A Strategic Blueprint for Coworking Profitability
By Robert Kroon
Executive Summary: A Strategic Compass for Coworking Investment
The flexible workspace sector has undergone a profound transformation, evolving from a simple real estate arbitrage model to a sophisticated, service-driven industry. The market is maturing, moving away from a period of aggressive, "blanket expansion" toward a strategic focus on "portfolio rationalization" and optimization.1
The foundational principle for a sustainable and profitable coworking space is a "strategy-first" approach.
In this new landscape, the most successful ventures are no longer merely landlords but highly focused community and service providers. The three strategies for profitability—increasing density per square foot, maximizing chargeable hours, and enhancing amenities for premium pricing—are not isolated tactics but tactical levers within larger, overarching business models.
Based on a comprehensive analysis of market trends and operational dynamics, a singular, critical conclusion emerges: a prospective owner must adopt a well-defined business model and strategic direction before acquiring a property. The foundational principle for a sustainable and profitable coworking space is a "strategy-first" approach. Attempting to fit a pre-determined strategy into an ill-suited building leads to inefficiencies, increased costs, and a fundamental misalignment of the value proposition.
This report provides a definitive framework for a prospective owner, mapping a taxonomy of business models, a comparative analysis of profitability strategies, and a step-by-step strategic playbook for execution. It asserts that specialization and diversification are no longer optional but are essential for long-term viability in a competitive market.
Settling on a strategy might be an animated boardroom discussion.
Part I: The Evolving Landscape of Flexible Work: A Taxonomy of Business Models
The coworking industry is no longer in its nascent phase; it has reached a level of maturity that demands a shift in strategic thinking.1 Operators are increasingly moving away from sheer scale and toward a measured, refined approach that prioritizes profitable locations and operational efficiency. The market is driven by location intelligence, community fit, and a deep understanding of evolving hybrid work demands.1 Within this new context, the three strategies presented in the query represent key revenue drivers that support three distinct, macro-level business models.
Primary Coworking Business Models
The Generalist Model (The "Broad Appeal")
This is the traditional, volume-based approach to coworking. It is a business model built on acquiring or leasing a building and selling its use at a markup to a wide range of professionals, including freelancers, small businesses, and remote workers.2 The core value proposition is to provide a cost-effective, flexible alternative to a traditional office lease without the associated overhead.4 Profitability in this model is heavily dependent on the "Density-Driven" strategy, which aims to maximize revenue per square foot by fitting a high volume of workstations into the space, primarily through hot desks, shared desks, and some private offices.2
While this model is straightforward and accessible to enter, it has significant dependencies. Its financial viability is contingent on maintaining a high occupancy rate and managing member churn, as it relies heavily on membership revenue alone.2 The broad appeal can also lead to intense competition based purely on price, creating a race to the bottom that can erode profit margins over time.8 Furthermore, catering to a diverse audience can make it difficult to build a deep, cohesive community, which is a key factor in member retention.6
The Specialist (Niche) Model
A more targeted and increasingly prevalent strategy is the Specialist or Niche model. This approach moves beyond serving a generic audience and focuses on a specific industry, demographic, or work style.10 Examples include spaces tailored for medical professionals, e-commerce entrepreneurs, wellness practitioners, or artists.11
The core value proposition is no longer a generic workspace but a specialized hub that provides bespoke tools, services, and a network of like-minded professionals.4 This inherent differentiation allows the owner to command premium pricing and create a loyal, sticky member base.11
The increasing prevalence of this model is a direct response to the coworking market's maturity. When a market becomes saturated with commoditized offerings, the most effective path to sustainability is to differentiate by specializing.15 The Generalist model positions a space as one among many, competing on price and convenience.
By contrast, a Specialist model repositions the space as a highly focused resource, attracting a specific customer who pay more for targeted expertise and community. This approach fosters a deeper sense of connection among members, leading to higher retention rates and a stronger, more defensible brand.11 This shift redefines the product from a physical space to a vital community and professional ecosystem.
An artist’s co-working facility featuring small “studios” and common areas.
