Demand for co-working space and shared offices is on the rise as more businesses than ever look to this flexible way of working to reduce costs, expand into new markets and increase agility.
What is a Coworking Space?
Also known as a shared office, a coworking space gives SMEs, entrepreneurs and freelancers access to all the facilities and perks of conventional office space, without a traditional lease and all the hidden costs that go with it.
Coworking spaces are traditionally open plan environments; tenants pay for the space they need via a membership fee, giving them access to a mix of private and communal areas. This way of working offers superior flexibility in that it allows a business to grow or downsize as needed, with contracts lasting as little as a month.
Research shows coworking can improve productivity, with 71% of workers saying they feel more creative in a coworking space, while 68% say they are able to focus more.
Coworking Space Benefits
1. Save Money
Eliminate the hidden costs and risks of owning your own office and simply pay for the space you need. With a coworking office, there is no traditional lease or any of the hidden costs that go with it.
2. Improve Networking
The collaborative nature of coworking spaces is ideal to improve networking opportunities and start new conversations with everyone from potential clients to business partners.
3. Increase Creativity
Design-inspired office space settings, creative community cultures, regular educational events and perks like indoor gyms or game areas all work to foster greater creativity and productivity in a coworking environment.
4. Impress Clients
Hold important meetings and conferences from a fully-kitted out office space at a desirable business address.
5. Increase Flexibility
Contracts are available for as little as one month.
6. Speed to Market
Move in on the day you sign and begin working immediately with plug and play facilities.
7. Scale Your Business
Occupy as little as one desk, with the flexibility to expand as needed. This gives you the opportunity to grow your team at your own pace.
8. Use State-of-the-Art Equipment and Facilities
Coworking spaces are furnished, pre-cabled and full of different amenities, from coffee shops and restaurants to conference rooms, breakaway areas, exercise areas and more.
9. Penetrate New Markets
Access new cities, sectors and markets anywhere without the added pressure of office space. You’ll find coworking spaces in virtually every major city in the world.
Difference Between a Coworking Space and a Serviced Office
| Coworking Spaces | Serviced Offices | |
| Office | Open plan, collaborative, with shared amenities and designated private areas | Corporate, greater privacy, each office occupied by one business |
| Design | Tend to be more informal and often seek to be inspirational. They usually include other lifestyle amenities such as coffee shops, yoga studios, bars and even cinemas. | Serviced offices are usually more of an austere environment designed for the corporate world and with less overt branding. |
| Culture | Determined by the coworking space – community managers are on hand to assist members in adapting. | Defined by the business or brand occupying the space. |
| Lease type | Flexible and membership-based | Contracts are usually 6-12 months |
Would a Coworking Space Suit You?
What started as an attractive solution for freelancers and individuals feeling isolated working from home, has since become a global trend among businesses of all sizes. The types of people accessing coworking space include:
- Remote workers who want an office away from the home environment.
- Travellers who need a space to work on a business trip.
- Freelancers looking to collaborate, network and benefit from a shared space.
- Small business owners looking to reduce costs and remain flexible.
- Entrepreneurs who want a space that can grow with them.
- Workers more used to conventional office space, looking for a space that inspires them.
- Large organisations who need space for travelling employees.
- Corporates looking for additional short-term space for project-based teams.
Find the Ideal Space
We partner with 99% of the world’s flexible office providers and list over 10,000 flexible office options, across 115 countries and over 1,500 cities. Speak to us to find your ideal space.
Find the right solution for your business and discover the types of office space we offer, including:
– Leases, sublets and workshop units.
Considering the pros and cons of a coworking space versus a serviced office is really important. The final decision will have major consequences with regards to costs, company culture, employee well-being and commuting arrangements.