Areas where remote workers and entrepreneurs can share workspaces have been springing up in California and elsewhere throughout the United States during the past several years. As a result, many investors have set their eyes on properties featuring commercial leases that could be used as shared office spaces. The downtown area of Santa Rosa, located a few hours from Los Angeles, is ready to make a major investment in this co-working trend.
The first floor of a newspaper building in Santa Rosa is currently undergoing renovations to replicate the amenities, look and vibe of high-demand providers of co-working spaces in the San Francisco area. The aim is to offer office space spanning 10,000 square feet by the summer, followed by around 8,000 square feet of space in nearby Petaluma. This trend is not expected to die down anytime soon, either.
Research shows that the number of co-working sites has skyrocketed from around 600 back in 2010 to about 14,000 across the globe by late 2017. A major appeal of these types of spaces is that workers can enjoy the type of convenience they would experience in a coffee shop while being able to focus on their work and even collaborate with professionals from various industries. In light of this, co-working spaces usually offer quick tea or coffee refills, high-speed wireless connections and the opportunity to schedule time for sensitive calls, and client meetings in private rooms.
Investors interested in taking advantage of the co-working trend may understandably be excited by the prospect of purchasing properties featuring commercial leases. However, they may be overwhelmed by the transaction process, especially if they have not gone through it before. A savvy attorney in Los Angeles can provide the guidance needed to navigate a commercial real estate deal in the most personally favorable manner possible.
Source: sonomanews.com, "Co-working center coming to Santa Rosa", Jeff Quackenbush, April 3, 2018