Five KPIs To Measure Coworking Space Performance
Coworking spaces are rising in popularity. Although they’ve long been associated with small teams and startup culture, who uses coworking spaces has expanded to begin attracting major companies like Microsoft and Dell.
It’s easy to see why so many businesses have taken advantage of them. Coworking spaces are budget-friendly, dynamic, and in many cases, more convenient for growing teams than traditional offices.
That said, organizations want to know that coworking spaces facilitate productivity. The amenities they offer aren’t worth much if teams aren’t getting work done.That’s why measuring the coworking space productivity is important.
If you’re not sure how, the following tips will help. These are the ways to incorporate coworking KPIs to determine if your office is optimized for performance.
What to Focus On When Measuring Coworking Space Productivity
There are many factors you can track when measuring coworking space productivity. Essentially, though, you want to pay attention to the experiences and interactions of people using the space.
Tracking coworking KPIs will give you a better sense of how members are using the features and amenities available to them. For instance, your coworking space is likely a mix of open areas, dedicated desks, semi-private offices, and conference rooms.
Select a particular area you want to focus on. Track how often it gets used and at what time of day it seems to be the most popular. Compare the results from different areas to better determine which features are most sought-after and who uses the coworking space in what ways.
It’s possible that teams aren’t taking full advantage of the space’s amenities. Identifying use patterns can help you better understand what aspects you may need to promote or improve upon to boost coworking space productivity.
Leverage Technology While Measuring the Productivity of a Coworking Space
There is plenty of value in manually tracking how teams use different areas of your coworking space. However, you can also leverage digital technology to deliver useful insights and accomplish tasks like calculating coworking space financial models.
Here’s an example of integrating technology into coworking KPIs: Studies indicate that high noise levels can have a negative impact on a worker’s mood and productivity. Thus, you may want to use a sound meter to track how loud spaces get. Compare this data to the information you have pertaining to how often certain areas of the office get used.
You might also compile other digital data, like how many users are currently signed on to the office WiFi network. Comparing these data points to the noise levels throughout the day can help you determine how noise is impacting productivity.
If it appears to be having a negative effect at certain points throughout the day, you may be able to make improvements that will boost the space’s overall appeal. Experts recommend setting aside dedicated quiet areas as well as spots where teams are permitted to be louder. Simply adding sound-absorbing materials to the space can also yield major benefits.
Communication Should Play a Part in Coworking KPIs
Monitoring data is important when determining who uses coworking spaces and how. However, don’t forget that you can get a lot of useful information simply from communicating directly with the teams currently using a coworking space.
Distribute a survey to your current tenants. Personally reach out to them for feedback. Create a suggestion box. Although it’s necessary to leverage data you track on your own while using coworking KPIs, that doesn’t mean you should neglect the opinions of your customers.
Be vigilant about measuring coworking space productivity. This process should never technically end. Your goal should always be to make improvements to your space. By keeping these points in mind, you’ll be much more likely to design a coworking space that puts productivity first.