At the core, coworking spaces are open-plan offices made up of shared desks, private offices, meeting rooms, and event venues. Individuals and companies from different industries can rent any of these space on short-term leases with a rolling month to month basis.
The concept of coworking is relatively new but is growing at an enormous rate of more than 40% each year.
More than 41.6 million sqft of traditional leased office space has been converted to coworking within the last couple of years.
Besides acknowledging the over-supply of office and commercial spaces, the coworking space model is a good way to bridge the demand where companies are able to scale according to their own specific needs.
This growth has occurred alongside the rise of startups, freelancers, mobile workers, nomadic entrepreneurs, and even large companies looking to expand into a new market. Coworking spaces offer these groups flexibility in terms of duration and cost as well as a variety of amenities and services, such as community. Made up of individuals from different backgrounds and different stages of business growth, coworking spaces provide a community for members. This, coupled with a space designed to encourage collaboration, offers the opportunity to learn from or collaborate with other coworking members on ongoing projects.
Coworking spaces offer a creative and diverse work environment in which you have every opportunity to meet and collaborate with people from various industries and backgrounds. Providing you with all the necessities for you to grow your business - think high-speed WiFi, desks, chairs, coffee, reception staff - these spaces are simply plug-and-play. Plus, you just need to rent the space for the time you need - whether that’s simply a day, a week, or a month. Unlike traditional offices that have long-term leases with expensive downpayments, coworking spaces offer more flexible options that can significantly reduce your capital expenditure.
What makes a coworking space great for you, whether you’re a startup or an MNC or large corporation, is it can help you be more productive, expand your network, and receive clients in a professional setting. Coworking is agile enough to support all facilities and amenities needed for work and interact as much or as little as you want with your fellow coworkers. It is a perfect place to share ideas or go heads down, with places for you to sit, stand, lounge, or even walk as you work.
Particularly for larger corporations, coworking spaces offer the opportunity to tap into innovation. By placing smaller teams into coworking spaces they can interact with other companies who are disrupting their industry and even use the opportunity to recruit promising talent. Bringing this all together, what coworking spaces offer is a community of like-minded people with whom ideas can be shared with and even possible partnerships can be formed.
Fully-furnished and ready for you to work, short-term offices provide you with all the benefits of a traditional office without the expensive long-term leases. Prices are also inclusive of access to meeting rooms, a business address, call handling, and other administrative tasks so you don’t have to sweat the small stuff. Renting a short-term serviced office also gives you the flexibility to scale your business since you’re not locked in to a fixed contract - so if you’re not sure how big your team will be in the next couple months, you don’t have to worry, you can always add more seats or take away some.