Can Vacant Commercial Property Create Positive Impact?
Empty space will affect the community one way or another.
Coworking is growing rapidly, but can we do better? An annual study of coworking space trends was recently released, showing a 62% increase in square footage over the past year. Shared workspace grew from 27 million square feet in Q4 2017 to 44 million square feet of co-working office space in Q4 2018. This is significant, not only because it reveals major coworking trends, but it also reflects rising vacant commercial space across the United States. Coworking is only one innovative solution to address this unused space.
At Link2Lift, we are passionate about seeing this increase in unused commercial real estate turned into something mutually beneficial for the community and for property owners. Each community and property is unique, and coworking is not a one size fits all solution to empty office space. In fact, we believe there is no silver bullet solution for communities to address their vacant property or space. Dreaming, exploring, and innovating is required for every project in order to see a meaningful, positive community impact.
Consider these creative approaches that address unused commercial property and common good for the community.
Sharing Space and Resources to Achieve Entrepreneurial Dreams
Incubators and accelerators are thriving in coastal cities. Providing space and opportunity for startups fosters innovation and economic development for the community. Coworking provides only a space for these young companies, while incubators and accelerators offer a program, often access to seed money, and organized structure for growth and investment. These models ultimately prove more successful overall for getting a new company off of the ground, helping them “graduate” into their own facility.
Recent studies show that these models are lacking in the American Heartland, but have incredible potential to increase economic growth in states like Indiana, Wisconsin, Iowa, and Ohio. We hope to see these opportunities realized!
Coworking with a Purpose
Coworking is projected to continue to grow rapidly, but it is evolving quickly as well. Commercial property owners are becoming more likely to own and operate their own coworking spaces rather than sell or lease out their building to large coworking companies. This presents an incredible opportunity to adapt different shared space models in communities according to what the community needs.
Consider who might be using the coworking space you are trying to create. Is there a way to design the space that would increase the impact of the organizations who work there? Instead of “coworking for all”, what if it was specific to a certain sector? How can you get like-minded organizations together to increase their impact?
Warehouses turned Makerspaces and Education Hubs
Industrial districts are becoming ghost towns for old, rusty equipment and buildings that used to be the economic hubs and job creators of communities. Baltimore and Detroit are just two examples of cities that have captured a vision of how some of these old buildings could be redeveloped and turned into makerspaces. These spaces are not only serving local creatives, they have also become hubs for for training and education. In Indianapolis, local schools have access to a makerspace where a 3D printing company teaches students how to use this new technology. This is an incredible example of shared space for common good!
Do you have an empty warehouse that could be reimagined as a makerspace? Where creatives could operate their businesses, collaborate on projects, and enrich the community? We are eager to work with you to make it a reality!
Let’s Imagine the Possibilities Together!
What are you doing with your underutilized space? Let us help you explore and create something that could transform your community!
