You might have heard someone use the term coworking or shared office space. So what does that mean and how does that differ from traditional commercial real estate.
Coworking means that a space, office, mill, creative area, kitchen, etc is shared amongst many different businesses or people, they are typically called members. Each member will pay membership fees that will allow them to use the space for certain amount of time in a designated area of that space. Coworking is a one to many relationship.
Commercial real estate is a piece of property that is leased or sold directly to one business or entity. Commercial real estate is a one property to open business or entity type of relationship.
All Coworking spaces will buy or lease commercial real estate for their businesses, but then they license the space to many different businesses and manage who uses the space and when creating an interconnected community.
Why are coworking spaces an important part of the overall space industry?
Over the years large commercial real estate brokers have held a large portion of the market for space solutions. However, there has been a need to offer more flexible solutions for those who don't need what the traditional industry offers. Coworking spaces help the overall space industry by using space that might have in the past sat unoccupied for years and filling it with people who don't fit into the target market of a traditional office space. The idea of coworking spaces and commercial real estate partnering together creates a wonderful opportunity for real estate companies to fill unused space by working with coworking companies who have a model to fill them.
CoWorks @ Vita Therapia is a coworking space located in Westford, MA and specializes in providing space to service based businesses and professionals in and around our area. If you work remotely, are a company of one, need to escape your corporate office, or just want a different place to work reach out, we'd love to meet you.