Coworking Spaces Are Redefining the Business World
Coworking and shared office business owners have built a business around renting commercial space to startups, small businesses, entrepreneurs, and even enterprises. Experts project that the number of coworking locations worldwide is estimated to more than double by 2024 and surpass 40,000 units. At Venture X, we offer real estate support and “virtual estate” support for our franchise partners who build coworking spaces around the US and the world. Our business model helps franchise owners get their foot in the door—literally— through expert and comprehensive guidance and support.
Venture X works within an ecosystem that uses a meticulous formula that identifies the profit potential of each potential location per square foot. We also work with analytical data sets to help determine building structures and neighborhood demographics that can become your blueprint for success.
In addition to those entering our market for the first time, we assist existing office space owners in converting an independent operator into a Venture X franchise. We support the transition through color palettes, amenities, product offerings, fixtures, and other value propositions, and we integrate to maximize revenue to create brand consistency and cohesiveness across locations.
A Smart Investment in a Growing Market
Because of fixed real estate costs, many independent workspace locations shut their doors within the first two years. However, with Venture X, we offer consultation that provides you with options to build your coworking space in the best way possible.
Many small business owners and freelance employees are interested in coworking locations. This growing movement is a prime opportunity for entrepreneurs to create a space in their community for remote workers to enjoy networking and have a place to work outside the home. We sit with each franchise owner from the beginning to develop a strategy and provide support for determining the optimal location, building size, and more. These options include:
- Stand-alone buildings
- Conversion of existing real estate
- Lease tenancy
Lease tenancy is an increasingly attractive option because it allows Venture X and our franchise partners to leverage a critical fact that building owners and landlords often look for: the ability to generate ancillary revenue and increase profit. This position also is a powerful negotiating tool that can open up spaces for lease and potentially lead to lower rent and a better contract.
Finding the Right Location for Office Work Space
At Venture X, we offer several amenities and commercial spaces for lease that can appeal to various workplace solutions. Freelance and home-based business owners may only require a shared workspace for short-term use or on an unpredictable schedule. Small and mid-size businesses may have a greater need for additional services that include:
- Private Offices
- Conference Rooms
- Podcast Bays
- Mail and Concierge Services available to help you develop a solid business strategy from the initial
- Virtual Offices
The progression to lease business space is trending upward as more businesses downsize their real estate holdings, and with our franchise development team available to help you develop a solid business strategy from the initial point of contact, they can provide you with location scouting assistance to get you started. We can also help you understand how to use analytics and demographic data to position yourself for success.
Depending on your options, we promote free-standing office space and conversion opportunities that can fit your business aspirations. It’s projected that by 2030, 30% of office space will be converted to a coworking format. And as more businesses adopt a work-from-home or hybrid model, this trend will continue to see an upside. It’s a way to get in on the ground floor and make the best of a promising opportunity.
To learn more about VTX and the real estate opportunities that we can provide, contact us today.