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In 13 years of opening coworking locations, Mike's seen one thing kill more deals than anything else. It's not the agreement. It's what happens after you sign one.
There's a void between picking an operator and opening your space, and that void is where most landlords get caught off guard:
There's a void between picking an operator and opening your space, and that void is where most landlords get caught off guard:
- What does it cost to get your space to the operator's standard?
- How long will it take?
- What return can you actually expect once it's done?
The way to work through it is to walk the space together, office by office, wall by wall. Ownership prices out the work. The operator builds a pro forma based on the same walkthrough.
Then you put both numbers together and ask the honest question:
Is this worth doing?
Most of the time, the capital requirement is a fraction of a market deal. But the ones that fall apart are always the same story: expectations that were never grounded in reality, discovered too late to do anything about it.
If you want to learn more about how management agreements work and what to look for as a building owner, download our Commercial Landlord's Guide to Flexible Office Space. It's 50+ pages built for landlords exploring flex:
https://launchworkplaces.com/landlords/
Then you put both numbers together and ask the honest question:
Is this worth doing?
Most of the time, the capital requirement is a fraction of a market deal. But the ones that fall apart are always the same story: expectations that were never grounded in reality, discovered too late to do anything about it.
If you want to learn more about how management agreements work and what to look for as a building owner, download our Commercial Landlord's Guide to Flexible Office Space. It's 50+ pages built for landlords exploring flex:
https://launchworkplaces.com/landlords/
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Connect with Mike
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About Flex in Five with Mike Kriel
How do you make money in the flexible workspace industry? Mike Kriel, CEO of Launch Workplaces, breaks down the opportunities, trends, and strategies that are working right now, in five minutes or less.
Honest and unfiltered, each episode tackles one focused topic, from what's working in coworking to emerging opportunities for commercial landlords, brokers, developers, and operators.
Drawing from real-world experience and conversations across the industry, Mike delivers actionable insights designed to help you grow your piece of the pie in this ever-evolving market.
🔔 Hit subscribe to make sure you don't miss an episode.
Want to learn more about how to add a profitable coworking operation to your building? Download our free eBook: https://launchworkplaces.com/landlords/
Creators and Guests
Host
Mike Kriel
Mike has been in the world of commercial real estate for decades, meaning he’s worked on both sides of the management agreement. After an extensive career with The Brick Companies, Mike was named CEO of Launch Workplaces in 2014. In that role, he set out to build flexible workspaces in Brick-owned properties as an innovative means to solve problems by filling vacant buildings. Mike’s formula proved to be a success. And since then, Launch Workplaces has evolved under his guidance, growing to offer its managed model to commercial property owners across multiple states. Fueled by his love for the commercial real estate world and his passion for building and leading Launch Workplaces, Mike acquired the business from The Brick Companies in 2021. Since 2020, Launch Workplaces has taken over management of and salvaged numerous locations that were set to close and continues to expand with locations in DC, Cleveland, and beyond.
What is Flex in Five with Mike Kriel?
How do you make money in the flexible workspace industry? Mike Kriel, CEO of Launch Workplaces, breaks down the opportunities, trends, and strategies that are working right now, in five minutes or less.
Honest and unfiltered, each episode tackles one focused topic, from what's working in coworking to emerging opportunities for commercial landlords, brokers, developers, and operators.
Drawing from real-world experience and conversations across the industry, Mike delivers actionable insights designed to help you grow your piece of the pie in this ever-evolving market.