Our friends over at essensys had a chance to sit down with Antony Slumbers—our 2018 FlexOffice keynote speaker—about the developing flex-space market and the impact it's making in the commercial real-estate value chain. Read the full essensys blog post here. Antony gives a small preview of what we can expect in Austin, Texas during his keynote presentation.
Register now for the FlexOffice conference and get Antony's inside look at the relationship between property holders and coworking and flexible workspace operators.
During his chat with essensys Antony gives some sound advice on how landlords can navigate the flex-space industry:
"Don't dabble" - Antony advises against the urge to diversify your portfolio by picking and choosing properties because they're interesting. As many longtime operators know:
Implementing flex-space in a fragmented or ad-hoc way into your buildings “won’t work once you start taking it seriously.”
"Know who you are" - Coworking and shared workspace in the office market has grown so rapidly that landlords are having to make the difficult choice to adapt to move from a product to a service. This fundamental shift is a difficult transition and the knowing who you are is crucial in making the shift.
"Fundamentally, who your customer is changing how you need to operate," - In order to operate a workspace you need to be able to understand how the space is being used and how to optimize it. The very best operators are in Antony's opinion, are owner-operators who oversee the building and operation of it. If you are unable to go all-in by gathering data on who your users are and immersing yourself completely into the space, then considering partnering up to fulfill the different sides to the business because ultimately knowing the inner working of your users and their needs will guide the building and business.
"The market has huge potential to carry on growing” - Operators and stakeholders may have some concern of saturation in today's market, but Antony believes that at the current growth rate this shouldn't be an immediate concern. Landlords today may try to find a way to diversify their buildings to the variety of the market and explains how there is plenty of growth potential to cater to all niches and aspects of the workforce.
This blog post references the blog post originally published on essensys, "Product to Service: How Landlords are Taking on Flex-Space." All quotes and comments are taken directly from there. Click here to read the original post from essensys.