Bottom line blessings, boons, and bonuses of commercial real estate coworking spaces
Is there a work arrangement or workplace thats perfect? Productivity, innovation, and collaboration are at the centre stage of cozy to luxurious chalet in the Swiss Alps and sector-specific amazing shared offices conquering the world.
What was once an avenue for freelance workers and work from home professionals to work is a full blown industry that has changed the way people view office space. Data from CoworkingResources and Coworker suggests crosing 40,000 shared offices worldwide by 2024 with an annual growth rate of 21.3% as predicted by industry experts. What exactly is it about flexible work places and work spaces that make it appealing to everyone?
Definition of coworking space
What does coworking space mean?
Coworking is an emerging style of working in an innovative open space environment of a shared work space. Its short for collaborative working.
According to Wikipedia, coworking is the situation in which several workers from different companies share an office space, allowing cost savings and convenience through the use of common infrastructure, such as equipment, utilities, and receptionist and custodial services.
“Coworking” or “Co-working”?
Should coworking be hyphenated or not? The hyphenated term “co-working” is due to the Associated Press (AP) Stylebook distributed to journalists worldwide. The Stylebook dictates AP’s commonly used names and words preferred spelling and punctuation.
Thus, since the AP Stylebook is in favor of a prefix, like co-owner, it has been passed down in publications to the term coworking. So, the verdict as to whether its “coworking” or “co-working” is: Because coworking does not relate to more traditional terms and is a new industry in itself, its spelled “coworking”.
Commercial coworking space for rent
Is working from home easy or always good for every business?
The market for coworking spaces has undergone remarkable growth over the last couple of years and continues to grow. Even though working from home does not require paying rent for an office space, its no secret of the many benefits of a coworking space for startups inluding writing off certain business expenses.
Coworking spaces consist of people who work for a range of different companies, ventures, and projects, expanding social networks. It is a great way to be around people.
What are most requested coworking ammenities?
Are you asking yourself “what is the best coworking space near me?” Workplace experience is complemented by amenities that cultivate mental and physical health of members.
Are you a or a businessman who frequently travels, a startup not ready to hire an office space yet, or an individual looking to increase your productivity?
Coworking offers a lot of benefits over traditional and home offices that justify the cost, especially if you’re looking for perks such as:
24 hours access
Bespoke office layout
Workout amenities
Showers and changing facilities
Networking events
Outdoor space
Bike storage
Childcare facilities
Secure lockers
Pet-friendly
Bar facilities, gourment food, and free cofee
Amenities that pump up your adrenaline for productivity with an added element of fun and fostering community are top picks for an optimal coworking experience.
A case for renting a coworking space versus a home office
When you’re at home, there are so many distractions – the TV, the fridge, your bed. It’s hard to stay focused on work. But when you’re in a coworking space, there are other people around you working hard too, so it’s easier to stay on task and get things done.
Do you think that you are mising out on the bonanza benefits of using a commercial coworking space? Of virtual offices, coworking access cards, and hybrid workplaces, which is your favorite.
On-demand flexible spaces with little to no challenges faced by the operators are on a rising demand. They provide a productive space for networking, other positive forms of communication, and brainstorming. Researchers in 2015 discovered that coworking space members scored an average of six out of seven on a scale measuring how employees are thriving.
Benefits of coworking space over working from home business
There are many benefits to coworking spaces as opposed to working from home. Here are just a few of the reasons why coworking spaces are better than working from home:
1. Productivity boost
It’s been proven time and time again that people who work in coworking spaces are more productive than those who work from home. When we know others can see us, we feel like we need to be “on our game” which leads to higher levels of productivity.
2. Actually getting work done
When you have a dedicated workspace outside of your house, you’re more likely to get things done. There are simply fewer distractions when you’re in a dedicated workspace – no laundry piling up or fridge full of food calling your name! No more interruptions!
3. Helps your mental state not to go crazy
69% of office workers are more productive when they work in a variety of office settings in a workday. The change of scenery gives them a place to go outside of their homes and by provides different settings for them to work more happily and productively.
Spending too much time inside the house can make anyone go stir-crazy after awhile! A change of scenery (even if it’s just a short walk to the coffee shop) can do wonders for your mental state
4. Connect with new people
A communal space, as opposed to a communal space, as opposed to working from home for free or renting a nondescript offic or working from home for free connects people from all walks of life. Working in a shared space means you’ll inevitably meet new people and make connections that can help further your career.
5. Flexible workspaces attract all personalities
Coworking spaces are just the right fit for all types of personalities, extroverts, introverts, and a mix of both.
6. Community
Working from home can be lonely, and it’s harder to “bounce ideas off of someone” when you’re the only one there. Coworking is more social, making 55% of its members feel like they belong, having other people to interact with in c;ose proximity.
7. You have people to bounce ideas off of
Sometimes all you need is someone to talk through your ideas with before moving forward with them (or realizing they’re not as good as they seemed). In a coworking space, there are always people around who are happy to listen and offer their own insights
8. Low budget
An affordable coworking flexible facility is getting more popular by the day It can accommodate half of a U.S. nation’s workforce
9. Networking and referrals
Coworking networking is an important source of work and business referrals. You acquire additional work or projects from the interactions, connections, and networks you make in these spaces.
10. Take breaks without feeling guilty
Picture this! When you need a break from work but can’t leave the house because then you might not come back, doesnt it feel like taking a break is wasting time?
But in a coworking space, stepping away for a minute or two to grab a coffee or chat with someone doesn’t feel like such an indulgence. Why? everyone else is doing it too!
11. It expands your professional network
The never-ending buffet-like nature of coworking lays the foundation of you accidentally bumping into a financial expert or your co-CEO you desperately needed to scale your business.
