Shared office spaces that offer a smaller footprint are finding their way into more buildings.
A recent case are new spaces available this fall for lease at Peoples Security Bank & Trust, which recently opened its newest location on Emrick Boulevard in Bethlehem Township, formerly the site of The Provident Bank.
Ondra-Huyett Associates Inc. of Upper Macungie Township renovated the building and performed major upgrades to the building systems, site improvements, façade and main entrance replacement and interior finishes.
The construction firm also is renovating 7,500 square feet to lease for offices, which should be ready for occupancy in October, said Cindy Feinberg, co-owner of Feinberg Real Estate Advisors in South Whitehall Township. Feinberg is marketing the property and sees a strong demand for shared office spaces in the Greater Lehigh Valley.
“There is a need for it. If you look at what’s happening in the market, smaller, shared office spaces are neat,” Feinberg said. “It’s a prime location for something like this.”
These spaces can be found in city and suburban office environments, including Bethlehem and Upper Saucon Township.
“It’s an office type use that’s expanding and being accepted by large corporations,” she said.
When Peoples Security Bank & Trust started leasing its building, the bank decided it wanted shared office spaces on the second floor, she said. So far, she has received interest from Realtors, counselors and tech engineering groups as potential tenants. A suite formerly occupied by Lehigh Valley Health Network is being marketed as medical office space.
The shared spaces allow for networking between businesses in the offices and create a vibrant atmosphere, she added.
“We’ve had such great growth in the Lehigh Valley that we felt that if we need to expand in the future that we will have some things available,” said Neal Koplin, Lehigh Valley region president and executive vice president for Peoples Security. “With the executive spaces, it gives us the ability to move into that space as it becomes available.”
Peoples Security will take about 1,000 square feet on the second floor to move a support team, Koplin said.
The bank also has a lease signed for a company, Franklin Farms East, to occupy 2,000 square feet on the front of the building on the second floor, Koplin said.
Franklin Farms East will occupy their space Sept. 1, Feinberg said.
“The demand is in the marketplace for executive suites,” Koplin said. “Our building is well-located, where there’s lots of things happening in the Emrick Boulevard and Freemansburg Avenue area. We’re making good use of that space.”
Peoples Security partnered with Integrity Business Services LLC to offer back-office services to the businesses renting offices in the building, Feinberg said. The services include bookkeeping, marketing communications, sales support human resources and business support.