Coworking spaces are growing more and more popular around the world.
There is still lots of room to grow. Research data from Communion Cowork shows that coworking spaces are expected to grow 13% annually until 2022 around the world.
There are multiple reasons why coworking spaces are growing, but we’ve boiled it down to 3 main factors.
As the way we work is continuously evolving, professionals are looking to exert stronger control over their working lives through shared workspaces.
Even large corporations such as Amazon are renting WeWork’s coworking spaces, and other corporates such as BHP are implementing shared workspaces in their offices and implementing work from home policies, offering employees even better flexibility.
The beautiful thing about coworking spaces is that it’s scalable, and you pay only for what you need. If you’re an entrepreneur or a small startup, you don’t need a full office workspace when your team is likely consisting of 2-5 people.
Likewise, if you’re a large corporation, you can rent the entire building with ease by just dealing with the coworking space rather than dealing with the landlord. If you intend to scale down, you can easily do so through the coworking space.
Lone freelancers who are on the move can even opt for prepaid passes, taking up a hot desk only as they need it, rather than paying a fixed monthly fee. This could be more expensive in the short term, but the cost savings are enormous in the long run.
In a coworking space, you’ll be coming across other professionals. These make excellent networking opportunities for you to get acquainted with your neighbours.
Networking with these like-minded entrepreneurs and small business could lead to potential partnerships and collaborations. You may also find people who could hire you for your services or provide you with references.
While working from home can save you money and time, it can be a bit distracting. Renting a coworking space allows you to separate your working life from your personal one. An especially useful feature if your home can distract you from work.
There is also the added benefit of socialising with other people (yes, I’m even talking to you fellow introverts). Humans, by nature, are social. The feeling of loneliness when working from home could potentially impact your mental wellbeing, affecting your productivity.
Research has shown that interacting with other people, whether it be a colleague, a friend, or even the baristas you meet for your regular coffee can affect your outlook.
If you’re finding yourself down and gloomy when working from home, perhaps consider renting a short-term coworking space pass and see how your outlook has changed. You might see an increase in productivity.
This could lead to more revenue, potentially exceeding the costs that come with renting a coworking space.
So there you have it, three main reasons behind the benefits of renting a coworking space.