Beyond coworking - How technology supports operators to maximise revenue streams

Today’s workforce is flexible. In fact, 45% of office workers are hybrid and come into the workspace between one to four days a week on average, according to a recent survey conducted by Ipsos Karian and Box. Forget office mandates, we’ve now reached a state of acceptance – that flex is the way forward. 

Instead of viewing space solely as places for work five days a week, operators can embrace a more dynamic approach to space utilisation that accommodates varying lifestyles, facilitated by technology. This article explores how technology supports mixed-use spaces to maximise revenue streams. Let’s dive in.

Introducing dynamic pricing.

Like the Uber surcharge makes a journey more expensive during rush hour, dynamic pricing bumps booking rates up or down based on customer demand. Traditionally used by the travel and hospitality industries to increase prices on inventory, dynamic pricing is becoming a commonplace strategy across the board.

In workspaces and mixed-use developments, bookable resources may utilise dynamic pricing – that’s anything from a meeting room to a podcast lounge, an event space to a Yoga studio. It automatically increases rates during peak times, or closer to the time of booking. For example, increasing the cost to rent a podcast studio during the working week, while having lower price availability at weekends monetises this asset effectively and gives a varied and more affordable and accessible option for its usability.  

Here’s where technology comes in handy. You need to use it to reveal those peak times. Integrated access control software creates touchpoints for information gathering so that when customers tap into a space, data is collected in a centralised system and used to understand the most popular spaces and at which times. 

Offering flexible memberships. 

Have you ever thought about taking learnings from gym membership models? That’s what Andrea Pirrotti-Dranchak, Managing Director at EXPANSIVE, urges operators to look at. Peak times at the gym are used to differentiate basic memberships from premium plans, the difference may also include premium memberships covering additional access to spaces, like spas, or multiple locations. Likewise, Pirrotti-Dranchak advises workplaces as an example to ‘create a foundational subscription programme that meets the needs of everyone.’ 

A basic plan covers hot desking – where space and resources are shared amongst more than one coworker. Hot desk memberships are generally offered for either one day a week or five days a week, but hitting the sweet spot – operators could offer three days a week – as Pirrotti-Dranchak reckons that workers come in just three days a week between Tuesdays and Thursdays. Beyond hot desking, workspace memberships include dedicated desks, private offices, and leasing entire floors to companies and teams at varied price points. 

In mixed-use spaces, like private members clubs, a basic membership option may cover access to a lounge and restaurant – spaces for work, meetings, and socialising. A more expensive membership tier offers access to leisure facilities, with hotel and residential options available at discounted rates for members. Dynamic pricing can even increase the cost of a room during peak seasons and closer to the time of booking, as well as the price of food and beverage during the busiest times (say, at weekends and during events). 

Everyone has different needs and lifestyles – offering a range of membership options caters to a far greater audience while monetising on space effectively. 

Creating virtual communities.

But it’s not just the physical space to consider. With the right technology, operators can facilitate an online space for coworkers to participate in a global workspace community that ‘breaks down geographical barriers.’ This membership option is widely known as a virtual community.

Joining a virtual community enables members to still feel part of something but without the huge commitment or costs. These memberships are particularly beneficial for those who live further afield – nomads, avid travellers, or rural dwellers, for instance. Imagine – a nomad who enjoys staying in a particular brand of coliving spaces across different cities. They don’t want to sever ties with the people they’ve met on their travels, so between stays, they’re part of a virtual community. 

Technology, of course, is the main enabler of virtual communities. Nexudus Virtual Rooms is a white-label feature for workspace operators that integrates with Zoom. It supports virtual conversations via discussion boards with video conferencing support. Hosting regular virtual catchups for the entire distributed community ensures that no one gets left behind.

Monetising amenities and space.

Offering your community discounts to bookable resources or partner businesses, like local services, adds more value to memberships. For instance, if you’re running additional businesses, like cafes and restaurants, you might consider adding discounted perks to boost sales. 

Think – where else can you add value and monetise on space?  If you have outside space, such as car parking, you may include this amenity as part of membership during the 9 to 5. But, does that space lie empty in the evenings and during weekends? Speaking on the webinar with Pirrotti-Dranchak, John Allen, Digital Director at Bruntwood, explains that ‘car parking spaces could be sold out to people living in the local area after hours’ using app technology to manage this service. 

With the rise of mixed-use spaces in local neighbourhoods, it’s worth considering that you have two types of customers – the typical target audience (coworker, private member, etc), and the local resident. For example, your event space might be used for team events, meetings, and coworking socials during the working week. Still, in the evenings, it might add incredible social value for the local community, like hosting art classes or book clubs. Nexudus events facilitates a ticketing system for members to run their events and advertise to your community. 

Beyond the 9 to 5.

Technology plays a prominent role in monetising space beyond the 9 to 5. As the workforce increases its flexibility, the onus is on space to follow suit. Technology is the way forward to unlocking the full potential of developments and offerings, creating dynamic and future-proof environments in the process.

At Nexudus, we’re passionately building technology that provides space owners and operators with fully customisable, easy-to-integrate digital solutions for their spaces, across coworking, commercial real estate, hospitality and beyond. Since 2012, our award-winning technology has helped workspace owners and operators in over 90 countries digitally transform their spaces, manage them more efficiently, provide exceptional customer experiences and gather advanced analytics for better decision-making. Book a free demo with our team today.