Real Estate Investor Magazine South Africa Dec/January 2020 | Page 48

OFFICE
RETAIL
Income from all angles
Transform your investment property into a
coworking space
AMY STEADMAN
T
here’s always a demand for space, especially if you
own a property in a central location. Transform
your investment property into the next successful
coworking space with these useful tips:
Scale the area
There’s a good chance there may be an existing coworking
space in your area. Do some investigating into what they’re
all about, what is working for them and what is not? Consider
joining forces to learn all there is to know before moving into
your own venture.
Determine the demand
The world is your oyster when it comes to communication.
Before diving in head-first, it’s better to do some market
research. Contact small business owners and freelancers to
gain insight into their needs and make sure there’s some
demonstrated interest from the community. Ask people what
they would want most from their coworking space. This could
be desk space, conferencing facilities or hi-speed wi-fi.
Location, location
What’s important to consider here is your target market and
their ideal needs. Does the location of your market cater to
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DECEMBER/JANUARY 2020 SA Real Estate Investor Magazine
parking requirements, restaurants and coffee shops and is
there adequate security? If you’re signing a lease and are
planning to brand the space, consider the regulations and
rules regarding alterations before diving in.
Existing potential office space
Then you’re already one step ahead. Consider your location
and determined the demand in your area. Instead of leaving it
like a sitting duck, do your research, investigate these provided
tips and start capitalising off your investment.
Boost your brand
Your coworking space is a business and it’s important to run
it like one. Branding is key. Develop a cohesive interior design
with your target market in mind. Decide what sort of business
you’d like to use the space for and design it accordingly. Make
sure all the amenities like printer, copiers, kitchen facilities and
bathrooms are suitable for the space.
Define membership policies
As your space grows and evolves there’s no doubt your policies
will adapt and change, but it’s important to lay down some
rules from the get-go. Things to consider will be the application
process, the drop-in policy and the screening process before
they become members. How will they pay, and will there be a
flat daily fee for temporary members?