How not to make a mistake when choosing a coworking location
If your business is represented in the physical world, considering location strategy is integral to potential success. Location is important in office real estate, in particular, in the coworking segment. Continuing our collaboration with Coworking Community we would like to share with you 5 factors that should be explored before choosing a location for flexible offices:
🔸 Understand who you’re targeting
Where they live? How they travel? What amenities do they need access to?
🔸 Consider cost/benefit
Cost/benefit analysis also plays into locational strategy. Rental prices for commercial real estate depending on whether you are considering – the center of Kyiv or Odesa or Lviv. However, it should be borne in mind that the demand for commercial real estate in Kyiv is greatest in Ukraine – then the difference in the price of rent no longer seems as negative.
🔸 Analyse competition and market share availability
On that note, carrying out office market research into the levels of competition and the density of your target market in each location you’re considering is essential to make sure you’re entering the right size pond, with the right number of fish in it.
🔸 Live, work, play balance
The impact of COVID-19 is uprooting decades of learned behavior – it’s no longer the case that a privately leased office in the nearest city center is the de-facto choice for businesses. Our most valuable resource is time. Today, this expression has become the leitmotif of one of the main principles – everything I need for life should be within 20 minutes on foot.
🔸 Think about format diversity
Another thing to keep in mind choosing a location is to use different coworking formats, depending on the environment. By analogy, supermarkets consider adapting the format of their stores, which allows them to focus on the desired target audience of consumers. This has led to the emergence of different formats of retail stores (hypermarket, supermarket, home store).