Australia Explores Coworking

As coworking continues to gain traction in office markets around Australia, Neal Gemassmer, Yardi vice president of international, looks at the top three tech trends helping landlords stay ahead of the curve. This post is reprinted with permission and originally appeared in Property Australia.

More coworking space in Australia was leased in 2018 than in the previous three years combined, finds recent research from JLL.

Sydney and Melbourne accounted for nearly two-thirds (60%) of all coworking space – or 95,700 sqm – leased since 2015, JLL has found. But Australia’s other capitals are also jumping on board the coworking juggernaut.

Meanwhile, Colliers has recorded a 46.9 per cent increase in flexible workspace in Sydney’s CBD last year. Although, with this representing just 2.44 per cent of the market, coworking is still in its early days.

Gemassmer says Australia’s large office landlords are well placed to stay ahead of the curve if they embrace the right technology. He says three tech trends are at the heart of any successful coworking strategy.

1. Know your customer with a CRM

Every coworking space should have a customer relationship management system, or CRM in place, Gemassmer says.

“A CRM will streamline lead entry, customer lifecycle tracking, vendor relationship management and a host of operational tasks – driving efficiency, enhancing productivity and ultimately leading to greater profitability.”

2. Streamline systems with automated billing

Whether you operate one space or multiple locations, automated billing is one of the most vital tech components to success, Gemassmer says.

“Manual entry, regardless of how meticulously done, can create leakage – and this problem is worse when you’re a multi-space operator.

“Operators who streamline their business with automated billing – particularly when done so alongside other tech-driven solutions – can offer the same product, but at a higher margin and lower cost.”

There are software options which combine an accounting package with merchant services, such as the Yardi KUBE, which has a full general ledger suite and accounting package, Gemassmer explains.

3. Let’s get connected

“Not all coworking enablers are tech-driven,” Gemassmer observes.

“Hosting after-hours events, creating sports teams or designing spaces to encourage incidental interaction are among the many ways to build a coworking community.

“But ultimately, most coworking members spend their day sitting behind a screen, and this means tech plays a central role in building and enhancing that sense of community.

“Yardi’s member portal helps members book meeting space, connect with an online marketplace, access special deals and pay invoices in just a few clicks. People may be attracted to coworking for its collaborative potential, but it will be the seamless technology experience that keeps them.”

The new Yardi KUBE platform allows operators to seamlessly manage their coworking space operations and financials in a fully-integrated platform while providing a phenomenal member experience. Learn more.