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Warehouses to Offices: Smart Investments in Coworking Spaces

Idle warehouses are real money drains. Changing economies might have rendered the use and maintenance of these warehouses unnecessary and the only possible way to get a profit from them is to tear them down.

Selling the property or constructing another building may seem like your only viable options, but turning your unproductive warehouse into a coworking space can turn that money drain into a profitable enterprise.

From Warehouse to Office

Transforming your warehouse into a shared office or coworking space wouldn’t be that difficult, though you may want to add a few mezzanine floors to your warehouse to maximise your workable area. Provide a few workstations, couches, high-speed Internet and some items for recreational use, and you’re good to go.

Coworking spaces have more informal structures than offices so your warehouse won’t need to undergo massive reconstruction or redesign. You can do things on your own if you have enough confidence and knowledge. However, opting to obtain a franchise of an established coworking operator may be your best bet if you’re just starting out.

A coworking franchise is a turn-key investment. Once you provide the location and invest your money, all that’s left for you do to is to reap the profits. You won’t have to worry about maintenance or personnel, as that would all be taken care of by your chosen franchisor.

The Popularity of Coworking Spaces

Modern coworking space with blackboardCoworking spaces give freelancers, independent contractors and work-from-home employees an alternative — but functional — work environment that’s also close to home. Coworking spaces are more vibrant and less restrictive, and work output is usually the only important factor.

Graphic artists, designers and those involved in other creative aspects of a company usually benefit from the freedom and unrestricted environment coworking office spaces provide. Small startups and entrepreneurs also choose to use coworking spaces as standard offices are not viable options with their limited capital. Even large tech companies are allocating coworking spaces to their employees to drive creativity and innovation.

A Growing Trend Around the World

The number of coworking spaces in Australia, and around the world, has been growing the past few years exponentially, but not as fast as the demand for these coworking spaces. Hub Australia, We Work, and Ultimate Office Solutions, which are three of the more popular coworking operators, often have long waiting lists for spots in their coworking spaces. Large companies are turning to shared office spaces to offset the rising costs of maintaining regular offices or merely to provide alternative workspaces.

There are currently more than 17,000 coworking spaces around the globe, providing alternative work avenues for more than 2.3 million people. Within four years, the demand for coworking spaces is expected to double, with 5 million people scrambling for the limited available coworking spaces.

Coworking is still at its infancy stage in Australia and now is the best time to enter the field. Transforming your warehouse to a coworking space may involve a bit of investment, but the return of that investment is all but guaranteed.