Key Initiatives for Engaging in a Coworking Partnership

Engaging in a 

Coworking Partnership

Site Feasibility: We evaluate the viability of the building and site for coworking and advise on this along with a high level summary of potential ROI from various partnership models. This entails analysing both the building and site's attributes, location dynamics, competitive landscape, market trends, potential product offerings and financial outcomes. We compile our findings and present our client with a comprehensive report and recommendations, ensuring complete clarity regarding site viability and laying the groundwork for a successful coworking business establishment.

Partner Selection: We identify potential coworking operators whose objectives and brand closely align.  This process can also be executed through an EOI initiative, targeting selected operators whose brand, values, objectives, and operational approaches align. Once identified we initiate contact and along with our client explore potential partnership opportunities, through collaborative discussions and relationship building.  The operator's particular partnership model will also play a crucial role in determining suitability.  There are several partnership models at play in the commercial real estate arena, including profit share management agreements, profit share hybrid management agreements, franchise agreements or straight management of the site.  

Models:   We assess and analyse the operator's model, dissecting its terms, assumptions, and compatibility with the building and project objectives and provide our client with a full outline and recommendations.  This involves a close examination of the model's structure, including financial projections, profit sharing, operational strategies, financial contributions and other potential unique elements. Together with our client, we agree on the most suitable partner and the journey begins.

Negotiation:  With our client, we engage in comprehensive discussions to negotiate with potential coworking partner covering partnership terms, branding, style of space, lease agreements, profit-sharing arrangements, reporting mechanisms, penalties, operational responsibilities, collaboration initiatives, trade offs, financial contributions and fit-out considerations. The end goal is to finalise an agreement that suits both parties providing a foundation of alignment to begin execution of the agreement or contract.

Implementation: Together with both parties we engage in close collaboration to ensure adherence to the agreed terms and facilitate the seamless execution and completion of the coworking project on time. Additionally, we all work together to oversee the implementation of key strategies and initiatives, leveraging each other's respective expertise and resources to maximise not only the future success of the coworking business but also pre-leasing opportunities to ensure a healthy opening occupancy.   Launching a quality coworking site with an engaged and passionate consortium provides a formidable outcome.

Performance: At specified intervals as outlined in the agreement or contract we will facilitate a thorough review of contract-compliance key performance indicators to gauge the effectiveness and efficiency of operations, ensuring that key targets are met within the agreed timeframe.  We will provide our client with our evaluation and feedback and attend round table discussions with all parties to discuss and agree on next actions if any.

Whether you require support for all the above initiatives or only specific ones, we're here to assist. 

Our adaptable approach guarantees you receive a tailored service to meet your unique requirements.

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