Velocity Continues for Velocity
Velocity for Velocity Shared workspace continues to gain momentum as many businesses seek opportunities to increase operational flexibility, pare overhead, and maintain a high-quality office environment. This trend has been exemplified by our Velocity shared workspace portfolio, which continues to experience significant year over year growth. Velocity offers attractive, modern offices with quality amenity space and extensive IT infrastructure. A differentiator has been a streamlined all-in-one pricing structure that eliminates ancillary charges for extra services.
Small business, sole practitioner, and regional employees of larger companies are quickly capitalizing on our attractive value proposition. Diamond Properties launched our first location in 2018 at 75 Virginia Rd, in Valhalla, NY. Totaling 40 offices, that location has continued to maintain high occupancy since inception. Providing a clear early indication of Velocity’s potential, Diamond Properties sought new locations to replicate its model and achieved equal success at 42 Memorial Plaza, Pleasantville, NY, which opened in 2020. 2022 brought 100 South Bedford Road, Mount Kisco, NY and 50 Broadway, Hawthorne, NY. 2023 has been our busiest year yet with the addition of 35 East 7th Street, Cincinnati, OH, 141 Tompkins Avenue, Pleasantville, NY, and 1351 Washington Blvd, Stamford, CT with an expansion into an adjacent office suite.
While flex office provides cost savings for many customers, it provides Diamond Properties with the opportunity to pivot with the current market trends. It’s sort of a buy wholesale, sell retail model, in which customers save because they are only buying exactly what they need, but each office that we rent is at a premium to what the overall space would be if fully rented to one company. Dividing one larger space into many smaller ones enables us to maximize revenue while satisfying a real customer need.