The Hybrid & Amenity-Led Model
The Hybrid model blends the Generalist and Specialist approaches by prioritizing a diverse range of revenue streams and a superior member experience. The core value proposition is the abundance of services and amenities that extend beyond simple desk access.8 This model is the full embodiment of the user's "Amenity-Driven" and "Time-Maximization" strategies. Revenue is not limited to monthly memberships; it is actively generated from event access, on-demand meeting room rentals, virtual mailbox services, partnerships, and food and beverage sales.2
A key principle of this model is to avoid relying on membership revenue alone, as growth is always limited by the physical capacity of the space.2 By diversifying income streams, an owner creates a more resilient business that can withstand fluctuations in membership and capitalize on a wider range of profitable opportunities. While this model requires a higher upfront investment in flexible design and a robust technology stack, it enables higher margins and a more stable financial forecast.2 It's a business founded on a "hospitality-first" approach, where the owner is not a landlord but a concierge, providing a seamless and predictable user experience.13
Table 1: Coworking Business Model Comparison Matrix
Part II: Comparative Analysis of Profitability Strategies
The three profitability strategies are foundational components of a successful business. However, they are most effective when integrated into a cohesive, long-term business model. An analysis of each strategy reveals its financial and operational implications.
The Density-Driven Model
A focus on quantity over quality can also undermine the brand and make it harder to justify premium pricing in the long run.
This strategy focuses on maximizing the number of desks per square foot to increase revenue from a fixed physical footprint.2 The primary metric is revenue per available desk (RevPAD), and the goal is to keep this as high as possible by attracting a high volume of users.7 This approach is most often seen in the Generalist model, where a large number of hot desks and shared desks can be accommodated in open-plan areas.
Although this model can generate impressive revenue, it also comes with significant operational risks. The high-density approach can lead to overcrowding, which can negatively impact the member experience, causing distractions, noise, and a lack of privacy.4 These issues can lead to a high member churn rate, a critical financial metric for any subscription-based business.7 A focus on quantity over quality can also undermine the brand and make it harder to justify premium pricing in the long run.
The Time-Maximization Model
This strategy centers on extending the profitability of a space beyond a standard workday by repurposing it for different uses, such as events, workshops, and community gatherings.13 The goal is to make the space a multi-use asset that generates revenue around the clock.
The primary benefit of this strategy is revenue diversification, which reduces reliance on membership fees and creates a more resilient business model.2 It also serves as a powerful marketing and lead-generation tool, attracting non-members to the space and potentially converting them into recurring clients.2
However, this approach requires an upfront investment in Agile Workplace furniture, modular design, soundproofing, and event-specific amenities.20 It also necessitates a dedicated staff for event management and a more complex operational plan to handle the transitions between the daily workspace and evening events.2
A business co-working facility converts to an event facility after hours.
The Amenity-Driven Model
Success requires an unwavering commitment to delivering on the promise of a superior experience.
The Amenity-Driven model focuses on providing a premium experience to justify higher pricing. The value proposition shifts from the physical space itself to the quality of the services and amenities offered.8 This includes essentials like high-speed internet and ergonomic furniture, but also extends to wellness programs, high-end food and beverage options, and curated community events.13
This strategy is highly effective at increasing revenue per member and improving member retention.5 By focusing on hospitality and user satisfaction, an owner can cultivate a loyal community that is willing to pay a premium for the experience.13 However, this model has a higher operational cost base due to the investment in amenities, technology, and staff.2 Success requires an unwavering commitment to delivering on the promise of a superior experience.
The Power of Diversification: Beyond Membership Fees
A core lesson from the maturing coworking industry is the danger of relying on a single revenue stream. Research explicitly states that an owner should "avoid relying on membership revenue alone".2 A business model based solely on membership fees is inherently limited by the physical capacity of the space.2 If occupancy drops, the entire business model is at risk.7
To mitigate this, successful operators are building resilient financial models through diversification. In addition to membership plans, they generate income from a variety of sources:
On-Demand Access: Selling day passes and hourly meeting room rentals.2
Virtual Services: Offering virtual mailbox services and digital community access, which provide passive income and expand the customer base beyond the physical location.2
Partnerships and Sponsorships: Collaborating with local businesses to offer perks to members or working with corporate sponsors for events.2
Specialized Add-ons: Monetizing additional services like gym facilities, daycare, or secure lockers.2
By embracing this diversified approach, an owner can create a business that is not only more profitable but also more stable, as it can weather fluctuations in demand for its primary product.
Table 2: Financial KPI Benchmarks
Part III: Strategic Alignment: The Synergy Between Strategy, Location, and Property Type
A fundamental error a prospective owner can make is to acquire a property and then attempt to define a business strategy.
