With over 19,000+ coworking spaces across the globe, shared office spaces have increased the competition with commercial real estate by showing robust demand through 2020.
Coworking spaces are now becoming a strong alternative to conventional offices by providing a perfect blend of tangible and intangible amenities including prime infrastructure, cohort affability, renewed networking opportunities, and upgraded convenience. These shared workplaces are utilized by different sorts of professionals, entrepreneurs, start-ups, mostly freelancers, working in various degrees of specialization in the vast domain of the industry.
The rising shift in the audience for preferring coworking spaces can be attributed to the following factors:
Workspaces with Wide-ranging Benefits
The new way for developing agile and operative workspaces is the ability to bring integration between work and life. Today, companies that are set up with traditional practices of hierarchy, imperviousness, and limited engagement traits that have no resonance with today’s millennial. Businesses and startups are making the shift to co-working to ensure that they can provide all the facilities that they otherwise are unable to provide to their employees in a traditional office setup. Most coworking spaces now offer an all-embracing array of amenities and workplace benefits that are attractive to the employees and surpass outdated offices. Besides the normal workplace amenities like activity-based set up, meeting rooms, engagement zones, recreational areas, the spaces are entrenched with the latest technology, tools, and enabling infrastructure that not only enhances co-worker’s productivity but also helps manage it effectively.
Coworking spaces alleviate overhead burdens from businesses/ startups to set up a traditional business structure. They are designed with the latest technology and modern infrastructure that eliminates financial burdens. Another benefit is shared access to co-working amenities and utilities. These benefits might not affect the budget directly but required for the long run of the business. People can work in these workspaces without the worry of the internet shut off, replacing office equipment, running out of coffees, or whatever other problems occur when in operations alone. A well-decorated and organized coworking space can boost the credibility of any organization working there.
The major factor that drives the success of coworking spaces is their easy accessibility. Traditional offices are restricted with certain timings. Entrepreneurs majorly prefer the coworking spaces because they are accessible 24*7and ensures working flexibility. Not only is the accessibility provided to the infrastructure but to the latest tools. From high-speed internet to printers, and scanners, and other office equipment, the co-working spaces offer the latest tools, and technology to prove a smooth, and hassle-free working experience to the people working there. Such flexible accessibility helps professionals to work according to their comfort, and maintain a practical work-life balance.
A Cordial Work Environment for Young minds to flourish
Working at a place that is shared with different businesses and startups requires a cordial environment for people to concentrate. Creating a lively atmosphere in the workspace can nurture creative thinking, and help people to focus especially in a co-working space where ideas can move freely from one department to the next. By being around different professionals helps in enhancing and flourishing knowledge on different grounds. Co-working allows the right exposure, and opportunities to learn and engage for skills enhancement and work enrichment without any organizational rigidness and hierarchical limitations.
Community Networking Opportunities
Developing and expanding new networks is the best method to stimulate one’s connection and grow as a professional. Collaboration with like-minded professionals is the foundation of every workspace. When professionals are signing up for the coworking spaces they are automatically signing up for shared and enhanced networking. Access to a community of entrepreneurs, innovators, and professionals is one of the important factors driving the arrival of independent workers and startup companies to these shared spaces. Getting to know other members creates opportunities for knowledge sharing, partnerships, ideas, new leads, and referrals. Coworking spaces provide opportunities for collaboration and networking.
Drives Engagement and Increases Productivity
Coworking spaces are essentially great for employee engagement because they tangibly and intangibly sketched to propel engagement which also emphasizes potential and productivity. When professionals have control over choices, they become engaged which results in increased productivity. Conventional offices have a rigid structure and do not offer various amenities and choices. Coworking spaces are created in a way that counters the rigidity of conventional offices. Also, the incredible networking opportunities add effectiveness to the workplace which somehow affects the engagement and productivity of the employees positively.