Co-Working Spaces Fill Opportunity Zone Developments
Tom Acitelli reports that more co-working ventures are becoming part of developments in opportunity zones—an ideal situation for the developments, in economically distressed communities, that need tenants.
"Co-working spaces are a natural draw, enticing start-ups and established companies looking for short-term, flexible office space. Marry the investment via the zones with such entrepreneurial spirit, and the co-working spaces can help incubate the economic turnaround the distressed areas need," reports Acitelli.
Advocates say the co-working spaces are a draw for entrepreneurs and the proximity of startups helps fuel innovation. The opportunity zones are also located in areas outside of traditional technology hubs, in places like New Orleans, Newark, and Memphis.
Still, even with an increase in co-working spaces nationwide, developers in opportunity zones say they face long-term challenges. "Given the decade-long hold that opportunity zone investments require, it will take time to see whether the returns for investors and the communities materialize," notes Acitelli.