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Co-working Opportunities in New York

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Co-working Opportunities in New York

To remain meaningful in an ever-evolving market, flexibility is the key. Investment opportunities seem to be everywhere, but current trends in New York are showing a creative direction both in funding and final projects.

As more millennials enter the workplace, they are seeking to collaborate with other like-minded individuals in environments that are not only fashionable but also filled with amenities. Premium spaces can come with a hefty price tag beyond the budget of the average start-up company. Enter the new trend: co-working buildings.

Co-working allows innovators and professionals to have both comfort and flexibility in their work spaces by renting in trendy buildings. Flexibility emerges by allowing rental spaces as small as a spot at a table or a desk in a large common area to a cubicle or even a private enclosed office. The key to making these spaces attractive to professionals is in the amenities available in the building and the flexibility of a lease that allows the tenant to expand or reduce space as operating needs evolve.

New York is at the cutting-edge of this trend by including not only the co-working building space but also floors devoted to short-term residential rentals. Residential rentals range from one night up to 28-day lease options. These rentals may also be membership-based.

Co-working spaces may seem geared to tech startups, but the trend has attracted existing fortune 500 companies seeking opportunities for collaboration with young professionals to other corporate and government tenants. As the trend continues, focusing on non-traditional locations in more affordable market areas may be key to remaining competitive.

Adaptive reuses of old buildings through extensive renovation to create a trendy space drawing the attention of young millennials seeking luxury on a budget may not be financially feasible. The final trend occurring in co-working faces this dilemma head-on through crowd-funding. Investors may be rewarded by a share in rental space or other perks based upon investment size. 

            As co-working spaces become increasingly available, the trend may slow. For now, supply has not met demand.

Photo By: evening_tao / Freepik 

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Tags:

New York, working trend, co-working, real estate