While the coworking industry continues to expand, its important to keep up with the best new technology. Let’s take a look at some of the most latest critical tech components for coworking spaces. CRM Every coworking space should absolutely have a CRM in place. It is truly one of the most integral components to a modern thriving workspace. Not only does it assist in lead tracking, but a CRM will improve your relationships with your current and prospective members. A CRM will streamline lead entry, customer life cycle tracking, vendor relationship management, and many other operational tasks. It drives efficiency and will enhance productivity, and directly leads to greater profitability. The technology-driven corporate world we live in today demands a CRM. According to a study by Gartner, CRM will be the single largest revenue area of spending in enterprise software by the year 2021. Not only is the CRM going to be a core tool for sales and marketing, but it will also benefit customer service. Since your members are reaching out via social media, phone, chat, email, and any other method they can find, it’s important to consolidate all their interactions in one place. The uses of a robust CRM are virtually limitless for all aspects of a successful coworking space. Automated Billing Whether you operate one space or multiple locations, automated billing is a vital component for success. Consider the time you’re spending balancing and reconciling your books. Consider the outsourced cost if you hire a bookkeeper. With the market becoming more competitive,  shared space supply is increasing, and organized operators can run more efficiently. In many cases, operators streamlining their business with automated billing (among other tech solutions) can offer the same product at a more competitive cost. Standout softwares combine an accounting package with merchant services. Yardi KUBE...

Yardi Matrix has completed the first report that quantifies the amount of office space dedicated to coworking in office buildings with 50,000 square feet or more in 20 large U.S. markets. “Coworking represents a small yet growing segment of the office market,” the report says, noting that that 20 markets contain more than 1,100 coworking space encompassing almost 27 million square feet of space.  This total represents 1.2% of the total office space in those markets. Shared workspace originated in the 1990s to provide space for self-employed workers and employees traveling or working remotely. The practice expanded after the Great Recession, driven by a growing gig economy, cost-cutting strategies and other factors. Today, the report says, “coworking represents a small yet growing segment of the office market” that helps companies accommodate remote employees, attract talent, promote work satisfaction and reduce leasing costs. Eleven of the 20 metros in the Yardi Matrix study have more than 1 million square feet of coworking space for lease, led by Manhattan, N.Y., with 7.65 million square feet in 245 spaces and the Los Angeles office space market with 3.7 million square feet of coworking space in 158 locations. Nine other metros have at least 1 million square feet dedicated to coworking. Miami has the most coworking space as a percentage of total stock, at 2.7%. “Demand is high in markets with concentrations of knowledge workers—especially IT but also new media or industries such as biotechnology and telecommunications—that are friendly to startups [and] in metros where space is at a premium,” the report says, and lower in metros such as Dallas and Houston that have low barriers to construction and high vacancy rates.  The practice is more prevalent in urban settings due to the concentration of workers there and...

Yardi announced today the acquisition of WUN Systems, an award-winning and fast-growing leader in the coworking and shared space market. WUN Systems is a provider of a workspace management platform delivering all the tools needed to manage a smart and connected workspace. WUN’s mission is to provide the blueprint for growth and efficiency in their members’ workspace. “We are excited to be part of such a dynamic and growing market segment,” said Gordon Morrell, executive vice president of Yardi. “With shared workspace on the rise, this gives commercial and residential real estate companies the flexibility to explore new revenue streams and customer retention strategies.” WUN Systems’ intelligent workspace management platform delivers the software, hardware, and support services required to open new shared workspaces, improve existing spaces, or monetize vacant or underutilized real estate with the goal to increase revenue, maximize productivity and build community for its members. WUN Systems now serves more than 80,000 members in 700 locations globally. The company’s team of over 90 engineers, programmers, service specialists, project managers and specialists will continue to operate from its offices in the United States, Canada, Mexico and India. “Yardi’s commitment to its clients and wanting to continually improve, innovate and grow is inline with our mission to fuel the space-as-a-service evolution. The synergy between the real estate market and the coworking and shared workspace market makes this relationship a natural fit and strengthens both of our offerings,” said Dale Hersowitz, CEO at WUN...