this.
🇧🇬 A look into coworking, and digital nomadery, in Bulgaria #
Matthias Zeitler shares insights from building coworking spaces, ecosystems, and Bankso Nomad Fest within Bulgaria.
👉 Read this.
🏬 Introducing commercial revitalization tax incentive program in Manhattan #
Melissa Román Burch introduces M-CORE, the Manhattan Commercial Revitalization tax incentive program announced by the New York City Economic Development Corporation. The program, limited to 10M sqft, aims to catalyze investment to modernize aging office buildings, decrease vacancy, and attract world-class tenants.
M-CORE applications open June 8th. Excited to see where coworking and flex operators and products can fit into these plans.
👉 Read this.
🏢 More coworking within residential buildings in Brooklyn #
An undercurrent trend I’ve been watching from back in Week 3, 2022 seems to be making a strong comeback as apartment developers explore adding coworking into their placemaking strategies.
Interesting to see firms like Lisa Management using coworking “to keep tenants in the buildings as long as possible”.
👉 Read this.
🩹 Ripping off the bandaid on office building losses #
Suzannah Cavanaugh shares in TheRealDeal that banks “that long delayed writing down distressed property debt, favoring an extend-and-pretend approach in the hopes of a turnaround by the struggling asset, are abandoning that strategy, preferring to rip off the Band-Aid instead.”
Keep an eye on the changes behind who owns buildings, or at least the debt tied to them.
👉 Read this.
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💻 Coworking technology.
📅 Management system adds tour-booking feature #
Michael Everts shares that OfficeRnD have launched a new “Tours” feature to help operators create branded, embeddable tour booking forms so folks can easily schedule coworking tours directly from workspaces’ websites.
👉 Read this.
Coworking data.
☄️ Chains are spending up to 95x more on Google Ads #
Craig Baute and the DenSwap team took a look at how 3 large coworking chains upped their Google Ad spend in 2023 from 2022.
Some takeaways: A lot of ad spend shifting towards meeting room keywords, which are more transactional so more spend-driven. The rise in spend can also be seen as a reaction to fill suddenly vacant space.
👉 Read this.
🏖️ Demand for flex in LA county still recovering #
In a new data-set shared by The Instant Group. demand for flex space in LA County is up 6% in Q1/23 from the previous quarter, following a 9% drop in year of 2022 vs 2021.
Also noted was a dip in achieved workstation rate (cost-per-desk-per-month) dipped 9% since last quarter, after an annual increase of 7% in 2022. 85% of reported demand was for space for under 9 desks, with the remainder of inquiries were for up to 25 desks. Supply was also up 1%.
👉 Read this.
🧞♂️ When was the last time you asked hot deskers what they needed? #
Craig Baute reminds us that a hot desking members are choosing where to work, so knowing what they need and what’s secondary (but also important) makes good business sense.
In short they need: great vibes, coffee, booths, monitors and a good location. What else is important is: good hours, pricing, design, local food options and parking. Have you asked your hot desking members what they need and want?
👉 Read this.
Coworking market moves.
🇬🇧 Council’s coworking space picks up funding for growth #
Node Cowork (run by Town Sqare Spaces on behalf of Devon County Council) announced a £2.1m extension to the building that was funded through investment from the European Regional Development Fund (ERDF) and Heart of the South West Local Enterprise Partnership.
👉 Read this.
🎙 Coworking conversations.
Tina Roth-Eisenberg chats with Guy Raz about coworking, creativity and community on the How I Built This podcast.
Sarah Travers chats with Melanie Jones about Workbar’s regional expansion, collaborating with landlords and transforming vacant spaces on the CORT Workplace Talks.
Dan Hyde chats with Caleb Parker about NOMA, future-proofing Manchester, growing demand for flex and leaning into space-as-a-service on the #WorkBold podcast.
Jeanette Rodriguez chats with Jamie Russo about being a female space owner who has created a coworking space specifically for women on the Everything Coworking podcast.
Nick Bratton chats with Giovanni and Jamie about forging landlord-operator management agreements on the Flex Uncensored podcast.