We are currently renting our space. But buying it or another has been on our minds since opening. Mainly so we're less limited in what we can do with and to the building, as well as improvements.
To Alex's point about buying a seat on the bus, you also typically don't want to spend a ton of time and money, making someone else's bus pretty and super awesome. The motorcycle museum below us (basement) may be moving, and the building could someday be up for sale, so one option popping around has been securing first right of refusal on the building, and being able to expand labs and such downward when the museum leaves. One thing with buying, even if coworking doesn't work out, you have a building to rent out, or do something with, for better or worse. John Wilker Founder, 360|Conferences (720) 381-2370 twitter: jwilker (http://twitter.com/jwilker) johnwilker.com (http://johnwilker.com/) | 360|MacDev (http://360macdev.com/) | 360|Flex (http://360flex.com/) | 360|iDev (http://360idev.com/) On Thursday, April 12, 2012 at 9:04 AM, Alex Hillman wrote: > I'm actually curious about this too, specifically to hear from coworking > spaces that bought early on or those who have graduated to buying. > > We're entering into our 3rd major growth phase and the purchasing > conversation was on the table - it's not left the table, but we've chosen > renting (with a purchase option written into the lease) in favor of the > timing of our needs. > > Our reasons for buying also include the desire to be building equity as the > business grows, but also to continue to anchor ourselves in the neighborhood > that we've developed a relationship with over the last 4+ years. We've helped > attract lots of new businesses to the area (which is mutually beneficial) and > think that impact could increase with a statement of "permanence" that comes > with purchasing. > > That said, I got one particular piece of advice that's been resonating with > me: don't buy a seat on the bus. > > A lot of coworking spaces are a floor or a section of a building with other > tenants in it. Our current building is like this as well, but is already > condo-ized for potential purchase of a floor or floors. In conversations > about buying, I've come to the conclusion that we should be buying the > building, not a condo in it. > > I'm not sure what the situations you're looking for include, but that caution > has stuck with me as a good one to consider. > > Having never bought property before, though I don't have any specific > experience to share how it might impact a coworking space or what > implications to consider - so I'd love to hear more experiences from that > realm. > > -Alex > > -- > /ah > indyhall.org (http://indyhall.org) > coworking in philadelphia > > > > On Thursday, April 12, 2012 at 10:32 AM, Tricia Chirumbole wrote: > > > Hello all!! > > > > I am planning on starting a coworking space in Pittsburgh, PA and have > > started with a meetup group and events and jellies - I agree with > > other posts about the value of building a broader coworking community > > that extends beyond finite physical spaces. > > > > That being said, we do plan to ultimately open up a space. One of my > > biggest questions is whether to buy or lease. It seems the predominant > > model is leasing, which used to be my preference. However, I do have a > > bias in general toward building equity vs. making money for landlords, > > AND the market in Pittsburgh seems to be more amenable to buyers than > > to renters at this time - I could be off on this as my research is far > > from comprehensive, but this is the feel that I get. > > > > I have an interest in property in general and my partner has both > > design and building skills - while we would not do it all on our own, > > we do feel that we could make good use of a property irrespective of > > the long-term prospects of its use as our coworking home. > > > > Any and all thoughts welcome and appreciated! I love this group - it > > is so informative and valuable! Thanks in advance :) > > > > -- > > You received this message because you are subscribed to the Google Groups > > "Coworking" group. > > To post to this group, send email to [email protected] > > (mailto:[email protected]). > > To unsubscribe from this group, send email to > > [email protected] > > (mailto:[email protected]). > > For more options, visit this group at > > http://groups.google.com/group/coworking?hl=en. > > > > > > > > > -- > You received this message because you are subscribed to the Google Groups > "Coworking" group. > To post to this group, send email to [email protected] > (mailto:[email protected]). > To unsubscribe from this group, send email to > [email protected] > (mailto:[email protected]). > For more options, visit this group at > http://groups.google.com/group/coworking?hl=en. -- You received this message because you are subscribed to the Google Groups "Coworking" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/coworking?hl=en.