Since nesting in a co-shared workspace, 82% of co-workers report that their networks have expanded significantly.
Moreover, professionals learn new skills and grow!
12. Collaboration
When you work in a coworking space, you’re surrounded by other people who are also working hard on their own projects. The outcome is serendipitous collisions resulting in fresh new ideas and collaborations because 84% of coworkers feel motivated and engaged.
13. Feel less isolated
Can working from home be lonely? It’s easy to feel isolated when you work from home all the time. Coworking spaces provide an opportunity to socialize and interact with other like-minded individuals on a regular basis.
Coworking space members are less lonely after joining coworking spaces.
Coworking statistics you need to know
The coworking industry has experienced growth in the past and the significant increase in shared coworking spaces as a business model worldwide is not slowing down any time soon.
There are 19,700 coworking spaces across the globe with the figure expected to surpass 26,000 by the end of 2025. (Statista)
The global valuation of flexible workspaces is $26 billion.
(Allwork. Space)The Freelancers dominate the global coworking demographic.
(Deskmag)Since the start of the pandemic, 71.67% of locations reported a considerable drop in the number of individuals using their coworking space for work. (Shortlister)
Other coworking facts that you need to know
It’s been estimated that at least five million people would be opting to work for coworking spaces by the end of 2024, a growth of 158% than in 2020.
47% of remote workers struggle with isolation and loneliness while working remotely (Zippia)
Coworking spaces make money with 72% of shared office facilities becoming profitable within two years from their opening.
The IT industry employs 20% of those working in coworking spaces.
The average age for men is 35, and 30 for women.
The average age of those who use coworking spaces is 30 – 39.
Coworking typically has 40% – 45% of women as members, while 50% – 55% of coworking spaces are occupied by men.
Propques
Coworking space examples
Regus (IWG) is the top player in the coworking industry, with headquarters in Luxembourg and branches all over the world. Regus holds an 11% market share globally offering video teleconference services, ready-to-go serviced offices, instant virtual offices, and an assortment of other options.
Impact Hub has over 100 locations across 50 countries with 16,000 members. The main focuses of Impact Hub is bringing together entrepreneurs to create sustainable development and build community.
Spaces that began in Amsterdam, Netherlands services over 400 locations around the globe. It has offices on five continents, including North America. creating customized contracts for each of its members.
Other big names on the market include:
- Servcorp
- Your Alley
- Breather
- District Cowork
- Knotel
- Make Office
- Industrious Office
- Techspace
- Venture X
- Serendipity Labs
- Green desk
- SomeCentral
"WorkSocial offers fully furnished coworking office space for rent on an hourly, daily, or monthly basis with high-quality customer service to turn your vision into reality. We serve clients by developing workspaces with best-in-class amenities and advanced infrastructure."— WorkSocial
What new way of working prioritizes a healthy workforce?
Coworking quotes inpsire and motivate
“Coworking is growing and hybridizing so fast, we’re having a hard time keeping up with it.”
— SmallBusiness.com
“Coworking offers more freedom, independence, possibilities for self-realization and overall more freedom of choice than other forms of work.” — Carsten Foertsch, Deskmag
“Coworking is often considered a millennial venture – strictly for those who are young, starting out and crave the unstructured work environment. While coworking may have begun in this demographic, this is less and less true as coworking becomes increasingly popular. All kinds of workers are realizing they can have a flexible and diverse working environment without sacrificing the professionalism of the office.”
— Don Ball, Fueled Collective’s Co-Founder and Chief Social Office
“It’s not about having a Silicon Valley attitude – it’s about having an entrepreneurial attitude. It’s about partnering with other organizations in and around your area. It’s about thinking big with entrepreneurs that sit next to you in your coworking space. It’s about collaborating with tech gurus, social media wizards and community leaders at cool business events. It’s the people that make a community an entrepreneurial one – not the location – and it’s up to you to contribute.” — Brad Feld
“Unlike older generations, people under thirty are also less likely to have office jobs. Consequently, they are always looking for pleasant places to work outside their homes. Many end up in coffee shops and hotel lobbies or join the booming business of coworking spaces.”
— Susan Orlean
“We expect to see a growing number of flexible workers try coworking – and a growing number of employers embracing coworking as a tool to help their increasingly mobile and flexible workforce to do their best work.”
— Money Magazine
“Unlike older generations, people under thirty are also less likely to have office jobs. Consequently, they are always looking for pleasant places to work outside their homes. Many end up in coffee shops and hotel lobbies or join the booming business of coworking spaces. Some of them are also discovering that libraries are society’s original coworking spaces and have the distinct advantage of being free.”
— Susan Orlean
Now its your turn
Do you have an employee that wants to work from home? Can setting them up in a coworking space be a better arrangement?
Let us know in comments section about your favorite ‘aha’ moment from the benefits of coworking spaces vs working from home. If you liked the blog, then please share it with others who can find it useful with the sharing buttons below.
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Sources
- Coworking Space: A Potent Business Model for Plug ‘n Play and Indie Workers – Mathias Schuermann
- Commercial Real Estate Market Reports and Research – Yardi Matrix
- 145+ great co-working slogans and taglines – The Brand Boy
- GCUC 2019: What Coworking Members Really Want – Allwork.Space
- Coworking spaces – statistics & facts – Statista
- Global Size & Capacity of Coworking Spaces Data: Why It Matters – Coworking Insights
- How Profitable Are Coworking Spaces? – Deskmag
- 60+ Coworking Statistics & Trends Every Employee Should Know in 2022 – Shortlister
- Most Common Demographics of Coworking Space Users – Propques
- Healthy Office Trends and Ideas – Ergonomic Trends
- Work from home statistics: The state of remote work in 2022 – Biteable
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