There’s a new trend on the rise in the Boston Metro area – co-working. This trend challenges the traditional commercial real estate model – the shared workspaces accommodate the needs of start-ups and early stage companies that are not able to acquire their own space. The sharing of space by multiple companies is an interesting concept that we are seeing more frequently in the Boston Metro area.
There are certainly advantages that make co-working appealing for start-ups and small companies. The environment tends to be more relaxed, and many say that this encourages creativity. The financial benefits are clear as well – in Boston’s Metro area, rents for co-working spaces start as low as $300 per month.
Networking is another benefit of co-working. By sharing space, business owners and employees are working alongside each other, making networking easier and more natural. Co-working spaces often offer access to conference or meeting rooms – another substantial benefit to start-up companies that might otherwise not have access to this type of space.
Co-working spaces also pose an interesting opportunity for investors and owners of vacant space – by optimizing the space for co-working, property owners can charge rent and/or membership fees. As the companies that utilize the co-working space grow, there is also the potential to convert them to traditional lease tenants.
Co-working will definitely be on the list of trends to watch in 2014 and beyond. If you or someone you know is searching for commercial space in Boston’s Metro area, please contact us! We can help you find the ideal space for your business needs.