Coworking may be multifamily buildings’ newest amenity, post-pandemic

Here’s why coworking could help attract and retain tenants

The post-pandemic working world may make an unexpected multifamily housing amenity the latest top draw: coworking spaces. As COVID-19 spread throughout the nation, businesses rushed to embrace a newly-remote workforce under lockdown or shelter-in-place rules. The result is that what once seemed unattainable — an entirely remote staff — has now become almost essential for many businesses. Yet not all workers have the wiggle room to incorporate an office, and some would simply have a clear division between work and home life. More, with the continued growth of freelance workers or independent contractors, the opportunity seems ripe for this amenity to truly take off.

The importance of coworking space today

Coworking spaces in multifamily housing address a pressing need not only for a dedicated office-like space for freelancers and those who work from home, but it also makes essential office equipment available to them as well as human contact. And while social distancing is sure to be the norm as we move into the shorter-term, many professionals who work independently find they value the connectedness that comes with coworking. As a result, tenants are increasingly seeking housing that provides a coworking space as one of its amenities, and forward-thinking developers will plan for interest to continue throughout and perhaps beyond the fight against COVID-19.

Coworking: a potential additional revenue stream

As coworking becomes standard for many professionals in the workforce, so too does the need for coworking space. For multifamily housing developers and owners, this can also represent an additional revenue stream. Tenants, for example, may be asked to pay a monthly membership fee to use the coworking facility. Also, by opening your multifamily housing’s coworking space to non-residents, you can earn more income on your investment while also delivering a perk your tenants value.

Features of coworking spaces that users value

Coworking spaces, their design and their features can differ significantly. Here are just some of the eye-catching features that devotees appreciate.

•    Lightning-fast internet
•    mixed-use workspace
•    lounges
•    game rooms
•    a kitchen
•    coffee shops or free coffee
•    private desks
•    meeting rooms
•    a library
•    a children’s area
•    dining areas
•    indoor and outdoor working areas
•    private courtyards

Coworking space: a modern need you can fulfill

Coworking spaces, in the age of COVID-19 and beyond, are in demand. And the good news is even if you don’t have a multifamily housing project in the planning stages, coworking spaces can be incorporated into existing multifamily housing. This popular amenity, with anticipated growth in demand as our nation’s workforce seeks new ways to get the job done, is sure to help your properties remain competitive in the marketplace.