Transforming a Coworking Space into a Highly Desired Building Amenity

When the coworking space operator reached out to Flex Workspace Solutions (FWS) for expert assistance, they recognized it was a pivotal moment for their business. The operator had been considering a lease termination with the building, but hiring FWS opened a new pathway. FWS swiftly took over the management, infusing the space with their expertise and innovative strategies. The impact was clear: within 18 months, the coworking space experienced a significant boost in occupancy rates, member satisfaction, and overall profitability.

In this success story, you will learn what led to the new-found success of the coworking space and how, in addition to attracting new members, the quick success gained recognition by the landlord, who also saw additional value in the space.

The Initial Challenge

Before Flex Workspace Solutions (FWS) stepped in, the coworking space faced several challenges, including:

• Operational inefficiencies
• Low profitability
• Insufficient staffing
• Vacant offices
• Lack of community
• Disorganized billing process
• Unstructured sales process

The operator recognized the need for expert intervention to address these issues and elevate their business to the next level.

Partnering with Flex Workspace Solutions

The operator chose FWS for full management assistance for several key reasons:

• Firstly, FWS has a team of knowledgeable experts who have been involved in the flex space community for over 20 years and bring a wealth of knowledge and experience to the table. This expertise gave the operator reassurance that they would receive high-quality guidance and advice.
• Additionally, FWS is known for its personalized approach. They take the time to understand the unique needs and goals of each client, tailoring their services to provide customized solutions that address specific challenges and opportunities. 
• Moreover, FWS offers a comprehensive range of management services, covering everything from strategic planning and operations management to financial analysis and organizational development. By partnering with FWS, the operator gains access to a diverse set of resources and capabilities that can help drive their business forward and achieve sustainable growth.

Overall, the operator chose FWS for management assistance because of their reputation for excellence, wealth of knowledge in the industry, commitment to personalized service, and their comprehensive suite of management offerings.

The Turnaround

The management solutions implemented by FWS to revitalize the  coworking space were both comprehensive and strategic.

• OPERATIONS: In terms of operations, FWS focused on streamlining processes, optimizing efficiency, and enhancing the overall functionality of the coworking space. This included hiring well trained staff, reorganizing workspace floorplans, improving facility management, and implementing technology solutions to better serve members.
• ACCOUNTING: On the accounting front, FWS implemented rigorous financial management practices, including budget optimization, cost control measures, and regular financial reporting, to ensure transparency and accountability.
• STRATEGY: To drive growth and profitability, FWS revamped its product pricing strategy to better align with market demand, increase competitiveness, and maximize revenue potential. This involved conducting market research, analyzing pricing models, and adjusting pricing tiers to attract a wider range of customers.
• SALES: FWS utilized their centralized professional sales team, which was tasked with managing and closing leads. This team is equipped with strong negotiation skills, deep industry knowledge, and a focus on lead conversion to drive sales and expand the customer base. 

By prioritizing member relationships, optimizing sales processes, and leveraging data-driven insights, FWS was able to achieve significant improvements in revenue generation and business performance.

Recognition from The Landlord

FWS’s successful management and 18-month turn-around time stood out to the landlord in several remarkable ways. The landlord was particularly impressed by their ability to maximize the space’s potential and increase its profitability. The FWS commitment ultimately caught the landlord’s attention, resulting in a new agreement between FWS, the landlord, and the operator.

Transitioning the Space to a Building Amenity

Through careful negotiations, the landlord and operator came to a mutual understanding that facilitated the release of the operator from their obligations. The landlord then collaborated with FWS for a full management agreement for the coworking space, which has now become an exclusive area that tenants across the entire building can access.

This transition signifies a win-win situation for everyone involved. The operator was relieved from the stress of a long-term lease commitment, enabling them to pursue other ventures and life goals. Building tenants and flex space members can look forward to enhanced amenities and services that cater to their needs, ultimately leading to improved satisfaction and a stronger sense of community within the building. Simultaneously, the building’s value is set to increase as the space evolves into a sought-after destination within the property.

Through dedication, strategic planning, and a commitment to excellence, Flex Workspace Solutions had not only turned around the coworking space but had also set a new standard for what a modern workspace could achieve.

Are you a landlord or operator? Email info@flexworkspacesolutions.pro or call 469.430.9257 to learn more about FWS.