Studio Brand Sets a New Bar for Coworking Hospitality
July 6 2022
For Immediate Release
Montebello, NY - The Global Workspace Association (GWA), in conjunction with Tishman-Speyer, held its first 'Immersive' event on June 29 in New York City, providing a behind-the-scenes look at best-in-class hospitality in the flex space industry. iPostal1 was a sponsor of the event. iPostal1 offers mailing addresses at coworking locations on its iPostal1.com website.
A Moveable Conference
The setting was the beautiful Tishman-Speyer campus centered around 45 Rockefeller Plaza in mid-town Manhattan. Attendees rotated in groups among six different buildings, each representing a different facet of the Studio coworking brand, where they heard presentations and panel discussions.
Topics included the creation and evolution of Tishman-Speyer's Studio brand, how technology can augment the hospitality experience, growth through creative deal structures, and strategies for capitalizing on the new world of hybrid work.
The Evolution of the Coworking Industry
What distinguishes the coworking industry from traditional real estate office leasing is flexible terms. While a large tenant in an office building has traditionally signed a 10- or 15-year lease, occupants of coworking locations on the other hand, often solo-entrepreneurs or self-employed professionals, can rent a small office space month to month and benefit from shared amenities such as live reception, print and copy services, and a kitchen or snack area.
This flexibility, simplicity and cost-savings has been the core driver of demand for 'executive business centers' such as Regus.
However, beginning about 15 years ago, a new element was added to the mix: community. WeWork is the most well-known brand operating under this mantra. In addition to providing a place to work, the goal is to facilitate networking, offer social events and make members feel like they belong to a group rather than simply occupying an office working by themselves.
These locations became known as 'coworking' centers, with large open spaces for individual and shared desks, kitchens, lounges, and meeting rooms. In recent years, executive business centers have added open space to be more like coworking centers, while coworking centers have added more private offices.
The Studio Brand: The Future of Coworking?
As a property owner, Tishman-Speyer recognized that the demand for flex office space was a trend too large to ignore. They decided to create their own brand and manage the coworking space themselves rather than sub-lease to another brand. In 2018 Tishman Speyer introduced Studio, a global network of co-working spaces with flexible leasing, high-tech amenities, stylish common spaces, and curated programming. There are now roughly 20 Studio locations in the U.S. and abroad.
Josh Barton, Global Head of Sales at Studio by Tishman Speyer, described the various offerings under the Studio brand. Studio is the basic service, offering desks, offices, meeting rooms, and virtual membership. Studio Private provides enterprise suites to companies that want a large, more defined space for a greater number of employees. Studio Gather is focused on meeting spaces of various sizes and meeting amenities. The ZO club is for relaxing and social events.
Studio Plus include all the above throughout Tishman-Speyer campus. By maintaining control of the space and services, Tishman-Speyer can package custom bundles of services that best meet client needs.
The Studio brand concept is bold, applying the concept of hospitality, most-often associated with the hotel industry, to coworking. Occupancy rates exceeded norms during the pandemic and are even higher now. Beyond that, it marks the increased investment by property owners in flexible space in anticipation of growing demand from companies for work locations for their employees, as hybrid work takes root and alternatives to the corporate office are needed.
As Tishman-Speyer has demonstrated, property owners have the capital and existing infrastructure to offer a mix of coworking solutions and amenities that a single coworking operator cannot match. However, with the expected boom in demand from companies and entrepreneurs alike, there is plenty of room for both models to coexist and thrive. Beyond that, expect to see coworking offerings appear in hotels and retail malls, as use of space migrates to its highest value per square foot.
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