The most profitable and sustainable businesses are built on a clear alignment between their chosen business model, their target audience, and the physical characteristics of the space. The strategic imperative is to choose the strategy first and then acquire a property that is an ideal fit.
Urban vs. Suburban: A Tale of Two Markets
The location of a coworking space is a strategic decision that fundamentally shapes the business model.
The Urban High-Rise: Traditionally, the epicenter of coworking, urban high-rises are well-suited for the Generalist and corporate-focused models.24 The high cost of urban real estate and the dense corporate environment make these locations ideal for serving large teams and established companies that seek a central, professional presence without a long-term lease.4 The high-density, high-volume model of a generalist space works well here, as does a focus on enterprise solutions, where private offices and team suites are paramount.25
The Suburban Revolution: A significant shift in the post-pandemic landscape is the rapid growth of suburban coworking spaces.24 This trend is fueled by the rise of hybrid work and a demographic migration from cities to suburbs in search of a better work-life balance and lower costs.24
The suburban market is less saturated than city centers, and lower operational costs provide a significant competitive advantage.24 The unique dynamic here is that the coworking space is no longer just a professional alternative; it becomes a "community hub" that solves the problem of isolation for remote workers.5
This makes suburban locations an ideal fit for the Specialist and Amenity-Led models, which can cultivate a deep sense of community and cater to the specific needs of a hyper-local professional pool.24 The strategic focus shifts from B2B to a more localized, B2C approach, supporting local entrepreneurs and boosting the community's economy.24
Building Archetypes and Strategic Fit
The physical form of a building is not a constraint but a strategic asset. A successful owner selects a building archetype that naturally facilitates their chosen business model.
Traditional Office Buildings: Their pre-existing infrastructure and rigid, structured layouts make them a straightforward fit for the Generalist and corporate-focused models.4 These buildings are easily configured with a high ratio of private offices and dedicated desks, which are the bread and butter of these models.13
Repurposed Warehouses and Industrial Spaces: With their high ceilings, open floor plans, and exposed industrial elements, these spaces offer a blank canvas for innovative design.20 They are the ideal canvas for the Amenity-Driven and Specialist models. Their vast, unobstructed spaces can be zoned for collaboration hubs, quiet focus areas, and specialized facilities like production studios or kitchens.20 The flexibility of a warehouse allows for a design that physically reflects the community-first or niche-specific value proposition.
Street-Level Properties and Retail Spaces: Their accessibility, visibility, and direct connection to the neighborhood make them a strong choice for community-focused, hyper-local niches.24 This is particularly relevant for suburban markets where the space is intended to be a trusted, walking-distance solution for local professionals.
Table 3: Building Archetype and Strategic Fit Matrix
Part IV: The Role of Agile Workplace Design in Executing Strategy
A key to a profitable coworking business is an agile workplace design, a strategy that assists an owner in executing their broader business plan.31 Agile workplaces are environments designed for maximum flexibility, empowering members to choose how, where, and when they work, equipped with the technology and tools they need.31 This model is fundamentally different from a traditional office, as it is dynamic and incorporates a variety of spaces to support different work styles and tasks.33
This approach directly supports the profitability strategies of a coworking space owner by:
Optimizing Space for Revenue Generation: The core of agile design is Activity-Based Working (ABW), where a space is zoned to support a range of activities like focused work, collaboration, and socializing.33 This moves away from rigid assigned desks to a more flexible hot-desking model, which can lead to higher space efficiency and reduced real estate costs.33 By creating zones like quiet pods, collaboration hubs, and breakout areas, an owner can monetize every square foot and offer diverse membership options that align with different work needs.33
Enhancing the Member Experience: An agile workplace is a "people-first" design, giving members autonomy and choice over their work environment.33 This empowers them to find the right space for the task at hand, whether it’s a soundproof phone booth for a private call or a communal table for team brainstorming.33 A well-designed, flexible environment can increase motivation, productivity, and overall well-being, which in turn leads to higher member engagement and retention.35
Leveraging Technology as a Profitability Tool: Technology is the backbone of an agile workplace.33 Implementing a robust technology stack—including member management software, booking systems, and access control—streamlines time-intensive tasks like billing and bookings.34 This automation not only reduces operational overhead but also allows an owner to use data analytics to track space utilization and optimize pricing.34 For example, the owner can use data to offer premium pricing for booking a specific desk or meeting room.35
