Flexible office space solutions are becoming more popular as users look for places to work whenever and wherever they want. In addition, many businesses are considering these spaces as an alternative to the traditional ones that may no longer be the best fit for a hybrid workforce. Many coworking space owners and operators have responded to this increased interest by improving their locations, providing users with all the necessary amenities and features to replace traditional office spaces with a more flexible solution.
This increased interest has not automatically led to an increase in bookings, however. According to a coworking survey conducted by Yardi Kube in partnership with GCUC, owners and operators identified lead generation as their biggest challenge, but still, most of them (55%) plan on expanding in the next 12 months. Here are some of the main findings and how owners and operators can go about attracting more members to their spaces.
Websites Drive Leads…
Being able to organically generate leads is the number one goal of all office space owners and operators. Fortunately, out of more than 350 survey respondents, almost half of them (45%) indicated that their website allows them to generate more than 75% of their leads. However, this is not always so easy to achieve.
…But Lead Generation Remains a Challenge
Over a quarter (27%) of owners and operators claimed that generating leads is their biggest challenge. With so much competition on the market, attracting the right leads to your coworking space is important. And this requires that your space has a proper marketing strategy.
Making sure that the essential features and amenities of your space are listed on your website is a vital task for coworking owners and operators. Information about pricing, memberships, workspace options and booking should be easily discoverable for anyone looking at your space as an option. Additionally, any unique features that will appeal to certain users, such as green spaces, natural light, after-work events and any supplementary services you offer, should be highlighted on your website.
CoworkingCafe, part of the Yardi Commercial Listing Network, can help operators attract new members by extending the reach of a single listing so that it receives more visibility. The Commercial Listing Network generates more than 2 million monthly visits and over 300,000 annual leads across all property types, which can significantly increase the exposure for your space. CoworkingCafe allows users to not only search for and view potential spaces, but also make reservations from the same site.
Private Offices are Most Profitable
Coworking spaces are popular in part because of the variety of workspace options they offer. From a desk in an open space to a private office, to conference rooms and even a dedicated desk, users can choose the option that best suits their needs. However, according to our survey, nearly two-thirds of operators (62%) cite private offices as their most profitable offering. This indicates that most users prefer to reserve a quiet workstation for the time they are working from the office, as opposed to embracing the open space they were probably used to in a traditional office space setting. Given this preference, coworking space owners and operators should provide users with this option and possibly consider opportunities to increase the number of private offices in their spaces.
Having all the right features and amenities does not mean that a coworking space will attract all the right users. Fortunately, tools like Yardi Kube coworking software can help owners and operators with everything from managing the space to promoting it, as well as streamlining bookings and automating billing.
For more information on how Yardi Kube can help you generate leads and increase your profitability, schedule a demo below.