“Coworking” is an emerging, trending term these days but you may be wondering what, exactly, it is. In short, coworking is a modern approach to work and describes a shared office environment where people who are self-employed or who work for different employers all work under the same roof. Coworking facilities often offer private offices in addition to meeting rooms and open spaces with desks and work areas.
Coworking has grown in recent years. Studies predict there will be more than 30,000 coworking spaces with over 5 million members by 2022. There are many reasons why companies are increasingly going this route and taking advantage of the growing trend. But we’ll also touch on why some companies may be holding back on making the move.
Provides Remote Teams with a Professional Space
COVID has been a big experiment in working remote and many teams are finding it beneficial. A majority of workers prefer to work remote—so much so that 34% of U.S. workers say they would take a pay cut in order to do so. Studies also find remote workers tend to be 20 – 25% more productive. The top reason for preferring remote work is that it’s a time saver. The time spared on the commute enables employees to have more time for themselves, their families, their sleep and their hobbies.
Although many workers enjoy the ability to work remote, it has its downsides. Working from home or from a coffee shop can be noisy and distracting. There’s also the challenge of needing a place to meet with clients or customers. This is where coworking spaces come in. It enables remote teams to have a dedicated space where they can meet or work from when they desire.
Saves Money…a Lot of Money
Think about how much money your company is spending on its office building and parking. And then consider all the money spent on utilities, WiFi, the phone system, cleaning service and security. Not only does it all add up to a large sum, but there is little flexibility. If the company falls on hard times, or an uncertain period of time like COVID, getting out of an expensive lease can be tricky.
Not only are coworking spaces more affordable than a lease or mortgage on a building, but many provide all-inclusive services, amenities and equipment like WiFi, a mailbox, printers and copiers, office furniture and even complimentary coffee and refreshments. Also, the space can be scaled up or down and many also offer month-to-month pricing.
Helps Freelancers and Start-ups Grow Their Businesses
Launching a new business venture can be daunting—especially for those who are self-employed or pursuing a start-up. To ensure the success of the business, it’s important to minimize expenses and mitigate risk. Coworking space is a great way to do so. It provides the feeling of owning your own office but without the financial burden. It also enables these individuals to have a space that is more professional than a home office that provides solitude when they need it but collaboration when they desire it. Most importantly, it offers a business address and a place to network and meet with clients. And for many, it’s a great first step in taking their business to the next level. For these reasons, coworking facilities provide a positive economic impact to the areas they serve.
Offers a Sense of Community
In a coworking space, there are often a variety of different kinds of businesses and business professionals. This enables individuals to connect with others who can help them grow. For example, a digital marketing start-up can team up with a web development freelancer to design a new website for their client. Or a graphic designer can collaborate with a copywriter to help with copy for an ad. While the networking benefits are valuable, the socialization is too. Loneliness is one of the most common complaints of remote work—research from Owl Labs finds remote employees miss social interaction the most. Coworking space enables people to have the sense of community they may be missing while working from home.
Lack of Privacy
In some coworking facilities, workers report there is a lack of privacy making it difficult to conduct phone calls or Zoom meetings. And for workers who are accustomed to their own personal office, working in an open environment may not be desirable.
Set Up and Infrastructure Is Sub Par
In some cases, a coworking facility may have slow WiFi, poor lighting or office furniture that is uncomfortable and lacks ergonomics. Or perhaps it’s difficult to get a cell signal within the building or the styling can be drab or outdated. These factors can all make the space a challenging place to do work.
The e|spaces Difference
At e|spaces, we offer all the benefits of coworking space without the cons. Our members have ample opportunities for privacy when they prefer it. For example, we offer private offices that can accommodate anywhere from one to three workers. We also rent our meeting rooms by the hour that can be used for conference calls and Zoom meetings. Also, our space is beautifully designed with a sleek, modern look and ample natural light streaming through large windows. And we chose the furniture with comfort in mind. Each desk can be adjusted and elevated to work as a standup desk providing flexibility. We also pride ourselves in strong WiFi and state-of-art equipment. And when you do run into a tech issue, we offer IT support.
We hope you’ll come see for yourself! Schedule a tour with our location manager today. You’re going to love where you work.