Coworking spaces are the innovative alternative to traditional offices and they’ve taken the commercial property market by storm. According to the , the amount of people renting a desk in a co-working space has risen by 41% since the beginning of last year – so what makes them so popular?
For many entrepreneurs, the study or spare room in their home is their first designated office space, at least in the early days when ideas are still forming and money is tight. There comes a time, however, to fly the nest. Some people find working at home to be distracting and not conducive to productivity. Others find themselves with a growing team of employees who they want to base in a single location for communication and collaboration purposes.
For these people, coworking is perfect – and here’s why.
Benefit #1: Flexibility is king
We live in an uncertain economic climate and businesses simply don’t want to be shackled to big financial burdens that come in the form of things like office leases of five years or more. In a flexible co-working space, companies pay a monthly rental fee that is inclusive of everything: desk space, business rates, utility bills, unlimited coffee…the works. Due to the flexible nature of contracts, it’s easy for growing businesses to acquire more space at short notice in buildings that have the capacity. Or, they can move on quickly without having to wait out a long notice period.
Benefit #2: It’s cost-effective
Renting a private suite in an un-serviced office is definitely a costlier option. Prices are high, particularly in large cities, and furnishing the space can be an expensive endeavour. Co-working spaces on the other hand are already fitted out with furniture and stylishly decorated prior to move in (see #4).
Benefit #3: A sense of community
Many businesses claim to have grown exponentially since moving into a co-working space. Occupiers find themselves working alongside other innovators from a variety of sectors, and quite often these people become either clients or employees. Many established coworking providers like WeWork and Impact Hub have created global communities through their memberships – this means that not only are occupants able to rent space in other locations around the world, but they have access to other members’ profiles on an app. It’s also hard to find a co-working space that doesn’t have an event space that hosts weekly networking events and business lectures. In short, co-working boosts both productivity and profits.
Benefit #4: Beautifully designed interiors
Typically, co-working spaces have channelled the trendy ‘stripped-back’ aesthetic to appeal to their traditional target market made up of freelancers. However, as the flexible workspace market has become more competitive, they are beginning to attract bigger businesses and are investing more in their interior design to create professional environments. After all, .
Joynture on Wall Street, NYC bridges the gap between cafeteria-style co-working spaces and corporate suites.
Benefit #5: The ultimate office perks
Currently, the UK is the co-working capital of the world, fuelled in part by its booming gig economy. Around 8 per cent of new office space is taken up by shared space, according to property adviser Cushman & Wakefield.
This space in London’s Paddington location provides free beer and prosecco on tap – no wonder they’re smiling!
To find out more about how co-working could benefit your business, or to arrange a viewing at a property near you, contact Search Office Space today.