Less than a year after opening his company’s initial space in Lumina Station, CoWorx founder Bryan Kristof has expanded to a second co-working studio in the same mixed-use development. He is also considering branding the CoWorx concept for licensing and is in discussions with a local developer about opening a third location in mid-town.

Co-working spaces, usually targeted at freelancers, sole proprietors, and startups, offer their tenants a professional place from which to conduct business.

Like the original space, CoWorx’s new unit, which opened March 1, consists of offices and studio desks. This second-floor location has 13 private offices, more than the original location, and 12 studio desks. Two weeks after its official opening, the location is already 60 percent full.

The first CoWorx space was fully occupied within six months of its opening, according to Kristof.

Kristof said that several of the studio’s original tenants are moving from the flex, or shared, desks available in the original studio to dedicated desks or private offices in the new space. There are no flex desks in the new space.

Rent for offices begins at $495 per month. Dedicated studio desks begin at $250 per month, a price that includes all utilities as well as mailbox, fax and scanner; high speed Internet, use of the conference room and an electronic key for 24x7 access.

Of the overall program, and Lumina Station in particular, Kristof said, “The goal from the beginning was to provide cool, affordable workspace solutions for entrepreneurs, freelancers and anyone else who is currently working out of their house or coffee shop. There are no long-term contracts, which provides flexibility over traditional office leases, and the price includes a large array of amenities. All you need to do is plug in and start working.”

Blueberry Fusion owners Adam Gilbert and Austin Stinson lease a private office for their photography and videography studio in the original space. “Meeting clients in a cool-looking professional workspace makes a statement about our business,” Gilbert said. “Plus, we’ve benefited from the networking and collaboration that takes place at CoWorx.”

Licensing the concept would allow for expansion in a number of ways, Kristof said. CoWorx would consult with developers who wanted to manage and market the space, or could completely manage and market for the developer. “They would pay a licensing fee to use the brand and the business model and tools we have put into place to manage this type of business,” he explained. “We have online space management tools to set up accounts and manage the reservation of desks and the conference room. There would be a fee to cover the initial marketing launch.”

Kristof says that his model works, even in today’s difficult commercial real estate market.

“We all know that if I’m trying to find one user to fill 3,000 square feet, it is more challenging than it used to be,” he said. “This is a different approach. Rather than finding a single user, we’re splitting it up. We find that when we overhaul the space to fit this co-working business model, we end up further ahead in terms of net rent per square foot, anywhere between 30 percent and 40 percent more, even with all the operational overhead.” That increased revenue more than makes up for licensing and management fees, he added.

It’s also an appealing model for owners of mixed-use developments where co-working spaces locate, because it increases foot traffic. “We found that it’s bringing an energy and more people to Lumina Station.” Kristof said.

CoWorx is located at 1900 Eastwood Rd. Suite 27 in Lumina Station. For more information, visit www.coworxspace.com, or call 910-208-0286.