Beyond the Revenue Projection: How Landlords Can Choose a Trusted Flexible Workspace Operating Partner

Flexible workspace has become an increasingly attractive model for landlords seeking to activate underused buildings, improve tenant experience, diversify income and participate in the operational upside of their assets.

For many property owners, partnering with an experienced coworking operator in Vietnam is a logical alternative to building an internal coworking or serviced-office team from scratch.

However, choosing the right operator requires much more than comparing brand names, management fees or headline revenue projections.

The real question is whether the operator’s interests, systems and behaviours will remain aligned with the landlord throughout the life of the partnership, especially when performance falls below expectations, market conditions change or difficult decisions need to be made.

A successful management agreement should not rely on trust alone. It should be supported by transparent governance, clear commercial alignment and practical operating controls.

Here are the key areas landlords should consider before appointing a flexible workspace operating partner.

1. Understand where the operator makes its money

One of the first questions a landlord should ask is how a flexible workspace operating partner earns money across its wider portfolio. It is also one of the most overlooked questions in any serviced office operator partnership.

Does the operator own, lease or manage other locations nearby? Are some locations more financially valuable to the operator than others? If a customer could fit into several centres, how will the operator decide where to place that customer?

This matters because the operator’s economic interests may not always be identical across its portfolio.

For example, an operator may retain the full financial upside from a self-invested or leased location, while earning only a management fee from a landlord-funded site. Without clear controls, there may be an incentive—intentional or otherwise — to prioritize the location that generates the highest return for the operator.

A trusted partner should be willing to explain:

• how leads are allocated;
• how competing locations are managed;
• how internal referrals are recorded;
• what safeguards protect the landlord’s property from internal competition.

At Dreamplex, our partnership agreements include a location-protection provision. Dreamplex will not open, manage or fully invest in another Dreamplex location within a two-kilometre radius of the partner property.

This protected operating radius helps ensure that our sales effort, management attention and commercial interests remain focused on the success of the partner location.

A trusted operator should be willing to protect the property not only from external competition, but also from competition created by its own portfolio.

2. Make sure the financial model is understandable

A detailed financial model can look impressive without necessarily being useful.

Landlords should be able to clearly understand the assumptions behind the business plan, including:

• sellable capacity;
• opening timeline;
• occupancy ramp-up;
• pricing;
• discounts and incentives;
• broker commissions;
• staffing costs;
• utilities;
• marketing expenses;
• shared-service costs;
• maintenance reserves;
• expected break-even point;
• working capital required during ramp-up.

The operator should not present only an optimistic case.

A responsible proposal should include at least:

• a base case;
• a downside case;
• a severe-downside case;
• sensitivity analysis for changes in pricing, occupancy and operating costs.

The purpose of a financial model is not to produce the most attractive number. It is to help both parties understand risk, capital requirements and the actions that may be needed under different market conditions.

At Dreamplex, we build centre-level projections based on actual operating experience in Vietnam. We believe assumptions should be visible, explainable and open to challenge before the agreement is signed.

3. Align the operator’s incentives with the property’s performance

The management fee structure has a significant influence on how a flexible workspace operating partner behaves.

This is where many revenue share agreements go wrong: a fee based only on revenue may encourage the operator to focus on topline growth without sufficient attention to profitability, discounting, operating costs or customer quality.

A high fixed fee may provide stability to the operator but leave limited motivation to improve the landlord’s return.

On the other hand, a fee based only on profit may make it difficult for the operator to maintain the necessary team, systems and service standards during the ramp-up period.

A balanced structure will typically include:

• a reasonable base management fee;
• a performance fee linked to Operating Income, EBITDA or owner return;
• clearly defined performance thresholds;
• transparent treatment of losses during ramp-up;
• incentives linked to sustainable outcomes such as retention and customer satisfaction.

The principle should be simple: The operator should earn materially more when the landlord earns more.

The commercial structure should reward sustainable value creation—not merely occupancy at any cost.

