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coworking spaces

Coworking Spaces: The New Office Frontier?

Category: Business

These days, we hear more and more about coworking spaces, and most people have either worked in one or know someone who has been in that environment. In the past, it may have seemed like a strange idea to bring in completely different teams and companies in one shared location and expected them to achieve things productively. And yet, there are now over 22,000 spaces worldwide to date.

Who Is Making Space?

These locations usually cater to multiple companies either regularly or with a free system that allows shifting clients to use the space as needed. To know how viable it is as a business, one might ask, “how much does it cost to start a coworking space?

A little-known fact may be that these spaces are often franchised. A network of different owners under one larger umbrella allows each franchisee to take charge of their own business but have an established system to base their operations on. Franchisees invest anywhere from 1 to 3 million USD over a set period. That allows each owner to make use of existing training resources and management guidelines while taking charge of their own location in terms of clientele and trends.

office

You may notice that there is a particular aesthetic that is usually seen in these spaces, and that is because major franchises have established a specific set-up that feels professional yet still meets modern-day needs for better productivity and ambiance. This allows the environment to remain conducive and feel like a good fit, no matter what industry may settle in to accomplish their tasks in the location.

A Space that Works

But how is it effective for those who have to work in it? Studies have shown that these spaces not only cut on costs for the management side but improve productivity for employees who make use of it.

The set-up of coworking spaces has been shown to encourage a more collaborative and creative spirit in those who work in it, hence the popularity of the area within advertising firms and art directive teams. It also allows a seamless space for building a network, making it appealing to freelancers and budding entrepreneurs. Here, they can do their own individual work while meeting other likeminded individuals and possibly collaborating.

Data also shows that 70% of those who work in coworking spaces feel like they have better health and are achieving a better balance between work and life. This could be attributed to the fostered sense of time management and more ease within the environment. Within these spaces, more progressive systems are also being adopted to allow workers to live their lives better and accomplish their tasks more efficiently. As diverse people come together despite being from various organizations, a more open feel is created and increases the overall wellbeing of everyone actively working.

As coworking spaces become pioneer locations for trends in the working industry for the younger generation, it seems exciting what other ventures and progress these spaces will provide room for.