SharedSpace closes Coworking facilities at 901 Greene Street
SharedSpace announced last week that they were closing their 15,000 SF facility on Greene Street. The Atlanta-Based co-working company still has two facilities in Atlanta. The property is located on the corner of Greene Street at ninth, and has been listed for sale at 3.975M, or roughly $260/SF, and advertised for lease at $23.95/SF/Yr. This is a beautiful facility, fully renovated, with 63 parking spaces.
I think the situation is instructive about the true cost of occupancy downtown. The number many use to calculate historic renovations is ~$150/SF. If you purchase shell space at $50/SF, and have to find parking, you could end up with $250/SF invested in a space very quickly.
For more information, see Damon Cline’s Article: https://www.augustachronicle.com/business/20191230/sharedspace-closes-augusta-office
What are your thoughts about the Downtown Market? Or Co-working in general?