An owner can also use agile principles to create a brand that is adaptable and resilient to market changes.33 By continuously gathering feedback from members and using analytics to understand space usage, an owner can make iterative improvements and ensure the space remains relevant and profitable.34
August Berres Respond! Desks are designed for Agile Workplaces
Part V: The Financial Imperative: Modeling Your Path to Profitability
A comprehensive and realistic financial model is a non-negotiable step for any prospective coworking space owner, serving as a roadmap for success and a critical tool for securing funding.39 This model goes beyond simple guesswork, requiring a detailed breakdown of costs, projected revenue, and an analysis of key performance indicators (KPIs) to ensure the venture's viability from the outset.39
Investment and Startup Costs
The initial investment for a coworking space can vary significantly based on location, size, and the amount of renovation required. On average, the cost to open a coworking space is approximately $210,000, though this can range from $150,000 to over $600,000.43 The major cost drivers include:
Physical Space: This is the most substantial expense, covering the lease deposit and initial rent payments, which can range from $50,000 to $200,000 depending on the location and lease terms.43 For example, a 3,000-square-foot space could have a monthly rent of around $8,250.43
Renovation and Build-out: The cost of renovating a space, including painting, flooring, and minor updates, can be anywhere from $50 to $100 per square foot.43 This can add an additional 15-25% to the initial investment.44
Furniture and Technology: Outfitting a space with new furniture can be costly, with a single executive desk potentially costing up to $10,000.43 Similarly, technology setup—including high-speed internet, security systems, and access control—can range from $10,000 to $50,000.44
Pricing and Break-Even Analysis
A core part of financial modeling is setting a pricing structure that allows the business to cover its operational costs and achieve profitability.2 One effective way to approach this is to work backward from your total monthly operating costs and desired profit margin.2
For example, if the monthly overhead (rent, staff, utilities, etc.) is $15,000, and the owner aims for a profit of $10,000, the space must generate at least $25,000 in monthly revenue to break even with the desired profit factored in.2 This revenue can come from a combination of diverse streams, such as:
Private Offices: These often command the highest price, with a single office plan costing around $1,200 per month.2
Dedicated Desks: A dedicated desk membership can be priced at approximately $550 per month.2
Hot Desks: Day passes or daily hot desk rentals can generate about $35 per day.2
Meeting Rooms: Hourly rentals can be a significant revenue stream, priced around $60 per hour.2
By diversifying revenue beyond membership fees, an owner can create a more resilient business model that is not solely limited by the physical capacity of the space.2
Key Financial Metrics and Benchmarks
To ensure financial health, a prospective owner should continuously monitor key performance indicators (KPIs) that directly tie to profitability. These include:
Occupancy Rate: This measures the percentage of available resources that are being used.45 The research indicates that most coworking operators aim for a resource utilization rate above 80% to ensure profitability.45 The occupancy rate is a vital metric that guides decisions on pricing, marketing, and space layout.7
Average Revenue Per User (ARPU): This KPI tracks the average revenue generated by each member, helping an owner measure the success of premium or add-on services.7
Revenue Per Available Desk (RevPAD): This metric measures the average revenue generated per available desk and is a key indicator for optimizing the income potential of the space.7
Member Churn Rate: A low churn rate, typically below 10%, is considered good in the industry and is a direct indicator of member satisfaction and long-term financial stability.7 A high churn rate signals dissatisfaction and revenue loss.45
Part VI: The Owner's Playbook: A Step-by-Step Strategic Roadmap
The path to opening a profitable and sustainable coworking space is not about hoping for the best but about meticulously following a strategic roadmap.8 This playbook outlines the critical phases, from foundational planning to long-term operational excellence.
An important step is for senior leadership to articulately communicate strategy to their team.
Phase I: The Foundational Strategy (The "Strategy-First" Approach)
Step 1: Define Your Mission, Vision, and Niche
Before scouting locations or choosing furniture, an owner must first define their "why" and who their ideal member is.19 A clear mission statement—the "how" and "what" of the business—and a vision statement—the "where" and "when" for the future—will serve as a moral and strategic compass.38 This is also the stage to choose a business model and, if applicable, a niche. A focused approach is essential, as attempting to be everything to everyone leads to a muddled value proposition and intense competition on price.16
Step 2: Conduct a Meticulous Market & Competitor Analysis
The next step is to ground the mission in reality. An owner must deeply understand their local market by analyzing the existing competition, including other coworking spaces, cafes, and business centers.3 The goal is not to copy competitors but to identify what they are doing well, where they are falling short, and what specific problems in the market are left unsolved.8 This analysis should be complemented by speaking with potential customers to understand their needs and their willingness to pay for a solution.
