WHY CO-WORKING IS HERE TO STAY
The Global Coworking Unconference Conference (GCUC) forecasts a whopping 30,432 new spaces opening their doors and over 5.1 million people becoming coworking members by 2022.
The innovative environment inherent in co-working spaces is one reason many larger companies now place creative staff in co-working spaces across the US and across the globe. The idea is attractive for employers, small business and entrepreneurs—you can show up, share a space and plug in.
The exponential growth of Co-Working Spaces globally means that the world is adapting to positive changes in the way we work. With more than 10,000 Co-Working Spaces globally, the growth within this industry has been phenomenal with an estimation of just about half a million people working in Co-Working Spaces around the world.
This rapid expansion and adoption of coworking spaces is showing no signs of slowing down. A study by the Global Coworking Unconference Conference (GCUC), predicts the number of coworking spaces will nearly double to almost 31,000 and the number of workers using them will triple to 5.1 million in three years.
So, what is it that makes coworking spaces so attractive to workers, solopreneurs, small businesses, and even enterprises? Let’s take a quick look at some of the key reasons.
ACCESSIBILITY & FLEXIBILITY
Companies and employees alike, need opportunity and adaptability in the way they work. Along these lines of adaptability might be the future standard of each workspace, regardless if it’s a coworking spaces or not. With this being the wave of the future, collaborating suppliers are adjusting to and giving a work culture that is in a state of harmony with the regularly evolving pattern. Various coworking providers tweak their space in form of upgrade to improve the flexibility and accessibility to accommodate the needs of their members.
In addition to getting locked into long-term lease, the cost of a permanent office space can be a huge financial strain for small businesses, with many spending upwards of 10 percent of their revenue on them. With coworking spaces 331% cheaper than a permanent office space, cost is a definitive driver behind the dramatic growth.
SEPARATION OF COMMERCIAL REAL ESTATE
Long Term contracts do not make sense anymore given the dynamics of the commercial real estate. Commercial real estate is turning luxury as time moves forward. Some companies and organizations change offices every 2-3 years. Companies look for more flexible solutions, and within coworking, the industry has learned to adjust to these needs and build upon that, hence creating an on-demand product for such companies. Co-working can drive to mutually beneficial establishments by following the norm of the shared economy. If envisioned well, co-working will become that portion of real estate where people could live, work & socialize.
DIGITAL NOMADS & REMOTE WORKERS
Millions of people have to move around to find work globally. Co-working has embraced a collective of digital nomads and remote employees, whose key requirements are a work environment with high-speed internet and a community of like-minded individuals. As such, individuals are not required to work at a desk doing aa regular 9 to 5, they still require places where they can get their work done, reliably, and efficiently, along with meeting new people along the way. About 60% of digital nomads and remote employees alike are flexible and mobile. The life of a digital nomad can become quite lonely, hence why co-working spaces make sense. Co-working spaces provide such people a sense of fulfillment by creating the access of face-to-face interactions with like-minded individuals, rather than Skype calls and emails.
NETWORK HUBS OF THE FUTURE
About 70% of coworkers reported a boost in creativity since joining a co-working space. Co-working spaces will be where people will spend more time at working , as companies will be more inclined to get the best people for the job, despite their geographical differences. At the same time, it will also be places where people, who are looking to learn and network, will arrive to co-working space with the goal of finding new opportunities, especially with the rise of freelancers.
BUILDING ENTREPRENEURIAL COMMUNITIES
Unlike traditional offices, where people are confined to a large, quiet, and professional setting, without external interactions, Coworking has always been about creating and adapting to a trusted community.
A community that is designed from the very start with like-minded partners and supporters in mind.When it comes down to brainstorming and collaborating on projects..the end result is pure synergy! .Creative spaces which are designed to accelerate such ways of working. Coworking spaces will continue to introduce and connect visionaries, entrepreneurs, all with the goal of creating solution-focused businesses and building a better world and shared economy, we know is possible.
RECRUITING AND RETAINING EMPLOYEES
Workspace flexibility, which essentially is the objective of coworking spaces , is something that employees increasingly cite as a critical factor when considering and evaluating employers; they want the ability to work remotely and from locations that shorten their commute. This makes it easier to recruit and retain top-quality employees which is particularly difficult during a time of low employment.
It may take you some time to find your ideal coworking space. But remember, the space you choose to work in is an extension of your business, so take your time to find the one that will feels like you’ve arrived home.