When the operator of a coworking space decides to move on from their investment, FWS sees an opportunity, not a problem.
Here’s the story of how FWS and a building landlord turned a coworking space into a landlord-owned building amenity.
The Partnership
In a lively commercial building, a coworking space managed by FWS was already a key spot for business professionals in the Dallas area. When the owner of the coworking space decided to move on from their investment to focus on other endeavors, the building landlord didn’t bother looking for a new operator. Instead, FWS and the landlord partnered to continue marketing and managing the space, but as a landlord-owned building amenity.
Key Priorities and Objectives
The landlord’s main goal was clear: to maximize the financial performance of their property. In partnership with FWS, they set out to implement the following strategies:
- To create a building amenity that benefits existing tenants and attracts new ones.
- To offer flexible workspace solutions that support the hybrid work model, accommodating the evolving needs of modern businesses.
- To generate revenue over and above what was received in rent from the prior coworking operator.
The Outcome
This partnership saw significant successes:
- Increased revenue per square foot post-transformation.
- Enhanced utilization of existing building amenities, such as larger conference rooms and event spaces, for both tenants and external clients.
- Strengthened business relationships with brokers, with more companies eager to start in the coworking space and grow within the same building.
A standout example of the strategic advantage provided by this transformation involved a company seeking long-term traditional office space in the area. During their market exploration, they considered various options but found a unique solution at the building—the only one that could immediately accommodate their team of 20 in the flex office space while their permanent office was under construction. This immediate, flexible solution not only met their urgent needs but ultimately secured their commitment to a long-term lease. The ability to provide seamless accommodation during construction was a key factor in winning this deal, demonstrating the added value and versatility of the landlord-owned coworking space as a building amenity.
Client Testimonial
“Our partnership with FWS has been a game-changer,” the client shared. “Not only has it significantly improved our financial performance, but integrating the coworking space as a building amenity has also been a hit among our tenants. FWS’s proactive approach and ongoing support have been pivotal. We’re now planning to replicate this successful model in other buildings we own.” – Wyatt Buttrose, Fenway Capital Advisors
Future Plans
Encouraged by the success, the next steps include continuing to monetize building amenities under FWS’s management and applying this profitable model to other properties owned by the landlord.
This story exemplifies how understanding and responding to the market dynamics, with a focus on tenant satisfaction, revenue generation, and the demand for hybrid work can lead to substantial business success.
Are you a landlord or operator? Email info@flexworkspacesolutions.pro or call 469.430.9257 to learn more about FWS.