A review of the factors to consider when choosing between a coworking space and a traditional office lease so you find the right work environment.
The Rising Demand for Coworking Space – Is it Here to Stay?
There are reasons employees have been flocking to coworking spaces before, during, and after the COVID pandemic. This article explains why.
Originally published by Albion Buzz. Reposted with permission.
The demand for coworking spaces is increasing as most companies shift their operations to adapt to the new technologies. It’s expected that the number of coworking spaces will hit over 40,000 by 2024. They offer the same amenities you would find in a traditional office.
People working in the office workspace aren’t generally working for the same company. Some of the factors that have led to the rise of coworking spaces are hybrid working. Here are some of the benefits of coworking space leading to its demand rise.
According to some estimates, research shows that a company can save up to 30% on operational costs. Whenever you rent an office, there are many extra costs that you will have to deal with, especially if you rent an open room to equip it with the right tools for business operations. Coworking spaces fit most of the tools you will require for normal business operations.
They offer these amazing facilities at unbeatable prices. That’s why their popularity will continue rising. Some are equipped with a visitor sign in software application that keeps the records of the visitors who sign in and out of the office. According to Greetly, businesses need to have an advanced visitor record-keeping system that will keep the data secure from unauthorized access.
After the pandemic, reports suggest that over 47 million people quit their jobs in the US. A large percentage of these people left due to a lack of flexibility with their working schedule. Coworking space offers the flexibility that these workers need.
Most of the remote workers operate from coworking spaces near their residential homes. This offers them great flexibility as they don’t have to keep on traveling to and from work during the weekdays. As a result, more workers are vouching for coworking spaces due to the flexibility associated with their work.
Career growth is all about networking. That’s the best way to learn what you can do differently and the uniqueness of your competitors. This is the most significant difference between the traditional office and coworking space. Here, you are working alongside a group of different people from disparate organizations.
You can connect with them through social outlets and learn many things about their business activities. Maybe, these are the people who will give your company the next big business idea. Still, you can get a few loyal clients for your business or get potential hires for your company.
Besides offering personal and economic benefits, coworking spaces help the company members thrive professionally. Being a member of the coworking spaces allows you to interact with motivated and smart individuals weekly.
The more you interact with hardworking people, the more you become productive. That’s why most companies and workers do not see any reason why they should return to the traditional office setup. The unmatched energy levels and quick support provide you with everything you need to be successful.
Coworking looks relatively cheaper than leasing an office space for both desk or private offices. The average size of an office in the United States for multiple employees is about 1,400 square feet. This means that only about 12 individuals can fit in this office with a desk of about 114 square feet. If you compare the average cost of leasing an office with a single desk in coworking, leasing a traditional office is very high.
Sometimes there are even affordable membership rates of about $195 per month. This is a better way for small businesses to cut their operations costs. As their number increases, the more they need for coworking spaces will increase, which means they are here to stay.