Cantor Funds Creates Signature WorkSpace Brand
Cantor Funds (“Cantor”), a private equity real estate firm, has quietly entered the co-working market creating the Signature WorkSpace brand. In addition to the three Signature locations now open the company plans to open an additional 40 to 60 locations nationally to position itself as the “WeWork of the Suburbs.”
“Following the success of our company’s North Tampa executive suites, Paramount Plaza which opened in 1986, we realized we were well suited to enter the co-working space in a big way,” stated Joel Cantor, Cantor Founder and CEO. In 2016 Cantor opened a second North Tampa location, Northdale Executive Suites, with a third Clearwater location, Northwood Executive Suites that opened in 2018. All now fall under the Signature WorkSpace brand created in 2018. The three current WorkSpaces reside in suburban office buildings Cantor owns and manages.
With 25 years of experience in the shared workspace industry, and having managed over 100,000 square feet and 250 private offices, the Cantor team is well equipped to grow the Signature Workspace business. The three Signature WorkSpace locations are 95% leased with an exceptional 82% renewal rate. As a pioneer of Tampa Bay’s shared workspace market, Cantor has a proven track record of providing quality space and hospitality services that bring tenants back year after year.
The co-working industry grew 200% over the past five years which resulted in a number of players entering the market, notably WeWork, Regus, Industrious and Pipeline. While these competitors vary in the kind of work environment they want their space to be and the level of amenities offered to members, they all have one thing in common; their locations. The competition targets urban locations in the central business districts of affluent cities. By targeting the suburbs, Signature WorkSpace can work around the competition and offer a workplace that’s closer to home and is 40% to 55% less expensive compared to the competition.
“Professionals, and even large corporations, are seeking flexible lease terms and the multiple benefits that come with them, stated Cantor VP Holly Steffens who oversees the WorkSpace operations. “With more workers being remote, corporations can use shared workspace to keep their overall space needs down and also attract talent that is not located near corporate offices. Corporations can also make a significant impact on their balance sheet by using shared workspace instead of an office will a traditional office lease.”
Today’s professionals want the traditional amenities found in a traditional office setting –high-speed internet, printing & copier access, private offices, office supplies, high-design furniture and ergonomic chairs and a clean work environment — all of which are found at Signature Workspace locations. It is the extra amenities and five-star quality services that make Signature members renew year after year. Each Signature location is designed with the intention to create an inspiring work environment. They offer private offices of varying sizes as well as dedicated desk and co-working memberships for members who may visit the office less frequently or don’t need a private office to themselves. Members also have access to meeting spaces with reservable conference rooms and day offices.
“When our members aren’t working away at their desk we like to provide them a fun and relaxing environment where they can interact with other members of the community,” stated Steffens. Members have access to a fully stocked kitchen with snacks and drinks and lounge areas where they can relax, watch TV, read or hang out with other members. We foster community thru member networking and other events on a regular basis.
Executive suites not only benefit individual or small business entrepreneurs but also serve as satellite offices for remote employees of larger firms. Lease terms are shorter and more flexible as is the commute. Signature WorkSpace executive suite tenants like working where they live allowing them to avoid long, rush hour commute times. It’s a true downtown feel without the drive.”