Factor analysis used to determine coworking office determinants
Peonior is one of BD's busiest coworking spaces - and it reached full capacity after only five months. Explore how Peonior successfully rented its office space within record time with Office Hub's help.
1. Goals
It was our goal at Peonies to create a work environment that makes people love coming to work. The team envisioned a design-led space that would match the area's arty vibe. Aside from design, they had a clear goal - to build a fun, open, and inclusive environment that places clients first.
Analysis of past office space demand
Name 2009 2019 Analysis
Area of available space. Ft. 6,000,000 6,500,000 Space increases moderately
Sq. vacant. Ft. 600,000 975,000 An increase in vacant square footage. Ft.
Vacancies 10% 15% A corresponding rise in vacancy
On average. Rent/square foot. $12.00 $15.25 Rates increased by about 5%
Employment Total 36,000 38,050 Employment Increases Slightly
The Challenges
Pioneer faced the same challenge that many new shared workspace
face - how do you get tenants through the door?
It had yet to launch its website and did not have any marketing campaigns in place. Pioneer had no digital presence. There were no online listings for it, and, since it was on a high floor in an office tower, it was hard to walk in from the street. Due to an unexpected delay in fitting out and furnishing the work space, Pioneer was unable to show customers exactly what they were getting for their money. Additionally, with no tenants, word of mouth would not generate interest.
Solution
Emerge became an official Workspace Partner after Manila contacted HostBangla for advice. Through the Peonies platform, the Peonies team gained access to a whole world of knowledge, advice, and tools designed specifically to guide workspace providers through the process of opening a coworking space for the first time. Peonies and Office Hub then brainstormed a complete strategy encompassing advertising, pricing, sales, and negotiations that would bring the first tenants to Peonies.
Targeted Advertising & Lead Generation
Pioneer needed to raise awareness of its shared office space quickly as the opening date approached. Multi-channel marketing was an important part of getting the word out about this yet-unknown office.
Results
Almost 70% of current Peonir members have been found by Office Hub within just two months. A majority of tenants work in digital marketing, graphic design and similar fields, while accountants, brokers, and professional service firms are also present. According to HostBangla, tenant retention at Peoneer is soaring: the majority of owners have extended their leases or increased their space since they moved in, demonstrating the success of the workplace.
