How to Cash in on the Shared Workspace Movement in Multi-Family Housing

Why Add Workspace to Your Apartment or Condo Building Project?

1. It’s an incredible selling point for builders and building owners
Operating a workspace in an apartment building or condo attracts workers that work from home for so many reasons, one of which is because it saves them money on their commute. Traveling is costly, so when this cost can be cut down, workers will often jump at that chance. Another selling point is comfort – when choosing an apartment, workers will often consider their choices based on the comfort of working from home. If a communal workspace is included, this amenity is often more attractive to many employees than even an office inside their apartment or condo as it has the same complete functionality as a traditional away-from-home office.

2. Additional income from rent for building owners
The operating costs for a shared workspace might seem daunting to some, but these costs will be taken into consideration when rent or purchase price is set or by offering amenity fees for residents, giving each the ability to pay or not pay for this benefit. If a building owner chooses the latter option, buying trends have already shown the additional fees are more than worth it to the average tenant in a medium to large urban or suburban area.

3. Community workspace can offer an influx of income from non-residents for building owners
Residents of your complex won’t be the only customers of your shared workspace. Much like coffee shops, people who work from home seek out comfortable workspaces with good Wi-Fi to work in (the Wi-Fi strength is a must, so no skimping there). You can offer to sell amenity passes to non-residents so that they can enjoy the same services that your residents enjoy. This maximizes your sales and fanbase!

How to do it Right and do it Well

1. Low-stress, harmonious atmosphere
Workers want to feel at home when they work at a workspace, so combine the best of home offices and standard offices. Unlike cubicles in an office building, shared workspaces tend to be relaxing and inspiring. Large potted plants, modern and sleek designs, soft lighting (always skip cheap fluorescent lighting as it is harmful to productivity and eye health), and ergonomic tables and chairs brought together encourage a sense of community and productivity. Thicker carpeting than usual, full kitchens with a large sink and a bar sink, two or more bathrooms, and window drapery for noise cancellation as well as aesthetics are all needed. Workers want to feel at ease, yet focused on their tasks. This is most easily accomplished in a quiet, beautiful environment that includes all a person needs is the best way to accomplish this. Want to go the second mile? A great sound system to play calm music in the background and a coffee bar with barista should do it.

2. Fast internet connection
Your residents will need not just a reliable Wi-Fi connection, but a speedy one to work well in your shared workspace. This is a MUST. Because the internet makes working from home possible, investing in a fiber optic service is essential to a successful shared workspace.

3. Privacy
Not everyone that works from home wants to interact with others all the time. The best spaces give a person the option for both privacy and social interactions when he or she chooses. Some may come for the community, but others may only come for the Wi-Fi and peaceful ambiance, but most will prefer a mix. Further, everyone wants privacy when conducting a meeting. Dedicating some of your space to private booths, private walled offices, and conference rooms will attract a wider audience of workers.

Which Faucets are Best in Workspaces?

1. Space-saving faucets
Commercial properties like workplaces may require compact bathrooms to maximize space for the communal areas. The Central Brass Slow-Close Two Handle Bathroom Faucet is compact and space-saving, while offering all the functionality one would need from a faucet. Its sleek chrome finish and separate hot and cold handles make it user-friendly and easy to clean. The unbeatable warranty helps and it can take continual use without a decrease in functionality.

2. Faucets with flexibility to adapt to many uses
The Two-Handle Wallmount Kitchen Faucet with a long reach offers the user many options. Best used in the communal kitchen area of your workspace, this faucet is great for dish-washing with its 12-inch reach tube swivel spout. This maximum reach leaves space for a deep sink, while also posing as a handwashing station, using the brass soap dish behind the spout.

3. Extremely durable faucets
Public faucets need to endure the wear-and-tear of high traffic, so consider the Two-Handle Wallmount Kitchen Faucet. The ceramic discs allow for smooth, easy use and contribute to the durability that lasts for the faucet’s lifespan.

In conclusion, shared workspaces are an up-and-coming new business, and with it comes a lot of opportunity for those in the multi-family housing industry. Workspaces that are peaceful yet inspiring are the environments that workers from home seek. Excellent Wi-Fi, kitchen space, bathrooms, and an open, communal plan with options for privacy are essential when designing your workspace.

There are many ways to the same destination. This saying applies to multi-family housing builds just as much as to anything else in life. The ultimate goal is save as much money as possible while delivering a great finished project – that’s simply showing smart business sense. But, finding a one-off deal or sacrificing quality isn’t the only way to get a healthy ROI. We have a better way.

Pioneer works with professionals every day to develop specification packages and plans that save our valued partners both time and money, sometimes in surprising ways. It’s our goal to ensure your project meets or exceeds its expected outcome. We want to get to know you and your company and show you how we can save you money.  Please reach out via our website form or call us at (800) 338-9468.