Since the pandemic has caused many businesses to change how they operate, there has been a significant rise in the utilization of shared office space. This is due to several factors, the most significant of which may be the growing popularity of hybrid working arrangements. It is clear from the statistics and the findings of surveys performed during the pandemic that workers do not want to return to the office full-time, but at the same time, they do not want to work entirely from home either. As a direct consequence of the seismic change in working practices, many businesses are now grappling with the attendant problem of reimagining the workplace. Space issues have evolved in response to workers is no longer present in the office five days a week. When there will be empty desks in the workplace on numerous days of the week, sticking to the standard office layouts doesn’t make sense. This results in office space that is grossly underused and has been a monumental waste up to this point.
What is a Coworking Space?
Consequently, this brings us to the logical next question: “What exactly are coworking spaces?” The following is how the emergence of coworking spaces is described by DropDesk, which provides software for managing shared office space: Coworking may be loosely defined as the practice of individuals congregating in a shared office or another neutral area to work individually on a variety of projects or in groups on the same tasks. Coworking spaces are distinct from traditional office workspaces in the sense that, in most cases, the individuals working there are not employed by the same business as one another. Coworking spaces provide many of the same conveniences that one would find in a conventional workplace and a great deal more. You do not need to sign a lease for an extended period to use a coworking space is a key differentiation.
Gaining Popularity
Coworking Resources, a newspaper aimed at those who run coworking spaces, has devoted a significant amount of space to writing on the growth of these types of workplaces.
“Global Coworking Growth Study 2020” is the name of one of the articles that can be found on the Coworking Resources website. Content contributor Alberto Di Risio wrote this article. The following is an extract from an article published by Di Risio: “The number of coworking spaces globally is predicted to reach around 20,000 this year and surpass over 40,000 by 2024.” Even though the market is forecast to expand at a more moderate rate in 2020, we anticipate that expansion will pick up speed and continue to surge forward beginning in 2021, reaching a rate of 21.3% annually.
Allwork. Space, a digital media organization committed to researching the future of work, provides the following three insights in an article Cecilia Amador de San Jose, Senior Associate Editor, published. These insights serve to reinforce the arguments that Di Risio expressed.
- It is estimated that there are 35,000 flexible workplaces in operation across the globe now.
- It is believed that flexible workplaces are worth something in the neighborhood of $26 billion worldwide.
- Even though the COVID-19 pandemic had a detrimental influence on the growth of coworking spaces, it is anticipated that the sector will continue expanding and prospering in the world after the epidemic.
Coworking Benefits
Flexibility
Flexibility is the biggest advantage that comes with using shared office space. Coworking spaces often provide several alternative office and desk configurations for employees to choose from and reserve according to the specific needs of their unique jobs. Because many people and teams often share office spaces, a company may easily alter its coworking plan to fit a decreasing or rising number of team members. As a result, they will only pay for the resources they use.
Sense of belonging
The face-to-face interactions between workers and the community they built in the workplace served as the cornerstone of what is now referred to as a “business culture.” When coworkers are all working in separate places, it might be more difficult to attain this goal in today’s society, prioritizing remote work. Coworking spaces allow workers to recreate the feeling of community they may be missing from working in virtual environments. Workers have the opportunity to engage in conversation with persons who share their interests and those with unique points of view, resulting in a more well-rounded experience.
Opportunity for networking
Coworking spaces are social environments, and the chance to socialize and exchange ideas with other people working there will always result in forming important relationships. During a casual discussion in a shared office area, you might jumpstart your networking efforts by offering assistance or trading services. Maintain as much lightheartedness and friendliness as possible, and don’t push sales too hard or force talks; doing any of these things might turn off relationships. Nevertheless, employees can meet their fellow coworking members with an open mind. A casual professional connection may develop into a close friendship, just as easily as a straightforward discussion about how to solve a problem rapidly leads to a lucrative commercial opportunity.
Enhanced levels of both productivity and creativity
Interacting with various individuals is one of the most common ways professionals discover novel answers to problems. Working with many teams from various professions and businesses provides many benefits, including introducing novel thinking processes and new points of view. Some employees find that they are more driven to work when surrounded by other productive individuals, and they depend on a fast-paced office atmosphere to guarantee that their deadlines are reached. Research has shown the following to be true: According to a poll conducted by the GCUC, 84 percent of colleagues report feeling inspired and engaged when working in coworking spaces.
Cost savings
Coworking spaces allow firms and employees to share the costs of running their businesses. Participants in a coworking space may share reception services, internet access, printers, workstations, laptops, and break room space. Because the expenses of these services are shared among numerous tenants, the quality of the office space may be improved for a fraction of the cost.
Because membership to a coworking space does not include signing a long-term lease for real estate, the facility has to maintain its appeal to renters. As a result, property maintenance should occur more often and promptly, places should be consolidated, and parking should be easy to reach.
