- For REITs/Funds
Central Business District Denver, CODemand 200K sfSupply 163K sfRecommendation High-end Modern FlexSunnyside / Highlands Denver, CODemand 80K sfSupply 63K sfRecommendation Executive SuitesCommerce City Denver, CODemand 1.5K sfSupply 0K sfRecommendation Do not Invest
DenSwap's Flex Intelligence Platform translates our proprietary data and real-world coworking experience into insights and actionable strategies that help our clients realize the full potential of their commercial real estate. Stay up-to-date with client demand and capture the upside of flex space throughout your CRE portfolio, then follow up with the go-to-market strategy to win & retain the right tenants.
- For Building Owners
Are you considering transforming your commercial property into a flexible coworking space? Our feasibility reports can provide you with the insight you need to make a confident investment decision. Our team of experts utilizes market data APIs, proprietary information on coworking spaces, and unique consulting expertise to assess whether a given building is suited for a successful flex/coworking business.
- For Flex Operators
Are you considering opening a new coworking space? DenSwap's Demand Analysis Report is a quick validation tool so you can move forward or back off on potential plans. You give us a zip code, and we'll outline the general demographics of the area as they relate to coworking. You'll get a good estimate of how many potential customers are in your area, how many square feet the region can support, and what type of buildout and business model we'd recommend.
- For Building Owners
Business & Space Overview
This established Wicker Park coworking space has been open for over 10 years with strong processes and consistent profits. It consists of 16 private offices, a large conference room that can accommodate up to 15-20 people, 12 permanent desks and 24 flex/coworking desks. The coworking desks are filled to 140% and offices are filled to 90%. The space is a second-floor walkup, includes an outdoor patio and numerous phone booths, and is approximately 7500 square feet with extraordinary natural light.
Business Highlights
The space is one of only a few coworking spaces in the area and we receive a lot of foot traffic and inbound interest. We are connected with DeskPass, Giggster, and another aggregators that regularly provide a steady amount of on-demand bookings.
Daily Operations
As the owner of the space, I am relatively hands-off as much of the day to day is handled by the community manager; who is employed part time (25 hrs/week), We have recently moved the entire tech stack over and have streamlined and automated operations to be even more efficient.
Marketing
We have very strong SEO, specifically in the hyper local area. We just relaunched our website and see a large amount in inbound interest for all membership types.
Financials
The last 12 months of financials represent some additional investments into the space including some new furniture, computer monitors, a new sparkling water cooler and more. There are no other major projects on the horizon and at the current occupancy levels, we expect to be around $4-$5K/mo in net profit.
Opportunities for Growth
To date, we have not done as much marketing as we could. With the right balance of marketing and slight increase in pricing, there are a lot of opportunities for growth. In addition, focusing on virtual mail and on-demand bookings is further low hanging fruit. Lastly, the largest expense is the Community Manager position. If an owner was also the main operator, this position could get eliminated and add more than $1K in profits/month.
About the Seller
I took over the coworking space in January '23. It had been in existence for almost 10 years, with the Wicker Park location having been there for 5 years. I am expanding the 2nd location this summer and want to focus my efforts on that (it's much closer to my house). I have a full time job in addition to owning this space and with this expansion, it's going to be more than I'd like to be managing. This really is an amazing opportunity and I otherwise would not be getting rid of this location.
Because this is one of 2 locations, I would be willing to remain involved for up to 6 months of transition. I will not be selling the brand and it will need its own marketing site and operations but we can make this a phased approach.
Notes from DenSwap:
"This is a turnkey space in a hip Chicago neighborhood with 25 to 35 year olds. We suggesst keep executing, increasing coworking memberships, and renting out the meeting rooms more often."
