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?