Did you know that the US is the world leader when it comes to the amount of physical coworking space available? Upwards of 80 million square feet is identifiable as a flexible workspace.
The coworking movement is not a hot new trend, though. Many enterprise level clients are realizing what freelancers, gig workers and small businesses already knew. Coworking is a way to cut expenses and maximize productivity.
So, what exactly are coworking spaces? How do they work and what are the benefits? Below are some ideas businesses should take into consideration before renting in a coworking space.
How does Coworking support a Workforce?
Coworking operators are entrepreneurs themselves, which means they understand the power of networks and communities. Many strive to support their members by offering structured networking and mentoring programs.
Whether a member is an employee of a larger company or an entrepreneur just launching their business, a community surrounds them when needed. The knowledge, referrals and resources that can be realized by connecting with members of a coworking community is of immeasurable value to both the worker and the operator. Coworking spaces want to be known as a resource for the business community, beyond just being an affordable space for meeting and working.
- Flexibility and Affordability
Coworking is a flexible solution for entrepreneurs and companies of all sizes. They reduce the capital and operating expenditures associated with traditional leasing and real estate, generally by 20 – 40 % compared to traditional office rentals.
Many coworking operators allow month-to-month memberships, which allows its customers agility in regards to staffing size as well as the markets in which they operate.
One unexpected finding from the pandemic is how resilient and productive the workforce could be outside of the office. According to research by University of Southampton, pandemic-era productivity was not affected by remote work; in fact 54% of survey respondents felt their productivity per hour worked was increased by working remotely.
The “autonomy afforded them by their employer when working from home was highly valued and allowed them to better regulate their thoughts and avoid distractions,” the survey found.
Coworking spaces are free from the distractions of working from home and their flexibility encourages the autonomy of control employees desire.
Choosing the Right Coworking Space
Consider the points above when choosing a coworking space for your business. Have conversations with the operator about your business needs and ask how solutions can be customized to fit those needs. Check out our space to learn more about the services and solutions we offer businesses of all sizes.