Collaborate or Compete: How Do Landlords Respond to the Rise in Coworking?
Changes in technology, attitudes toward work, and the new ‘shared economy’ have created an environment in which people have more options for how, when and where to work. Working from home, telecommuting, hoteling, and collaborative workspaces are on the rise nationally. According to 2010 Census data, 4.3% of the 137 million workers in the United States telecommuted compared to 3.7% in 2005.1 Technology has been a major catalyst, helping to disseminate knowledge, increase communication, and allow people more independence and control over their work and life. The ubiquitous ‘coffee shop entrepreneur’ that migrates from their home-based office to the nearest cafe has largely given way to a new group of start-up oriented individuals and businesses that recognize the need for innovative and functional space.
Cornell Real Estate Review
Volume & Issue:
Cornell University; real estate; Cubicle; Collaboration; technology; work; economy; telecommuting; hoteling; workspaces; communication; start-up; independence; control; innovative; functional; leases; capital; credit-quality; scaleable; space; office; market; landlords; vacancy; landlord; coworking; operator; trend; New York City; manage; location; lease; sublease; Executive; Entrepreneurial; Creative; square footage; traveler; floor; plate; rentable; volume; collaborative; open; Regus; The Yard; The Centre for Social Innovation; margins; events; community; access; memberships; Millenials; demographic; economic; work-life; balance; strategies; shifting; WeWork; business; sector
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