What is a Coworking Space

How does Coworking Work?

A coworking space is typically designed to include a large common work area, furnished with desks and seating, where various occupants can work on their respective projects under the same roof. Occupants have access to high-speed Internet and all the tools required to run a business, making it easy to simply sign a flexible contract and get down to work. 

These types of spaces offer shared amenities including a kitchen, meeting rooms and breakout areas. Some of the coolest coworking spaces in the world take it a step further by offering several amenities or catering to groups in specific niches, like tech or creatives. Spaces offer everything from wellness centres and gyms to childcare facilities and event space, while amenities include everything from free breakfasts and coffee bars to beer on tap and innovative restaurants.  

Unlike traditional office leases, coworking occupants only pay for the space they need to use - which can be as little as one “hot desk” and up to much larger teams. Leases are also more flexible with short-term offerings, allowing rental of the space by the month, the week or even the day.

While offering plenty of flexibility and peer-to-peer interaction, a coworking office space also gives businesses and freelancers a professional setting for client meetings, as well as reliable connectivity to maintain productivity. Essentially, it’s somewhere between the “coffee shop and laptop” setup and professional office space - combining the best of both worlds.
 

Key Benefits of Coworking:

• Flexibility in working to suit businesses of all sizes and budgets
• Prospects for better networking and collaboration
• Less expenditure on office space, furnishings, IT support, branding etc.
• Promotes productivity
• Leaves room for growth and development
• Excellent support (admin, IT, reception and communication etc.)
• Fast, reliable Internet connectivity
• A client-friendly space for entrepreneurs and freelancers

 

Who Works in Coworking Spaces?

Whereas coworking used to be associated largely with small startups and “solopreneurs”, its popularity is expanding. Today, coworking setups are also being used by larger corporations who see the appeal in the flexibility they offer. A flexible coworking lease can help companies to accommodate staff spillover, teams hired for specific projects or employees who travel often and need to stay connected.

The coworking industry is growing rapidly, and it’s been predicted that by 2020, nearly half the workforce will have adopted coworking as a more agile way of doing business. If you’re looking to reduce overheads, boost productivity, and foster an environment of creative collaboration, coworking could be the way forward for you and your team.