How to Measure Accomplishment in Communal Spaces
The nature of coworking spaces means that performance measurement must be done with different metrics than those used in traditional office spaces. A simple cost-per-desk analysis doesn’t provide owners and managers with the information necessary to identify what extras their clients may want in a coworking space. Nor will the number tell them how to grow their customer base.
While in more traditional office settings continuous performance management can be an informative means of measuring success, there are many key performance indicators (KPIs) that can and should be used in coworking spaces.
Along with financial KPIs for coworking spaces, other metrics such as how and when the space is used should be tracked. Below are some KPIs to look for and measure that will give a deeper understanding of what works in your coworking space, as well as how to expand your offerings.
To give a better understanding of the value and productivity of coworking spaces, owners and managers must look beyond a simple ‘cost per person’ metric. Coworking spaces are far agiler than traditional offices due to their emphasis on dedicated office space vs shared spaces. Tracking metrics on how space is used will give better insights and enable improvements to cost per person results. The following metrics should be followed in order to do this:
- Peak use per day – The maximum number of people using the coworking spaces on a given day, and the hours when the most people are using any of the areas.
- Peak use per business – Similar to the above, but this KPI segments by business or organization. It measures the maximum amount of customers from a particular business or organization each day along with the hours when most people from the same business are using any areas within the coworking space.
- Average peak use – The average usage rate across various hours, or periods, of the coworking space operating times.
- Peak frequency – How often and how many times optimum levels of use of coworking spaces are reached each month. This is helpful for identifying patterns of use along with predicting high and low points.
- Assigned and Actual Ratios per Building or Group – These ratios should work in tandem. Assigned ratios allow you to see how seats have been reserved and how many customers are actually using them. (e.g: 53:100 seats assigned vs. 48:100 seats in use)
Community Collaboration KPIs
One of the benefits of coworking spaces is that it provides customers with the opportunity to meet with like-minded businesses, work in partnership, and network informally. Measuring the strength of the community within a coworking space and how customers use communal areas will provide insights into where improvements can be made to grow your client base.
Strong engagement within your coworking space will be visible through increases in the following KPI areas:
- Group work area use – Who is accessing these spaces, and how often are they being used?
- Conference room bookings – Which businesses are booking this facility? How regularly is it being used?
- Video conferencing services – How often and who (individuals or businesses) is using these to collaborate with members from different regions?
- Collaboration between virtual users – Are closed offices being used for online collaboration?
- Usage of phone booths – How frequently and by whom are these booked? Are there patterns of usage?
The more results you have, the better the insights are. This will make it easier to determine your overall performance and whether anything is missing.
Measuring and Making Use of KPI Insights
Workspace management software is one of the best ways the data gathered through these KPIs can be measured and understood. Completing Excel spreadsheets with this type of data is not only time consuming, but it can also prove to be inaccurate. There are multiple management software solutions available that have been specifically designed for managers and owners of coworking spaces.
Whichever you choose, ensure the platform includes the function to segment usage per business and a CRM tool that allows you to keep track of contacts and leads. When identifying the best KPIs for your coworking space, it is essential to keep the flexibility and agility of your workspace in mind. This will allow you to avoid using traditional office space metrics which will not give you the necessary insights to manage your business effectively.