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
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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