Over the last decade, coworking spaces have increased in popularity, revolutionizing the way people work. Various regions are receptive to the concept. The Asia Pacific alone had the highest number of coworking spaces in 2019. The concept has taken off with start-ups to digital nomads to big players. Here’s a look at why they’re such a huge hit with new-age workers.
First and foremost is the rent. With rising real estate prices and the requirement of capital investment, traditional office spaces can be extremely unattainable for most startups. Due to the model of shared spaces and utilities, the cost of a coworking space is much more affordable. Furthermore, renting an office space usually requires long-term leasing, locking business owners in contracts, while the monthly memberships offered by coworking spaces means there is more flexibility. This means that a change of space or cancellation can be easily done in the event that things go awry.
Secondly, most coworking spaces provide utilities that can be used by all members. Basic necessities such as Wi-Fi, printers, air-conditioning, and electricity are all managed by the co-working space, so there is no need to worry about servicing or maintenance. Some coworking spaces even provide additional amenities such as meditation spaces, exercise rooms, healthier snacks, and more ergonomic chairs. These amenities are both beneficial to the wellbeing of the workers and helpful in increasing productivity if properly utilized.
Finally, but most importantly, coworking spaces are a great networking tool. The variety of employees or entrepreneurs from different organizations, industries, or specializations that use coworking spaces means that there are many opportunities to network outside of one’s social and business circle. The open space setup also encourages mingling with other workers, possibly leading to business relationships that would otherwise be unlikely.
There are many reasons to use coworking spaces, and especially in the post-pandemic world where remote working and alternate day office hours are becoming normalized, it’s definitely an option to keep in mind.