Whether the coworking space is landlord or operator ran, there are a few key ingredients for success: community-based ecosystems as opposed to office solutions, partnerships with retail-tech startups and corporates, utilization of the retail environment for product testing, investment in design and flexibility and a criteria for member selection.
Key benefits include close proximity to leisure facilities, strong transport links and parking space, position at the forefront of retail innovation, extra visibility for increased footfall and popular uptake of private office memberships. The main challenges for operators include lack of control over building operations, potential lack of daylight and opening hours, along with frequent positioning in remaining space on higher floors. The main challenge for shopping center owners is the decision to share revenue by letting space to an operator or launch their own coworking brand as a new entrant to the workspace market.
Potential coworkers are often left standing on a lone rock peering into the world of office solutions to make a decision about where to Startup. The process of choosing a location for a Startup is probably the most important decision for a new venture but for novices, their decision tree can be prone with mistakes in weighing pros and cons. In our studies, RATS has observed many owners of Startups choosing a first location for their Startup based on emotional guidance instead of communal benefits. To counter the emotional turmoil of not choosing a good location for your Startup, RATS decided to write this article to discuss a few considerations.
Given the optimism around coworking within shopping centers, it's no surprise that CBRE predict shopping centers to reinvent themselves as mixed-use 'Centers' by 2030. Who will be the first to get there? Western Australia is particularly active as a leading region for the lifestyle revolution of shopping centers. The Government's 'Direction 2031' removes limitations on the size of retail developments and encourages the development of 'activity centers'.