Coworking-Spaces,-Coliving-Spaces-&-Office-Spaces-for-Rent

Factor analysis used to determine coworking office determinants

Peonior is one of BD’s busiest coworking office spaces – and it reached full capacity after only five months. Explore how Peonior successfully rented its office space within record time with Office Hub’s help.

Goals

It was our goal at Peonies to create a work environment that makes people love coming to work. The team envisioned a design-led space that would match the area’s arty vibe. Aside from design, they had a clear goal – to build a fun, open, and inclusive environment that places clients first.

Analysis of past office space demand

            Name            2009        2019        Analysis
Area of available space. Ft.6,000,0006,500,000Space increases moderately
Sq. vacant. Ft.600,000975,000An increase in vacant square footage. Ft.
Vacancies10%15%A corresponding rise in vacancy
On average. Rent/square foot.$12.00$15.25Rates increased  by about 5%
Employment Total36,00038,050Employment Increases Slightly

The Challenges

Pioneer faced the same challenge that many new Coworking office spaces
face – how do you get tenants through the door?

It had yet to launch its website and did not have any marketing campaigns in place. Pioneer had no digital presence. There were no online listings for it, and, since it was on a high floor in an office tower, it was hard to walk in from the street. Due to an unexpected delay in fitting out and furnishing the workspace, Pioneer was unable to show customers exactly what they were getting for their money. Additionally, with no tenants, word of mouth would not generate interest.

Solution

Emerge became an official Workspace Partner after Manila contacted HostBangla for advice. Through the Peonies platform, the Peonies team gained access to a whole world of knowledge, advice, and tools designed specifically to guide workspace providers through the process of opening a coworking office space for the first time. Peonies and Office Hub then brainstormed a complete strategy encompassing advertising, pricing, sales, and negotiations that would bring the first tenants to Peonies.

Targeted Advertising & Lead Generation

Pioneer needed to raise awareness of its coworking office space quickly as the opening date approached. Multi-channel marketing was an important part of getting the word out about this yet-unknown office.

Results

Almost 70% of current Peonir members have been found by Office Hub within just two months. A majority of tenants work in digital marketing, graphic design and similar fields, while accountants, brokers, and professional service firms are also present. According to HostBangla, tenant retention at Peoneer is soaring: the majority of owners have extended their leases or increased their space since they moved in, demonstrating the success of the coworking office space.