8 Office Space Rental Success Stories [2024]
Demand for office space rental is booming. The forces that trigger the increase in demand for office space include a more significant number of startups, remote work culture, and an increase in office space per employee as businesses seek to decongest.
With demand for office space expected to increase, starting an office rental business is a wise investment. If you plan to start an office rental business, consider proximity to essential amenities, and ensure the office is accessible.
Before starting the office rental business, it’s a good idea you research the competition in your area. Be sure to understand the competitive landscape and choose where the office rental business fits best.
Here are some real life success stories of starting a office space rental:
1. The Farm Soho ($3.6M/year)
Lucas Seyhun, the founder of The Farm Soho, came up with the idea after considering turning his loft into an unauthorized Airbnb. When a friend suggested doing an "Airbnb for startups," Seyhun realized the potential and transformed his loft into one of the earliest coworking spaces in New York City. Despite initial marketing challenges, the company survived and now offers flexible office space to a variety of customers, positioning itself for success in the post-pandemic coworking industry.
How much they make: $3.6M/year
How much did it cost to start: $0
Current team size: 15
The founder of The Farm Soho, one of the earliest New York City co-working spaces, shares how he built his affordable workspace model for solopreneurs and startups, as well as discussing his tips for attracting and retaining customers while navigating the challenges of running a business.
2. The Office Pass (TOP) ($2.7M/year)
Aditya Verma, the Founder & CEO of The Office Pass, came up with the idea for his coworking business after realizing the significant amount of time, effort, and money wasted by people commuting to work in India. He re-hashed the conventional coworking model to create Neighborhood Coworking, offering high-quality office spaces close to people's residences or businesses. The Office Pass is now the only company in India offering this unique concept, with plans to expand to 55-60 offices and cater to over 1,000 companies.
How much they make: $2.7M/year
How much did it cost to start: $100K
Current team size: 15
The Office Pass, a neighbourhood coworking and managed office company in India, is growing at a rate of over 180% YoY, aims to reach USD 7.3 million over the next 24 months, and offers workspace options suitable for the Indian scenario.
So... can you actually make money with a office space rental?
Of course. There are millions to be made in this industry.
But how?
- Research real, profitable businesses and see exactly how much money they make.
- Study exactly what works, and what doesn’t.
- Take action, because now you have the roadmap.
Join Starter Story and build your next big thing:
3. Room2work ($180K/year)
Alan Crowe, founder of coworking space Room2work, came up with the idea after realizing that small contractors needed more than just storage space. Combining the coworking model with the self-storage model, Crowe created a shared office space that catered to local businesses in need of professional amenities, office space, and storage. Despite launching right before the pandemic, Room2work has managed to attract and retain customers, with a focus on optimizing services and providing value to members.
How much they make: $180K/year
How much did it cost to start: $200K
Current team size: 1
Founder Alan Crowe launched Room2work, a niche coworking space for small businesses in 2020, generating $14K a month with plans to reach $100K in gross profit, by combining the coworking model with the self-storage model to offer a flexible office space optimized for local SEO, virtual offices, and meeting rooms designed for virtual teams.
So... can you actually make money with a office space rental?
Of course. There are millions to be made in this industry.
But how?
- Research real, profitable businesses and see exactly how much money they make.
- Study exactly what works, and what doesn’t.
- Take action, because now you have the roadmap.
Join Starter Story and build your next big thing:
4. SpaceBox Business Center ($1.2M/year)
Jai Karan Walia founded Spacebox Business Center in Dubai after recognizing the need for a dedicated workspace for freelancers and businesspeople in the bustling city. With his experience in the real estate sector and the success of his previous company, Clever Corp, Jai seized the opportunity to provide luxurious private offices, dedicated desks, and hot desks at the prime location of Convention Tower.
How much they make: $1.2M/year
How much did it cost to start: $300K
Current team size: 6
Dubai-based Spacebox Business Center offers luxury private offices, dedicated and hot desks to a large freelancing workforce while achieving 80% occupancy in its two prime locations, driving leads through Google Ads and social media while securing clients with Clever Corp.
5. The Office Providers ($168K/year)
Mike Gardener, a chartered commercial property surveyor, came up with the idea for The Office Providers after observing the growing market for flexible office space. He saw a demand for shorter-term contracts and managed workspace solutions and decided to create an online platform that connected businesses with the perfect flexible workspace. After nine months of launching the website and securing his first deals, Gardener's idea was validated, and he continued to expand the business by focusing on search engine optimization, creating useful content, and building trust through directories and a podcast.
How much they make: $168K/year
How much did it cost to start: $2K
Current team size: 1
This case study is about Mike Gardener, the founder of The Office Providers, an online office space and workspace search platform that generates approximately $14k per month in revenue and helps businesses find flexible workspaces on short-term contracts.
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- 4,818 founder case studies
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- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
