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Tag: Coworking space

  • Upscale coworking hub opens at renovated Garden City office building | Long Island Business News

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    THE BLUEPRINT:

    • Former 1950s office building transformed into coworking hub

    • $4.5M renovation adds modern private offices, meeting rooms, lounges, and amenities

    • created the concept amid rising demand for suburban workspaces

    • Spaces range from 100–2,050 sq. ft., with monthly rates from $1,900 to $3,800

     

    A formerly vacant three-story office building in Garden City has been reimagined and transformed into an upscale coworking concept. 

    Dubbed The Franklin, the 19,160-square-foot building on .14 acres at 1051 Franklin Ave. was originally built in the 1950s and went through a recently completed $4.5 million renovation. 

    Originally placed on the market for sale, the property drew significant interest from investors and businesses. However, Giuseppe Gregorio and Luca DiCiero of NY Space Finders, who brokered the listing, received feedback about the property’s location and the increasing demand from professionals seeking office environments outside of Manhattan. 

    A conference room at The Franklin coworking facility in Garden City. / Courtesy of NY Space Finders

    “People were coming back to the office—just not necessarily to the city,” said Gregorio. “We saw a real opportunity to create something unique right here in Garden City.” 

    The brokers advised the Queens-based owners not to sell the building, but to renovate it instead. Assisted by underwriting and consulting led by their NY Space Finders colleague Nick Evangelista, they created the coworking office concept. 

    The shared-office model offers furnished private offices, conference rooms and lounge areas. Featured amenities include high-speed internet, kitchen, mail handling, printing and scanning facilities, on-site parking and 24-7 access. 

    “We designed The Franklin to feel like a piece of Manhattan in Garden City—clean, modern, and built for how people work today,” Evangelista said. “It’s not just another office building; it’s a workspace experience.” 

    The brokerage firm liked it so much; they leased 1,200 square feet at the building for their newest office. 

    The coworking industry has been growing. As of the third quarter, there were 8,420 coworking locations across the U.S., that includes 64 coworking locations on Long Island totaling about 960,000 square feet, according to CoworkingCafe.com. Despite reaching 150 million square feet across the U.S., shared office space facilities make up just 2.1 percent of all office space nationwide. 

    The available spaces at The Franklin range from as small as 100 square feet to as much as 2,050 square feet. Monthly rates range from $1,900 to $3,800. NY Space Finders is handling the leasing of the offices. 

    “With state-of-the-art amenities, convenient access, and a prime location that supports both employees and clients, this building provides an ideal environment for productivity and growth,” Gregorio told LIBN. “Companies moving here can benefit from a professional workspace that fosters collaboration while positioning themselves in one of Long Island’s most desirable business hubs. 1051 Franklin Avenue is not just an office—it’s a strategic move for the future of your business.” 


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    David Winzelberg

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  • Boost Productivity with Coworking Spaces to Prevent Burnout | Entrepreneur

    Boost Productivity with Coworking Spaces to Prevent Burnout | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    This story originally appeared on Under30CEO.com.

    People who work remotely often overwork. In just roughly two months, there is every chance of professional burnout. An interesting paradox arises: when a person spends a couple of hours traveling to work and back, he feels freer. How do we identify the symptoms of burnout, enjoy work again, and make remote work comfortable? Let’s look into burnout and coworking spaces as thoroughly as possible.

    What problems can coworking solve?

    Professional burnout is not an empty phrase and not an excuse. This is a real state in which a burnt-out employee begins to work worse, loses interest in the business, and a previously attractive profession becomes unbearable for him. If nothing is done, a person may even develop depression. Therefore, the fight against burnout is also the responsibility of the employer. How can coworking spaces help with this?

    Coworking allows to go beyond the walls of the employee’s home. There will be more development opportunities. The employee will still be able to go to work at workshare offices and leave it at will. But at the same time, he will begin to meet people, make useful acquaintances, and exchange experiences.

    Working from home is likewise fraught with distractions. Trips to the grocery, obnoxious neighbors, and youngsters – the employee is in the thick of it all. Productivity declines since there is no conducive environment for work. Employees will benefit from coworking. Distractions are removed here, so people may concentrate only on their tasks. The house will become a comfortable location to unwind and spend time with family and friends. Finally, there will be a clear separation between their personal life and professional obligations, which will prevent stress and overwork.

    Coworking will help increase the company’s income. All visitors to the shared workspace can be potential clients or partners. They will help you find contacts of people who will provide profitable orders. You can also hold negotiations and business meetings within the walls of a coworking space. It has the necessary facilities for conferences, meetings with customers, and establishing long-term relationships with partners.

    What else does coworking offer?

