It has been a little over a decade since coworking spaces gained prominence, and since then it has grown to become exceedingly popular among working professionals. Moreover, due to rapid urbanization and technological advancement, with the integration of coworking software, across several industries an increasing number of people are opting for these flexible coworking spaces than the conventional offices. However, this massive shift to coworking spaces has disrupted the commercial properties and the real estate market to a large extent.
The real estate market had thrived all along and realtors made the most out of the high demand for space. While most industries were subject to market trends and risks, the real estate industry was untouched by these factors and witnessed a constant growth curve, right until the rise of coworking space. It has greatly impacted the real estate industry largely because of the varied benefits it has to offer including coworking management software. So, here are a few tenets of how the coworking space is affecting commercial properties and thereby the real estate industry.
- Pocket Friendly – the most important aspect of renting out a coworking space is that it is extremely pocket-friendly. The flexible leasing terms, low-security deposit requirement, and pay-for-usage policies result in lower rental costs. This helps the companies in revenue generation and good cash in-flow. Companies are required to pay only for the office space but have access to the cafeteria, restrooms, corridors, balconies, pantry, and other common areas for free. Meeting rooms, board rooms, AV rooms, etc., can be rented on-demand on an hourly basis, which works out much cheaper than conventional office spaces.
- Space Utilization – conventional offices were known for having large areas of unused or less-used spaces. This working model was neither productive nor cost-effective because of the prevalence of unproductive workspace. However, coworking space results in optimal space utilization, which means extracting more productivity out of less space. This new-gen working model is more profitable than the conventional model.
- Plug–and-Play Services – coworking space offers plug-and-play services for companies and business organizations to begin their operations immediately. The plug-and-play services are highly preferred by most businesses because it is extremely convenient since the corking space readily offers all business operation requirements such as office furniture, hi-speed internet connection, quickly on-boardable servers, air conditioners, cabinets, etc., specific to the business organization. With plug-and-play services, businesses can immediately and completely focus on business operations without being interrupted by administration and maintenance work. Coworking software also plays an important role in the plug-and-play services as service requests can be raised within the coworking management software
- Customizable Office Spaces – based on the nature of the business, employees, work ethics, etc., companies can customize their office spaces. From as leisure and creative as possible to as structured as possible, the coworking space can be customized based on the specific needs of the business organization. This cannot be achieved in a conventional office space mainly because of the rigidity in the office structure and the expense involved. In addition, coworking space software provides an array of customizable options.
- Coworking Space Software – one of the most important technological advancements in coworking space is the invention and integration of coworking space software. The coworking software has a host of features that aid in the ease of end-to-end business operations. From the onboarding process to payments, everything can be executed on the coworking management software. All your business operations are just a click away.
The features and benefits of coworking space are more than one could imagine. These benefits not only ease the business operations but also make it more desirable for companies to quickly shift to coworking space. It is no wonder it is not only impacting the real estate industry but also disrupting it. The real estate industry is restricted in many ways and cannot offer the benefits a coworking space can. The real estate industry must reevaluate its game plan and shift its focus to the thriving this industry or something similar.
Do you want to transform your real estate business into the high-in-demand coworking space? RentCubo can help you in the transition process. RentCubo is one of the leading software and mobile application companies that can build robust and state-of-the-art coworking space software to help ease the transition process.