Why would a large real estate company like Tishman Speyer want to tackle coworking? Well, the real estate owner, developer, operator and fund manager saw the emergence of coworking spaces as trend that could not be ignored. Tishman Speyer joined the fray in 2018 when it launched its own coworking brand, Studio. The company’s first locations opened in Boston in Los Angeles a year later. Today, there are Studio locations in New York, Chicago, Washington, DC and Rio de Janeiro as well to help its tenants of all sizes meet their needs.
In a recent interview with Commercial Property Executive, Tishman Speyer Managing Director Thais Galli said, “These trends we are seeing will continue. Office space is no longer just a place to work. We are now able to provide space for companies of all sizes.”
Now that real estate companies like Boston Properties, CBRE and others have entered the coworking business, industry giants like WeWork will have to rethink how they operate because companies have a lot more coworking space options.
The coworking space will continue to grow, and gain more popularity and trust, according to Galli.
“Especially amongst enterprise clients,” she told Commercial Property Executive. “We expect investors, lenders and others in the industry to become more comfortable with the product. These trends we are seeing will continue. Office space is no longer just a place to work but a key component in a company’s real estate strategy and employee experience.”
Biggest shifts in the coworking industry
The coworking sector’s has grown quickly since Tishman Speyer entered the space, according to Galli. Smaller companies are seeking coworking space instead of subleases or spec suites. Meanwhile, more enterprise companies are adding flexible office space as part of its real estate strategy. Enterprises want flex space in the buildings that they occupy so a portion of their real estate can be more flexible. Sometimes the enterprise clients want flexible office space in other locations so they can have regional offices. Others just want access to the Studio Private platform so they have fully serviced spaces dedicated to their company.
“Going forward, we expect this growth to continue among new and more established companies and to become a larger part of the Tishman Speyer platform,” Galli said.
What office space providers can offer flexible workspaces
Real estate companies like Tishman Speyer can provide coworking tenants what they need in order to work, whether it’s a solo desk, private office, multiple fully built and managed floors or traditional space the tenant builds in the same property all under one platform.
“We are now able to provide space for companies of all sizes and growth stages, whether they are just starting up or are a global corporation,” Galli said. “We can also support a greater variety of real estate needs, from satellite offices, testing out a new market without large upfront capital investment, looking for overflow or swing space for employees and temporary teams, or looking to outsource their real estate function so as not to worry about managing their spaces.”
Studio’s coworking space strategy
Tishman Speyer spoke with a number of small and large companies when it started Studio. The company wanted to learn about what would entice them to use a flexible office space, what they would want from a flexible office space and what they weren’t getting from their current offices. Tishman Speyer used that feedback to design the Studio spaces.
“Studio’s success is predicated on building a product that addresses a need in the market for beautiful, fun and fully serviced spaces that are also professional and elevated,” Galli said. “We have always had a strong focus on hospitality and we continue to make this a focus throughout our platform.”
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