Co-Working to Reinvent Commercial Real Estate Ubercool Innovation Trend Forecaster Michael Tchong Predicts
LAS VEGAS, April 18, 2018 (Newswire.com) - As society increasingly relies on freelancers and contractors in a gig economy, the balance of power shifts to companies operating co-working spaces, which have experienced explosive growth in the past decade.
"Co-working pioneer WeWork is already the second-largest private office tenant behind banking giant JPMorgan Chase in New York City," says Ubercool Innovation® Trend Forecaster Michael Tchong. "Their innovation strategy addresses the biggest pain point in commercial real estate - the lease," adds Tchong. "As someone who lost more than $30,000 in a lease default during the dotcom bust, I totally understand why co-working spaces will totally disrupt commercial real estate."
Expect the number of co-working locations to more than triple over the next five years, rendering traditional office space real estate companies at a significant disadvantage.
Michael Tchong, Founder & Trend Forecaster
Another converging trend - the control enthusiast phenomenon - points to a future where providing customers with more control will be essential in any multi-party transaction. "The greater control offered by the smartphone, which has become life's remote control, is conditioning society to expect far more mastery over any process," remarks Tchong. "And that enthusiasm for more control extends to the real estate market, where leases have served to constrain the mobility of companies and the workforce."
"Expect the number of co-working locations to more than triple over the next five years, rendering traditional office space real estate companies at a significant disadvantage. Once global entrepreneurs acquire a taste for the freedom of no-lease co-working, expect the trend to quickly spread to co-living," notes Tchong.
About Ubercool Innovation
Ubercool Innovation LLC is a thought-leading innovation incubator founded by author, entrepreneur, adjunct professor and motivational speaker Michael Tchong. Think of Ubercool Innovation as a "do tank" — it doesn't merely talk innovation, it practices what it preaches. Michael addresses audiences globally with insights on emerging trends and innovations. He is a four-time entrepreneur and the founder of ICONOCAST, CyberAtlas, Atelier Systems and MacWEEK. For more information, call 800-WAY-COOL (international: 415-335-7615) or visit https://ubercool.com.
Source: Ubercool Innovation