In-house Coworking Space Creates Tenant Funnel
LocalWorks partners with property developer Manzo Freeman Development to open coworking location
MFD sought to activate a 10,000 square foot first floor space in the mill building by partnering with LocalWorks to rent serviced, single offices by the month. But beyond a goal of simply filling 22 individual private offices, both companies had a goal of working together to create a tenant funnel system.
“We knew the demographics of Lawrence were ripe with small business owners and entrepreneurs and wanted to provide beautiful first class office space coupled with flexible terms and cost effective rental rates. We aimed to nurture and support our local entrepreneurs with the hopes they’ll flourish and later expand into a larger dedicated space within our Landing Community.” said Joe Freeman, CEO, Manzo Freeman Development.
Instead of operating the flex space on their own, MFD partnered with LocalWorks, a Boston-based flex space operator that works exclusively with building owners across the US. “We know what a heavy lift the day-to-day operations and marketing are to be successful in this industry. Our specialty is partnering directly with CRE ownership to help them launch and operate a coworking program,” said Barry Greenfield, CEO of LocalWorks.
“In 2022-2023, multiple Local Works Tenants grew into larger commercial spaces within the broader Landing Building. We have also been able to foster businesses needing smaller space and flexible terms maintaining them within the Tenant community. The funnel concept has been executed at a few of our commercial properties and proven very successful to support businesses of all sizes and stages in their life cycle”, said Alex Freeman, Managing Partner & Chief Operating Officer, Manzo Freeman Development.
Additionally, each week the two partners share information about incoming leads. “Our partnership is an ideal relationship for building owners. Leads are passed in both directions. MFD can keep the smallest of tenants within the building by sending them our way for a single office. Likewise we see requests for 1,000 square feet or more that we send to them for a master lease. It’s a perfect mutually beneficial relationship.” said Greenfield.
To learn more about the MFD team and their multiple mill projects, please visit manzofreeman.com. If you are interested in partnering with LocalWorks please reach out to the team at LocalWorks.us, or barry@localworks.us
Barry Greenfield
LocalWorks
+1 202-210-9556
email us here
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