Essentially known as shared office spaces with all the amenities of a traditional office plus more, coworking spaces seem to be the norm today. Walk into a coworking space and you’ll immediately notice how it feels entirely different from a regular workspace. The smell of fresh coffee in the air is second only to the electric atmosphere that the energetic and excited occupants bring to the space. You’ll also notice a mix of individuals. Some that are deep in focus at private desks and others that strike up engaging conversations at large shared tables. This comfy yet corporate culture is what draws people to sign up for coworking spaces. Not to mention, such spaces provide an affordable way for those looking to escape the isolation of a home office or a quaint coffee shop.
With a bunch of different amenities from individual desks to private meeting rooms and kitchens to community areas, it’s no wonder then that freelancers, entrepreneurs, start-ups and small teams are flocking to take advantage of these flexible spaces. In addition to culture, cost is another reason to test out coworking spaces. One of the advantages of a shared office is the ability to rent out only what you need versus say an entire private office, which can turn out to be quite expensive.
So what is the future of coworking spaces? Younger members of the workforce, such as millennials or Gen Z, are increasingly finding themselves catering to the freelance community in order to find that work-life balance. And coworking spaces are their go-to when they’re looking for something a little more official than a coffee shop but a little less serious than a traditional office space. This in turn has given rise to a multitude of coworking spaces. The design and culture serves as an example for any organization looking to come up with fresh ideas and grow. And since there is little sign of them slowing down, we looked into what’s in store for shared office spaces in the near future.
- The rise of new and improved coworking spaces
With the increase in demand for shared spaces, there’s enough space and demand for more than one leader. It’s pretty well established that the future of coworking spaces is secure and in fact will become more and more prominent for many years to come. Some of the top market leaders provide substantial benefits for users. However, the future will see an influx of smaller players as well. While there are a ton of coworking spaces available currently, the number of niche markets are on the rise too. This means there will always be room for smaller coworking providers to test the market as well. There is plenty of market room for coworking diversity, and serviced office spaces add more than one flavour to the variety by providing their own unique atmosphere.
- The growth of coworking communities
One of the most important factors of shared office spaces is the growing sense of community. Getting together and surrounding yourself with like-minded individuals is what it’s all about. And millennials today crave togetherness, community and interacting with people who thrive on good energy. As connectivity increases, we are ironically becoming increasingly isolated from one another. The point of coworking is to bring people together in the digital age. So in the future, shared workspace culture will have to fill the hole left by company culture. This will reflect on how coworking spaces function in the future by laying emphasis on growing that community spirit. Smaller workspaces that exist to serve a specific niche will increasingly grow in importance. This will mean more and more locations will focus on definitive fields, which provides more options for collaborations and a closer sense of community. This is also important to create a culture more accurately aligned with what drives success in a particular industry.
- Culture over cost and profit
For coworking spaces today, it’s vital to attract the right people for the right space in order to grow. A huge aspect of working in shared serviced offices for many individuals and startups is the growing sense of community and the potential to form collaborative relationships. So they will look at spaces that aim to create a healthy supportive environment to attract the right kind of people. This will also require people willing to get on board with that culture. Of course, every community will have people come and go, evolve their business or move on for different reasons. So finding the right tenants can get difficult for companies. However, more and more coworking spaces are looking at finding people that match their energy and less at making a profit. With the right marketing and continued popularity of coworking spaces everywhere, a vibrant, social workplace culture is not that far off.
- Larger companies using coworking spaces
With the rise in shared offices, there’s a growing potential of larger established companies to start using coworking spaces. This could also be possible because sometimes companies want to avoid the overheads of running an entire office and might want to host individual departments or teams in separate coworking spaces. This is where local coworking spaces come into the picture offering spacious offices for companies where they’re surrounded by other tech professionals.
- Flexibility
This goes without saying that one of the biggest factors that will benefit coworking spaces now and going forward is that unlike traditional offices, coworking spaces let people choose between a large array of options for membership plans. Not being tied down by a one-year lease is a huge benefit of joining a coworking space. Most coworking spaces have membership options that range from daily access and limited monthly access to unlimited monthly access as well. In addition, most members get their own set of keys and are allowed to use the facilities after traditional work-hours, which is a big bonus for entrepreneurs, freelancers and startups alike. These are things that traditional office spaces simply won’t offer now or possibly in the future.
- Productivity Benefits
Besides offering economical and personal benefits, coworking spaces help members thrive professionally. The startup life can be tough and everyone knows freelancing is a grind. Being a member of a coworking space allows you to surround yourself with smart, motivated individuals on a weekly basis. Not to mention how coworking spaces have unmatched energy levels and provide you with the support you need to be successful. It’s easier to thrive when you have like minded people around you who push you professionally.
Besides these six reasons, there are so many more benefits to coworking that make it so appealing to remote workers and is seeing such an increase in today’s times. With an increasing number of jobs offering flexibility and remote work, the rise of coworking spaces is only going to increase over the next decade. So if you are in a position to, consider joining a coworking space near you to cut costs, network more efficiently and increase productivity levels.
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