6 june 2018
When you’re finished changing, you’re finished. So Interoffices changed. A little. We’re still in the business of providing high-quality private offices and meeting rooms. But we added a little something called coworking spaces to our repertoire. “Why?” Find out in this blog.
Renting office spaces and meeting rooms
We opened our first business center in April 2015 and quickly expanded to a 2nd and 3rd venue. Our growth was spectacular and exciting. This year we proudly opened our 10th business center, near Brussels Airport Zaventem. We focused primarily on private offices and meeting rooms, and everything was perfectly swell.
Over the years it became apparent that the needs of companies were changing. Companies were having a hard time attracting Millennials to their workforce. On top of that, they were looking for more flexible arrangements in terms of leases.
Change ain’t easy, but it’s necessary.
We wanted to answer those calls of the companies for several reasons.
The customer is always right.
Meeting the client’s needs is the core driver of our organization. There’s no point in having a business center if your goal isn’t to create the right atmosphere for your tenants to thrive. Their well-being is essential to us.
2. There’s also a societal motivation. By offering co-working spaces we change the way people work. We believe that everyone should be able to work anywhere and anytime. It’s long been established that allowing employees to work wherever they want, increases their happiness at work and boosts loyalty and productivity. Moreover, if more people work in remote places and we’ll be able to optimize the number of office spaces available.
These are very good reasons to create coworking spaces. But creating viable coworking spaces is easier said than done.
60% of coworking spaces are not profitable
The 2018 Global Coworking Survey revealed that 60% of coworking spaces aren’t profitable. They rely on heavy subsidizing to survive.
We wanted to avoid that situation. So before we dove into the world of coworking we had to find a way to be cost-effective. Here’s how we managed to become self-sufficient.
The keys to success: Volume. Volume & Quality
Volume is instrumental. You need to have the square meters to offer. 200 m2 won’t cut it, neither will 1000 m2. Our business center Brussels EU District measures 2000 m2 and we’re looking to increase our coworking space to 3000 m2. The more square meters you got, the better. If you can fill that space with tenants of course.
Having a large space won’t suffice, however. In order to be profitable, you’ll have to fill those workspaces. We were able to attract enough tenants and are pleased to have a client retention rate of 97%, which is exceptional.
The only way to achieve that high retention rate is by building a community.
And that’s exactly what we did. We managed to build an active and unique community. We regularly organize events centered around a topic that we deem interesting for our community. These events are an opportunity for us to meet our tenants, but also for our them to establish long-lasting relationships amongst themselves.
So it’s not a matter of luck. It’s the result of quality, hard work, and consideration. In order to achieve that rate, you need to provide the best facilities. We take great pride in our offices. Our coworking spaces are top-notch. We put a tremendous amount of effort into providing an inspiring environment, with an aesthetically pleasing design. Millennials, for instance, prefer to work in an environment they can be proud of. So be sure to make your spaces Instagrammable.
Meeting a client’s needs should be the core driver of your organization.
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