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More than $2M income boost expected as ...The Business District launches co-working space

Published:Friday | January 12, 2018 | 12:00 AM
Maria Jones

More than $2M income boost expected as ...

The Business District expects increased profits as it redesigns its offices and expands service offerings.

As a local provider of physical and virtual serviced offices, The Business District has now dedicated a portion of its square footage to serve young entrepreneurs and professionals with a co-working facility called The District Square. While the investment in the redesign is estimated to be less than $1 million, The Business District expects that this new product will increase annual revenue by approximately $2 million.

"As a co-working facility, The District Square provides start-ups, scale-ups, and downsizing businesses, entrepreneurs, location-independent workers, home-based entities with workspace that nurtures interaction and idea cross-fertilisation with other like-minded individuals operating in a variety of industries," said managing director Maria Jones. "The dedication and drive of today's young entrepreneur are the reasons that co-working spaces such as The District Square can flourish."

... Facility responds

to co-working demands

Co-working is the new trend through which small enterprises establish themselves as more than at-home operations.

To build a new co-working space called The Business Square, The Business District removed three semi-private offices and created a fully serviced space with hot desks to accommodate 12 persons, and with the potential of increasing operational income by 10 per cent. The company still offers traditional offices that host a multitude of SMEs and corporate operations, and boasts 80 per cent occupancy.

"Locally, entrepreneurship and business start-ups are realising a noticeable boost," said Business District Managing Director Maria Jones.

"Professionals need to operate from a space that encourages efficiency and productivity and has the look and feel of a business. Associates of The Business District enjoy these same benefits, in addition to

support that helps them to save costs on accommodation and administration."

Businesses in their growth phase or which have lean operation; now globally prefer the use of transitional spaces in business environments that are more appropriate for work and meetings than a cafÈ. As entrepreneurs strike out to work on their own, the co-working industry is growing rapidly. Worldwide, co-working spaces doubled annually between 2006 and 2015. The popularity of co-working continues to grow because it enables young professionals and entrepreneurs to work differently and in a mode that matches their modern mindset and orientation.

The District Square co-working facility responds to this demand. Desks arranged in an attractive air-conditioned open zone is the design scheme, and rates starting from $600 per hour include Internet, receptionist, and more. Daily and monthly rates are also available, plus a full range of business support services.

The Business District and District Square are located at 22B Old Hope Rd, St Andrew. In addition to fully serviced offices and co-working desks/spaces, the company also offers its associates virtual offices and meeting rooms.