Anyone in this space. Opening one in Indianapolis
Hello, I recently opened a coworking space in New Hampshire. Great avenue
Would love to talk about you experience and possible pitfalls. I'm within 60 days of opening a 120000 sq ft event center and co-working space. Dave Short
David, are you building it or are you repurposing an existing building?
my co-working space is fairly small, it's about 4500 sq feet.. most of which is 14 offices. Our co-working hall is 900 sq feet.
there are some problem I hadn't accounted for in the beginning but we're doing well now. I'm looking at opening a coworking warehouse very shortly, the added revenue should be great.
My space is 12,000 sq Ft which is divided up 6000 for co working which has 14 private offices, 4 conference rooms plus 1400 sq ft as a common area for 80 members at $130 per month, The back 6,000 feet is a corporate meeting space plus event center, we can do weddings and corporate events up to 200 people, PM me would love to talk about the warehouse space..
I like your layout @David Short . When I took over this space it was an old doctors office and we had 0 extra capital to do much renovation, so we used the space as it is haha.It was tough but we've built up over time. Once we get a good foothold I'm looking to start a few more coworking spaces and warehouses.
Why are you sticking with just 80 members? Is that in total or in the property at the same time?
I’ve owned and operated my Coworking space for seven years now. I’m also heavily integrated within the global coworking network, at a leadership level, and have quite a bit of industry knowledge. (Operations, finance, community development, workspace management systems, etc.)
I presume the 80 members came from something along the lines of 1400 ft.² divided by an average of 40 ft.² per member X a 2.5 variable vacancy rate?
**Full disclosure, I’ve worked as a professional Coworking consultant for the last 2 years BUT I‘m also happy to help people however I can with answering general questions or pointing you in the direction of appropriate resources. So free to shoot me a pm!
@Tiffanie Mark I'd love to speak with you more about what you know about coworking. I recently had a very large place reach out and ask to have us place a location within their building. And we have a few co-warehouses getting ready to open. Looking promising.
@Jason Turgeon and @David Short
Congrats on the space. I have been a coworking space operator for over 10 years with chains in Denver and Chicago. I love the size of a 12,000 SF space. It's my general rule of thumb for spaces that can be opereatored by one staff member and feel intimate.
David, I would have recommended different square footage to you based on my coworking knowledge of the Indianapolis area and the competitive environment. If you are still able to make some adjustments, I would lower your coworking size to 1,500 to 2,000 SF depending on if it's attached to your 1,4000 SF open kitchen area. After that I would probably split the rest of the space to offices ranging from 60 SF to 140 SF with a few larger ones. That's where the general trend is going. The fine tuning of the numbers depend on a coworking feasibility study, which is usually only $2500 and takes about 2 weeks.