Future-Proofing Your Coworking Space: Emerging Trends in Coworking Technology

The coworking industry thrives on adaptability, and as technology reshapes the way we work, staying ahead of emerging trends has never been more critical.

FlexWorld Series 2024: Fall Edition brought together industry leaders for an illuminating panel, “Future-Proofing Your Coworking Space: Emerging Trends in Coworking Technology.”

Featuring insights from coworking tech giants, Kisi, Syncaroo, and NCG, this session tackled key challenges, debunked myths, and offered actionable strategies to leverage technology for innovation and profitability in coworking spaces.

Here are some of the key takeaways.

Is Complacency Threatening the Coworking Industry?

The panel opened with a proactive question: Is the coworking industry becoming complacent with its technology? Hector Kolanas, Co-founder of Syncaroo, stated that while some operators settle for a one-size-fits-all solution, many are starting to realize it’s actually better to find a best-of-breed solution for each aspect of the business.

When operators get comfortable with one specific product that works well enough, they seemingly become blind to bigger and better options. He also hinted that relying on legacy systems or single vendors creates vulnerabilities – like service disruptions – if the product or vendor falters.

Daniela Mallarino, Director of Tech Partnerships and Integrations at Kisi, suggested it’s not as much about being complacent as it is about being comfortable.

Assuming you’ve heard and understand the phrase, “If it’s not broken, don’t fix it,” Daniela emphasized the need for routine updates to mitigate any threats.

From the physical and cyber security points of view, she says:

You’re leaving money on the table” if you’re not putting in effort to ensure your systems are up to date.

We also heard from Tom Proctor, CEO of NCG, who explained technology streamlines operations so people don’t have to, saving time and money – that is unless your software platforms are not integrated properly.

He emphasized the pitfalls of trying to “do it all in-house,” showcasing the vicious cycle of hiring developers to create solutions, needing more developers to keep up with updates, and the continuation of this trajectory only to eventually realize it’s more cost-effective to outsource.

Busting Myths About Coworking Technology

Session moderator and VP of Product at OfficeRnD, Ivan Guberkov, initiated a conversation around coworking myths by asking the panel their thoughts on the common perception that starting a coworking space demands exorbitant startup costs, especially when it comes to things like door access and wifi provisioning.

Daniela responded by saying many operators mistakenly believe reusing legacy systems saves money. She went on to explain that modern solutions, such as Kisi’s ability to integrate with existing hardware, demonstrate that upgrading doesn’t have to be complicated or costly.

Tom debunked the myth that it’s best to start off with the basic, or “cheap” options and upgrade later. Sure, DIY spreadsheets and internet from your local provider may be better for the wallet, but you may not have the luxury to upgrade when you need it the most.

He explains that from the start, you are locking into a journey and recommends startup operators find the technology that will best serve their needs. This doesn’t necessarily mean it will break the bank though.

Instead of Excel spreadsheets, he suggests purchasing a membership with HubSpot, and just signing up for the basic package.

Similarly, rather than finding the absolute cheapest wifi, he recommends finding a provider that is reliable and can provide a stable network. While it may sting a little at first, it’s best to invest in your long-term goals and remember you don’t necessarily need the “best of the best.”

Elevating Member Experience Through Technology

Seamless access control emerged as a critical component of member satisfaction with Daniela explaining you can’t make it too hard for staff or members to access you, otherwise they will just give up and go somewhere else, but at the same time, you can’t make it too easy or the space will lose its sense of security and exclusivity.

She shared a case study of a coworking space managing seven locations, 55 doors, and 2,500 members. Their priority?

Technology that balances security with user-friendliness, ensuring members feel both safe and valued. Access control is a selling point.

A seamless check-in experience that still offers a level of security is highly sought after and knowing your space prioritizes that could be a major deciding factor for potential new members.

Turning Technology Into Revenue

When it comes to profitability, Tom discussed innovative strategies like network automation. Platforms like Isofy enable coworking operators to implement pay-as-you-go features for bandwidth, meeting room rentals, and more, unlocking untapped revenue streams.

Hector described the power of bundled services like notary support, professional services, and mail management. These add-ons increase customer spend without occupying additional space.

While amenities like on-site cafes and fitness areas are a great perk, they are not always the most cost-effective. Leveraging technology allows you to drive more revenue without the additional overhead costs.

Making Revenue Streams More Profitable

The panel then moved into a discussion around reducing overhead through technology integration. Hector introduced the concept of “bundled overheads,” explaining how inefficiencies – like fixing access issues or managing mail manually – chip away at revenue over time.

Ivan posed the question, “If you’re an operator who maybe hasn’t thought about this before, how do you evaluate technology? Is this something people can do on their own?” Hector responded by explaining Syncaroo’s mission is to help flex spaces get their best people unblocked by connecting their systems, congregating data, automating tasks, and providing managed integrations.

They will quite literally guide operators to make the decisions that will lead to a more efficient tech stack. They will highlight and point out discrepancies that are often overlooked but actually make a huge impact on productivity.

Tom brought up the idea that it’s not always a technology issue, but a process issue that contributes to inefficiencies. He urges operators to take a look at their processes and determine if their processes match their technology.

Hector piggy-backed on this notion, saying there’s a true value in taking a step back and determining whether you’re designing your processes around your tech or designing your tech around your processes.

Daniela chimed in suggesting operators take a look at the operating platforms they currently use and tap into their integrations.

There’s nothing worse than someone using – and paying for- two separate platforms that integrate with each other, but having the integration turned off.

Startup Technologies at a Glance

To conclude the session, Ivan asked the panel about a few categories of systems operators should have as they start their coworking space or plan to scale.

Hector gave a philosophical answer likening the tech stack for a new space to that of an onion. Hospitality is the middle of the onion – it has to be at the core of your business.

Then you have a “Sales” layer, and a “Lead Generation” layer, and so on. The point is, look at your priorities and determine what technologies will allow you to serve your members best.

In keeping the core operations in mind (CRM, network, and bookings), the panel ultimately deemed the following to be the best coworking “startup” tools:

• HubSpot
• OfficeRnD
• Communication platforms (Outlook, Slack, etc).

Key Takeaways: Future-Proofing Starts Now

1. Adopt Best-in-Class Solutions: Avoid the “one-vendor” trap and prioritize partnerships with specialized providers.
2. Invest Early: Choose scalable technology that aligns with long-term goals right from the start, even if it requires upfront investment.
3. Leverage Technology for Revenue: Experiment with services and features like pay-as-you-go meeting rooms or premium internet tiers.
4. Streamline Operations: Minimize inefficiencies through integration, automation, and expert-led vendor management.
5. Focus on Member Experience: Technology should enhance convenience, security, and satisfaction.

Final Thoughts

This FlexWorld Series panel demonstrated that staying ahead in the coworking industry requires a proactive approach to technology.

By prioritizing innovation, integration, and member-focused solutions, operators can future-proof their spaces and thrive in an evolving landscape.

We invite you to check out the next two sessions of FlexWorld Series 2024: Fall Edition:

1. The Secret to Happy Members and Seamless Workspace Management in 2025
2. The Community in Coworking: Fresh Ideas and New Perspectives