4. Define what open-book management actually means

Many operators describe their model as open-book, but the term can mean widely different things depending on how the property management contract is written.

Receiving a monthly profit-and-loss statement is not the same as having full financial transparency. Landlords should have appropriate visibility into:

• centre-level revenue;
• customer contracts;
• deposits and advance payments;
• discounts and credit notes;
• invoices and purchase orders;
• vendor agreements;
• payroll allocations;
• marketing expenditure;
• shared-services charges;
• bad debt and write-offs;
• related-party transactions.

Every material cost should be traceable, supported and allocated according to an agreed methodology.

A useful cost structure separates expenses into three categories:

• Direct centre costs, used exclusively by the location
• Shared portfolio costs, allocated according to a predefined formula
• Corporate overhead, which should not be charged to the centre unless specifically agreed

Transparency is not simply an administrative requirement. In a management model, it is part of the operating product.

5. Clarify how shared costs and assets are managed

This becomes increasingly important when an operator runs multiple locations.

The agreement should clearly define:

• which expenses are site-specific;
• which expenses are shared;
• how shared costs are allocated;
• who can approve exceptional spending;
• how equipment or inventory transfers are recorded;
• how the centre is reimbursed when its assets are used elsewhere.

Even relatively small items can damage trust if the landlord believes its property is subsidising another location.

Good operational controls may include:

• location-coded purchase orders;
• site-specific delivery records;
• regular stock counts;
• documented inter-location transfers;
• automatic reimbursement between centre accounts;
• approval thresholds for extraordinary expenses.

Strong governance is not about creating unnecessary bureaucracy. It is about preventing small operational issues from becoming major relationship problems.

6. Ask for visibility into the entire sales funnel

Occupancy and revenue are important, but they are lagging indicators.

By the time occupancy declines, the underlying sales issue may have existed for several months. Landlords should receive visibility into:

• leads generated;
• lead sources;
• qualified opportunities;
• tours arranged;
• proposals issued;
• conversion rates;
• average deal value;
• discounts;
• lost opportunities;
• reasons for loss;
• leads redirected to other locations.

This is particularly important when a flexible workspace operating partner manages competing centres in the same city.

A landlord does not need access to every private customer conversation, but should be able to verify that the operator is actively selling the property and allocating opportunities fairly.

At Dreamplex, we believe landlords should not only see the final result. They should also understand the activities and decisions that produce it.

7. Define who controls pricing and commercial decisions

Flexible workspace requires speed. The operator must have enough authority to respond to customer requirements, market conditions and competitive pressure. At the same time, the landlord must be protected from excessive discounting or commercial decisions that increase occupancy while damaging long-term value.

The agreement should define decision rights around:

• list pricing;
• discount thresholds;
• free periods;
• broker commissions;
• enterprise deals;
• short-term promotions;
• renewal pricing;
• contract exceptions;
• long-term customer commitments.

A clear approval framework allows the operator to move quickly within agreed boundaries while giving the landlord oversight over decisions that materially affect the asset.

8. Agree in advance what happens when performance falls below plan

No business plan will unfold exactly as forecast.

Demand may slow. Customer requirements may change. Construction may be delayed. Costs may increase. A major tenant may leave.

The strength of a flexible workspace operating partner is tested not when everything is going well, but when assumptions begin to change.

The agreement should include:

• monthly variance reporting;
• early-warning indicators;
• quarterly business reviews;
• corrective action plans;
• agreed performance thresholds;
• defined responsibilities;
• escalation procedures;
• timelines for remedial action.

A trusted operator should not only report what happened.

It should explain why it happened, what signals are changing and what action should be taken next.

At Dreamplex, our role is not limited to managing day-to-day operations. It also includes helping owners interpret market signals, adjust strategy and make informed decisions throughout the lifecycle of the project.

9. Evaluate how the operator handles mistakes

No operating relationship is entirely free from mistakes.

