Hi everyone. Just curious if anyone has invested in or is currently operating a "workspace" rental type of business and what their experience has been. (Think, WeWork, COhatch, etc) I think its a brilliant use of rental space but I am sure there are downsides.
I recently split a building I own into 3 separate spaces. (about 800 SF each) I listed it on Facebook and in a few hours I had about 60 people contact me. I rented all 3 spaces in 1 day.
This was so easy I’m thinking about buying a few more buildings.
Has anyone else had this kind of experience? Is this normal demand for this type of space?
@Carlo Seta yeah, I’m seeing a huge demand for creative/work space rentals. Are you doing a monthly thing with your 3 spaces or by day/hour?
Monthly. 500 per space. I payed about 60k for the building 20 years ago.
How long have you been at this? I wonder if all the free Gov money may be driving this.
@Carlo Seta weve been actively investing in real estate for about 5 years. Mostly flips and contractual work. We just recently bought two commercial mixed use building in January and I think one of them would be perfect for this concept. Can not believe what some of the larger branded companies are getting for the tiniest spaces! Mind blown!
My only issue was it seemed like a lot of the applicants had credit issues.
I see you are in Batavia. Small world.
The building I own is in price hill. I have 2 musicians and a guy that does computer recycling.
I had a bunch of people apply that wanted to do woodworking and auto repair. I wanted to keep it low key because dealing with the city of Cincinnati zoning is a nightmare. I didn’t go any occupancy applications and I’m not sure if I was required to do so. I have learned not to ask:)