Step 3: Develop a Robust Business Plan
A business plan is a non-negotiable step that serves as a detailed roadmap for the entire venture.8 It should be a living document that outlines the target market, the pricing structure, projected expenses, revenue streams, and a financial plan for securing capital.19 This plan is a critical tool for identifying potential risks and is essential for securing funding from investors or financial institutions.21
Phase II: Execution and Buildout
Step 4: Site Selection & Financial Modeling
With a well-defined strategy, the search for a property becomes a search for a space that fits the plan. The location should align with the target customer and be surrounded by complementary businesses such as coffee shops and gyms.8 A detailed financial model is crucial at this stage to test various revenue scenarios and ensure the business is profitable on paper before a single dollar is spent on a build-out.2
Step 5: Design for Profitability and Community
The design of the space must be a direct expression of the business model. It should balance functional flexibility with aesthetic appeal, creating distinct zones for focused work, collaboration, and social interaction.17 A floor plan for a Generalist model might prioritize a high density of desks, while a Specialist model would include dedicated, specialized spaces. The design should also incorporate elements that enhance the member experience, such as natural light, ergonomic furniture, and soundproofing.17
Step 6: Deploy the Right Technology Stack & Team
Technology is a critical force multiplier in the modern coworking space. It automates essential, time-intensive tasks like bookings, billing, and access control, which is particularly vital for the complex revenue models of Hybrid and Specialist spaces.10 By leveraging software, an owner can streamline operations and reduce the need for a large staff, thereby improving profitability.21 The most common hire is a community manager, a role that is not focused on administrative tasks but on fostering the community and providing a hospitality-first experience.21
Phase III: Launch and Long-Term Viability
Step 7: The "Community-as-a-Product" Principle
The success of a coworking space is fundamentally tied to its community.8 An owner is not selling a desk; they are selling access to a network, a sense of belonging, and a solution to the isolation that many remote workers face.5 The business must act as a hub, creating opportunities for networking and collaboration through events, workshops, and online forums.21 This focus on community is a powerful tool for member acquisition and, most importantly, for long-term retention.
Step 8: Continuous Optimization and Adaptation
A successful space is never static.
A successful space is never static. An owner must continuously monitor key performance indicators (KPIs) like occupancy rate, member churn, and revenue per member to gauge the business's health.7 The most successful operators view their entire venture as an ongoing experiment, continually gathering feedback from members and making changes to the space, amenities, and services to meet evolving needs.17 This adaptive approach ensures the business remains relevant and profitable in a dynamic market.
Part VII: Conclusion and Recommendations
The strategies for a profitable coworking space are not mutually exclusive; rather, they are the building blocks of a sophisticated and resilient business model. The era of the simple, high-volume coworking space is giving way to an industry defined by specialization, diversification, and a deep commitment to community. The core insight is that profitability is a function of alignment—the perfect synergy between a chosen strategy, the target market, the physical property, and the operational structure.
The definitive recommendation for a prospective owner is to embrace a "strategy-first" approach. An owner should adopt a single, focused strategy, then acquire a property that is an ideal fit. A pre-existing building should not dictate the business model; instead, the business model should inform the ideal building acquisition. This approach allows an owner to build a sustainable, defensible, and profitable business from the ground up, avoiding the costly inefficiencies of a strategic and physical misalignment.
A final consideration for a prospective owner is the ownership model. The decision to pursue a traditional lease, a management contract, or a franchise model depends on a number of factors, including capital availability, risk tolerance, and desired level of operational involvement.3
Table 4: Ownership Model Pros & Cons
About the author:
Bob Kroon is a recognized thought leader and innovator with over four decades of experience in the electro-mechanical and furniture industries. As the CEO and founder of August Berres, he envisions overcoming the limitations of traditional building power by enabling the Agile Workplace through a smart power ecosystem.
Bob passionately advocates for technologies such as building microgrids, fault-managed power (FMP), and battery-powered Agile Furniture, which are transforming the design and utilization of commercial spaces. Under his leadership, a suite of innovative solutions has been brought to market, including Respond!, Juce, CampFire, and Wallies. These products empower building owners, architects, and facility managers to retrofit buildings for today’s dynamic work environment.
August Berres supports all co-working strategies.
Contact us now to learn more.
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