66. Landlords, coworking and management agreements with Ryan Hoopes

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In this episode, I talk to Ryan Hoopes, Senior Associate at Real Estate Services firm Colliers International. He also co-founded the firm’s global flexible workspace advisory practice.

Ryan talks through the evolution of the landlord approach to flexible workspace...and how we’re just at the beginning of an evolution of the landlord/flex workspace operator relationship.

In Ryan’s experience:

  • Landlords initially wanted to get into the flexible workspace offering on their own which led to a lot of failed starts. He said generally, they’ve recognized that they would like to leave the operations to the experts

  • Coworking operator is becoming more aligned with landlords. Both want to create vibrant live/work/play spaces

What do landlords look for in an operator partner?

  • An operating history

  • Tour of existing locations

  • An operator that can drive sales

  • Existing corporate relationships

  • Marketing plan and a track record of success

  • A business plan that includes

    • CRM

    • Marketing

    • HQ as a Service

How is an operating agreement typically structured?

  • Operating expenses covered

  • May have a minimum base rent

  • NOI gets split based on level of investment

  • Sometimes LL gets paid back first.

 

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PodcastJamie Russo