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Finding a Better Alternative to Renting Office Space: The Rise of Shared Co-Working Spaces

Co-working spaces are like the trendy, hipster cousin of the suit-and-tie type, briefcase-clutching, traditional corporate office space. They measure success through quality of experiences rather than quantity of numbers, and quite frankly, the results speak for themselves. Yep, our business operation norms are changing and we are experiencing a cataclysmic cultural shift towards the gig economy. For some professionals, the thought of co-habiting an office space with other businesses is plebeian behavior and simply won’t do. However, the more adventurous entrepreneur firmly grasps the concept that co-working spaces are where their business is most dynamic. And in case the fact that global co-working spaces have increased 700% since 2011 isn’t convincing enough, here’s a few reasons why the number of shared offices are continuing to rise.

They offer collaborative networks

Perhaps the biggest draw-card of working alongside other businesses in the same space is the opportunity to network. The thing about these collaborative environments is that you get to interact whether you want to or not. And the difference between interaction in a shared office compared to, say, the quasi-community of a café, is that you almost certainly won’t find new colleagues, clients, or generate new leads in a café. A five-minute chat with that new start-up in your building could open more doors than what you could knock on yourself. It’s the built-in resources and dynamic ecosystems that make co-working spaces so unique and incomparable to any other work environment.

They foster innovation

Due to the collaborative nature of co-working spaces, creativity, inspiration and motivation are at their peak. When these factors combine, the innovative potential is limitless. Furthermore, it’s not just similar businesses who can benefit you. A study of entrepreneurs revealed that those who broadened their network affiliates from small, familiar groups, to larger, more loosely connected ones, proved to be far more innovative. Co-working spaces provide collaboration opportunities across many disciplines, which means you get a much more comprehensive networking experience.

They provide flexibility

Getting your business off the ground is always a challenge, even for the most ambitious entrepreneur. There are plenty of initial out-of-pocket costs that could potentially crush your start-up before you’ve even turned a profit. One of the biggest benefits of co-working is that it affords you the flexibility to rent out the space only when you need it, giving you back some control of where you spend your money. Some shared offices only require you to commit to weekly or monthly rent, with no lease term agreements or utility contracts, and some even permit walk-ins for weekly or daily subscriptions. With the gig economy booming, it’s no wonder shared office spaces are the number one choice for entrepreneurs and freelancers.

They are low maintenance

Unlike a traditional office space, co-working spaces require you to do very little towards the housekeeping. Those pesky maintenance tasks like replacing light bulbs, vacuuming floors, cleaning windows and organising repairs, are all taken care of by the hosting company. This means you can dedicate all of your time into your business, without the worry of maintaining the premises. Of course, you’ll still have to keep your work area tidy and be considerate of others in the communal areas. But overall, the services and facilities a shared office provides are just one less thing for you to worry about.

Co-working spaces are the way of the future. They’re revolutionising the way we work and there is no indication they’ll be slowing down anytime soon. Get on board and see for yourself why more and more people are choosing this exciting, viral concept.

 

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