    Friendly atmosphere

    Coworking spaces typically maintain a friendly business environment. Employees are surrounded by working people, which in turn allows them to get into a working mood. Moreover, the spaces are fully equipped with the necessary equipment and look great thanks to high-quality repairs and daily cleaning.

    Flexible working options

    Coworking is an opportunity to create a flexible office, one in which there are no strict regulations and employees are not tied to a specific location. Now the office sphere is changing in principle: people more often work from home, from cafes, from coworking spaces. Many people are introducing a flexible start to the working day so that both night owls and early risers can start at a time that suits them. This flexibility will allow the employee to organize their working time more comfortably, and therefore get more pleasure from work.

    Related: The 6 Best Non-Coffee-Shop Sites for Remote Work

    Equipped rest areas

    Coworking spaces allow you to relax and change your surroundings at any time. They are often equipped with kitchens and special relaxation areas, cozy and comfortable, allowing you to relax and not think about the difficulties of work for some time. Periodic breaks have a beneficial effect on the quality of work, so do not think that this will reduce efficiency. On the contrary: the experience of many large companies shows that employees who take better and more frequent rest, as a result, work more productively and are less prone to burnout. In addition, a pleasant environment, aesthetic design, and good views from the window are also factors that influence employee satisfaction.

    Wrap up!

    Protection against burnout is important and helps not to lose valuable employees, but at the same time increase their productivity. Coworking spaces can help with this – along with the competent organization of processes, entertainment events, and good working conditions.

    In addition to moving employees to coworking spaces instead of working from home, implement wellness programs.

    Many coworking space members enjoy perks like good Wi-Fi, coffee, and a nice desk. However, additional wellness benefits can go a long way toward helping members feel happier and healthier, which can help prevent burnout. This could include things like holding yoga classes indoors, bringing in someone to provide massages for members, or partnering with local spas and offering special deals on services for your members.

    You can also offer healthier beverages, host fitness classes or partner with a local gym, encourage walk breaks (or coordinate a group walk or run for lunch), and create outdoor spaces where participants can get some fresh air and vitamin D.

    Again, these are simply suggestions; how you implement them is ultimately up to you, but the main goal is to empower employees to deal with the stress that might contribute to burnout.

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    Kimberly Zhang

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  • WeWork Has ‘Substantial Doubt’ It Will Continue Operating | Entrepreneur

    WeWork Has ‘Substantial Doubt’ It Will Continue Operating | Entrepreneur

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    WeWork, the global co-working company, has issued a warning to investors about its potential inability to continue operating.

    The company expressed “substantial doubt” regarding its status as a “going concern” in its Q2 earnings report released on Tuesday. The report stated concerns about the company’s future viability due to losses, cash flow, and member losses — prompting the need for a plan to improve liquidity, profitability, and raise capital.

    Once hailed for its charismatic founder Adam Neumann and predictions of exponential growth, WeWork was worth a staggering $47 billion at its peak in 2019, with 850 locations worldwide. Today, the company has 717 locations open or coming soon, according to the company’s website.

    WeWork’s stock value is down by almost 90% year-to-date as of Wednesday morning.

    A recent restructuring aimed to save the company by closing underperforming locations and reevaluating financials, but the sudden departure of CEO Sandeep Mathrani in June added to its challenges.

    In 2019, a failed initial public offering nearly led to WeWork’s collapse, but the company was salvaged by SoftBank, which shelled out a $1.5 billion investment in 2019 to be paid over the next year — in addition to $3 million in shares of other investors of WeWork. However, the company’s fate was further hindered by Covid-19 as a global lockdown took hold, ultimately reporting $3.2 billion in losses over the course of the pandemic.

    In another effort to save the company, in 2021, WeWork went public by merging with a special purpose acquisition company (a publicly traded entity formed to raise funds from investors and subsequently acquire or merge with a private company, facilitating its entry into the public market).

    Related: WeWork Co-Founder Adam Neumann Wants to Be Your Landlord, Again

    Despite some improvement in occupancy rates in 2022, WeWork has continued to face significant cash burn. The company has lost $15 billion since 2017, per The New York Times, with SoftBank incurring over $10 billion in losses from its investments.

    In the new report, the company stated that its survival depends on effectively implementing a management plan over the next year, taking actions such as reducing rent costs, boosting revenue by minimizing member turnover and increasing sales, managing expenses, and pursuing additional capital through debt/equity offerings or asset sales.

    “The company’s transformation continues at pace, with a laser focus on member retention and growth, doubling down on our real estate portfolio optimization efforts, and maintaining a disciplined approach to reducing operating costs,” David Tolley, interim CEO, said in the report.

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    Madeline Garfinkle

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