Opportunity Zones and Coworking Spaces Join Forces
One of two opportunity zones located within Wilmington, NC city limits. Source: https://public.nccommerce.com/oz/
In a recent New York Times article, journalist Tom Acitelli claimed that “the combination of opportunity zones and shared office space is creating incubators of start-ups and investors in underserved markets.” Is Wilmington set to follow? There appears to be potential for Wilmington to follow suit with this trend. All one has to do is take a look at Bryan Kristof’s work at 1608 Queen Street to open their eyes to the possibilities. As coworking is on the rise nationally, investors and developers may find great “opportunity” in these previously distressed areas. As more startup companies are being lured away from traditional single and multitenant buildings in favor of the lower cost of shared office space, term length flexibility, and the increased access to venture capital found in coworking environments.
Seen here is the strikingly industrial look of Coworx at The Cargo District as seen from Queen Street. Source: https://www.coworxspace.com/about
A rise in coworking could be the answer to the prayers of eager investors wanting to capitalize on the tax benefits of investing in Wilmington’s opportunity zones. Providing leasing demand in what has been traditionally held as a distressed Commercial District making it viable to tackle development and redevelopment projects in the area. For more information on qualified opportunity zones Click Here.
Acitelli, Tom. “How Opportunity Zones and Co-Working Spaces Joined Forces.” The New York Times, The New York Times, 20 Aug. 2019, www.nytimes.com/2019/08/20/business/co-working-opportunity-zones.html.
“About: Coworx at The Cargo District.” Coworx, www.coworxspace.com/about.
“Qualified Opportunity Zones.” Www.nar.realtor, www.nar.realtor/qualified-opportunity-zones.