13 Jul The Bamboo Way: Keeping Downtown Affordable w/ Shared Office Spaces
Four years ago, when we first started Bamboo, the revitalization of Downtown Detroit was just beginning. In just a few years we’ve watched the launch of the beautiful new Q Line rail, food trucks out everywhere, a big increase in foot traffic and visitors, and new retail rising all around our vibrant Downtown. Walk any day outside our doors on Woodward or Washington Blvd and the streets are busier and busier.
It’s been an exciting time to be a local business on the ground growing with these changes. Bamboo was the first co-working space to open in Downtown Detroit, and now with the rise in new residents, our neighborhood has seen a big rise in rent and an occupancy rate of less than 1% for Detroit office space.
With this in demand, we opened up a beautiful new location at the historic and locally owned Julian C. Madison building at 1420 Washington Blvd that offers private offices as well as shared open spaces. Part of why we also started Bamboo was to make Downtown Detroit accessible to everyone. Whether it’s your first time starting up or you’ve been growing a successful company for decades, a shared office space environment is an easier and more affordable way to handle your office space. Even while prices increase in Downtown Detroit’s booming market, shared workspace keeps it affordable for you.
Plus you can also be a part of the historic time we’re living in, connecting to all the great energy and opportunities in the city, working side by side with local leaders.
Why are These Offices More Affordable?
Shared office space is a trend that’s been growing for decades. Now that many people work from home, or use laptops, they don’t need large private office spaces anymore. When you choose a shared office environment, you choose to share the premium amenities of a full kitchen, conference rooms, etc. Bamboo covers all of your bills, utilities and other costs you’d have to tackle if you were to go out on your own. In a traditional office space, you’ll often have to sign a 5 year lease, pay for improvements or build out costs, plus other building fees such as CAM charges, insurance, Internet, utilities, cleaning, etc.
Traditional offices can be a barrier for a startup but also this sort of leasing is becoming unnecessary. It’s so much easier for a business to be in a shared office space environment where the operator, Bamboo, takes care of all the fees and buildout and management for you, plus allows you a flexible short lease.
Sharing amenities makes Bamboo’s private offices nearly 40-50% more affordable than having to go out on your own. Plus, the flexibility of shorter leases means you can test out a trial Downtown office for your corporation, or open easier if you’re a startup or non-profit.
Keeping it Easy – Membership Include Everything
Whenever you are starting a running a business there are always unexpected costs. Our Bamboo team hates when we feel we are nickled and dimed as a customer. So we designed Bamboo to have one fee that includes everything. We want you to stay busy focusing on your work and not worrying if you run out of credits or will be charged for miscellaneous little things. Your office space membership includes Rocket Fiber Gigabit Internet, modern new furniture, a full kitchen, multiple conference rooms, printing, local coffee and more.
Supporting Local – The Extra Business Perks
This is one of the biggest perk and it’s the one that’s always hardest to quantify. When you have a private office in a shared office community like ours, you get to enjoy privacy for getting work done and the community for business to business support. You’re connected to other businesses right in your own building. You are in a community that will send you business referrals, help you, connect you, and support you. Sure you can have your own spot somewhere, but this sort of business connectivity can lead to greater business growth. We see founder’s find partners and talent to hire, we see corporations find sales opportunities and new employees, out of the Bamboo Family. Our community is made up of thriving local experts, creatives, startups, nonprofits and corporations working together.
We’re so excited to have celebrated four years of being in business this past summer.
When I first moved back home to Detroit, I couldn’t have imagined this path. Now, four years later, we’re opening up a 4th floor of private offices in our building. We’re grateful for our partners at the City of Detroit, Build, Foodlab, Michigan Women’s Inforum, and many more for supporting a shared office environment that is intentionally designed for all people and businesses to have a welcome center for launching and growing right in the heart of Downtown Detroit.