Real-World, Location-Specific Feasibility Analysis
Flexible Work Model Feasibility Assessment
Every real estate organization considering putting their assets to work as flexible workspace has the same questions…
We answer your questions definitively.
- Can this realistically garner profits?
- Will our market support us sustainably?
- How can we avoid lost investments?
- Who will my tenants be?
- How should the space be allocated?
- What will motivate our tenants stay?
Can this Flexible Workspace be profitable?
Though the “Future of Work” promises many benefits for real estate operations, the unpredictability of remote employees and flexible office space also makes property owners and managers uniquely vulnerable. To get into the shared office game, real estate must take on increased risk, bound by brick-and-mortar, location-specific realities not felt by other stakeholders. This proposition can be high-risk/high-reward, but accurate information and relevant expertise can be hard to find. For Real Estate Development entities facing this scenario, Evelo Agency has created a feasibility report which maximizes potential reward and minimizes the risks of over-investment, misallocated resources, poor audience targeting, and, ultimately, coworking space closure.
An Exceptionally Comprehensive
Evelo Agency’s Feasibility Report delivers case-specific insight in three categories:
- Market Fundamentals
- Physical Framework
- Development Planning
First, we use the most comprehensive data available to assess and profile your target audience and outline the type of flexible workspace needed by each audience group. We recommend one or more concepts selected from the 10 distinct Flexible Work models we’ve defined and provide revenue projections to guide decision-making. Then we lay out a strategy for your property, including floor plans, and address coworking-specific considerations like membership tiers, technology, and desk locations. Finally, we recommend next steps and a comprehensive course of action that includes document development, branding strategy, and your launch sequence.
To further explore whether Evelo Agency is the right coworking consultancy for your project, please schedule a Flexible Workspace Discovery Session.
“You illuminated the type of workspaces that are most suitable for our location and identified why Becoming Independent is ideally positioned to create the culture necessary to succeed in the shared workspace arena. Your expertise was evident to our constituency, including our board of directors and major donors, and your validation of several of our key assumptions helped to establish trust and credibility as we move forward into this previously unchartered territory.”
We lay out a strategy for your property, including floor plans, and address coworking-specific considerations like membership tiers, technology, and desk locations.
Frequently Asked Questions
Our business pro forma focuses on the profitability of a space and includes measures related to the value of the concept.
What type of financial projections do I need, and what do you provide?
- Investors of any flexible workspace project will require a business pro forma. As part of our feasibility report, we include varying levels of financial detail depending on the information (we require) and that the client is willing to provide.
- Our business pro forma focuses on the profitability of a space and includes measures related to the value of the concept for the owner, investor, and/or lenders (this also shows how returns will impact those groups).
- The information you are willing to provide will dictate the type of financial projections included in our services.
Can we expect to fill our space with individuals, freelancers, and entrepreneurs?
- In most cases, we do not find (based on research and interviews), that many concepts are able to fill dedicated and flexible areas with this demographic alone. In many of our feasibility reports, we find that catering to multiple target audience groups is an effective way to fill these types of spaces.
- We support our clients by defining a strategy and business model that, if marketed appropriately, will allow you to draw from a diverse pool of demographics with a demonstrated presence in your area.
- By creating a diverse model that caters to many types of clientele, you maximize the potential for lowering the lead-time to fill your facility by appealing to a larger audience.
Redefining the Global Workplace
At the Evelo Agency, our processes produce measurable results that minimize the risk of implementing an open work concept.