Invoices may be allocated incorrectly. A service issue may be mishandled. A process may fail. A commercial decision may produce an unintended result.

Trust is not demonstrated by never making a mistake.

It is demonstrated by how quickly and transparently the mistake is resolved.

A reliable partner should:

• acknowledge the issue promptly;
• preserve and review the relevant information;
• quantify the financial or operational impact;
• correct undisputed errors quickly;
• explain what went wrong;
• introduce controls to prevent recurrence;
• make senior decision-makers available when needed.

The first response to a dispute should be accountability and problem-solving—not defensiveness.

10. Review the people and systems behind the brand

A strong brand can help attract customers, but the quality of the operating team determines whether the centre performs consistently. Landlords should understand:

• who will manage the property;
• what experience the local leadership team has;
• how staff are trained;
• how performance is measured;
• what technology and CRM systems are used;
• how customer experience is managed;
• how quickly the owner can access senior decision-makers;
• what happens when key personnel leave.

A management agreement is ultimately delivered by people.

Local market knowledge, operational discipline and leadership accessibility can often be more valuable than the size of the operator’s global network.

With experience developing and operating flexible workplaces across Vietnam, Dreamplex combines local execution, hospitality-driven service, commercial management and institutional reporting. Our goal is not simply to place a brand inside a building. It is to help owners build a commercially sustainable workplace asset.

11. Make sure there is a practical exit mechanism

A strong agreement with a flexible workspace operating partner should still prepare for the possibility that the relationship may eventually end. Landlords weighing a management contract against a traditional lease agreement should pay particular attention to this section — it is often where the two structures differ most.

Landlords should clarify:

• termination for material breach;
• termination for repeated underperformance;
• cure periods;
• termination for convenience after an agreed minimum term;
• transfer of customer data;
• treatment of member deposits;
• handover of customer contracts;
• staff transition;
• system and data portability;
• brand removal;
• final financial reconciliation;
• transition support to a replacement operator.

The owner should also understand what happens to the operating business during the handover period.

An agreement that is easy to enter but nearly impossible to leave is not a balanced partnership.

Clear exit provisions do not weaken the relationship. They increase confidence because both parties know that their responsibilities have been considered from the beginning.

The Dreamplex approach

At Dreamplex, we see workspace management as a landlord partnership model built around three key stakeholders:

• the property owner;
• the workspace operator;
• the companies and employees using the space.

A successful model must create sustainable value for all three.

Our management approach is built around:

• transparent centre-level reporting;
• locally grounded financial planning;
• clear cost allocation;
• protected operating territories;
• shared commercial decision-making;
• active sales and revenue management;
• consistent customer experience;
• regular performance reviews;
• flexible partnership structures based on each property’s objectives.

We believe the operator should behave not simply as a service provider, but as a responsible steward of the owner’s asset.

That means being transparent when performance is strong, honest when assumptions change and accountable when problems arise.

Final thought

The best operating partner is not necessarily the largest, the cheapest or the one presenting the highest revenue forecast.

It is the partner willing to clearly explain:

• how decisions are made;
• how money is managed;
• how customers are allocated;
• how conflicts are handled;
• how performance is measured;
• how success is shared.

Before appointing a flexible workspace operator, landlords should ask one final question:

Will this partner still be aligned with us when the assumptions change and the difficult decisions begin?

Next steps:

• • Explore Dreamplex partnership model
  • Check out Dreamplex’s serviced office solutions

Ready to maximize your assets?

• Book a Tour → Experience how Dreamplex helps enterprises reduce cost per employee while enhancing daily performance.
• Join Our Leadership Roundtable → “AI Teams, Human Workplaces: The New Balancing Act.” Learn how Vietnam’s top leaders are designing offices that scale with technology — and still put people first

Contact Dreamplex for a deep dive into how we can collaborate:

• Hotline: +84909 90 34 99
• Email: toan.nguyen@dreamplex.co

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