The Growing Popularity of Co-working Spaces and Its Impact on Commercial Real Estate
There are many different office types available, and one example is the co-working space, which is becoming an increasingly popular option. In the commercial industry, co-working spaces are one of the most rapidly-expanding sections, and there are various reasons why this type of space is favoured.
What are Co-working Spaces?
This type of workplace is designed to be used by multiple businesses and offers tools and facilities that are shared between companies. The money needed to run a co-working space is divided between the organisations that use it and they emphasise socialising within the building, such as through social spaces and collaboration hubs.
Why Have Co-working Spaces Become Popular?
Sharing office space and facilities with other businesses allows the cost to be divided between multiple companies. This means the usual price is reduced as there is not one business solely paying for the service. Co-working spaces can also be more flexible than traditional renting, which can make it more affordable, and you can alter your office space to adapt to a growing business.
2) Networking Opportunities
Co-working spaces allow staff to work beside people from different companies, which enables them to collaborate not only with people within their own team but also with the businesses around them. With their social workspaces and events, co-working spaces provide plenty of networking opportunities to take advantage of.
3) Appeal to Small Businesses
More traditional renting options can be more expensive, which can make it harder for small businesses to access them. Co-working spaces, on the other hand, can have flexible payment options, including pay-as-you-go, which can make them more affordable. They can also provide smaller businesses with facilities such as printing and on-site staff to offer help where needed.
4) Office Amenities
Having amenities in an office can be advantageous, but they are not always affordable, especially for smaller companies or for those with tighter budgets. This type of working environment can provide amenities for your business, and these can range from WiFi and coffee to gardens and outdoor kitchens, depending on the office space.
Co-working Spaces: A Growing Trend in Commercial Real Estate
Not only can these environments benefit smaller companies, but co-working spaces help global businesses too, so it is no surprise that they are becoming more popular. They are being used by organisations with smaller footprints, which enables the space to be utilised more effectively, and they can be used in various ways by dividing the floor plan.
Future of Co-working Spaces and Commercial Real Estate
With more people preferring flexible workspace options and more companies distributing their staff, traditional offices are heading towards being a more outdated option. If the evolution of the co-working office space market continues in big cities within the UK, the office space available will be dramatically altered.
Choosing the Right Co-working Space for your Business
The location of your workspace is not only about where you work, but can also be used to help your business. Your co-working space should be accessible to you and your staff, either using public transport links, cars and bikes or by walking, but this doesn’t mean it has to be the space nearest to you. Where your office is can also give you networking opportunities, so make sure your location gives you the available benefits.
As previously mentioned, co-working spaces can come with numerous facilities and features that you can take advantage of. Different options come with their own amenities, and some are more luxurious than others. For example, some provide free tea and coffee, whereas others have meeting spaces or outdoor areas, so find the one that offers what your business needs.
The co-working space you can afford will depend on your budget, but the price should cover the cost of facilities and furniture, which makes this a cheaper alternative when looking for offices. The flexible payment options also make it a great choice if your business size changes, as you can find space that works for you without being tied into a long-term lease.
The flexibility of co-working spaces can be beneficial for both small and larger businesses. As they offer short-term leases, companies can alter their space to reflect their size, whether it grows or downsizes. It also allows larger organisations to test new areas before committing to a permanent base in a location.
Depending on the industry and nature of the business, companies can require varying levels of privacy and co-working spaces can provide you with the security you need. For smaller businesses or freelance workers, there may be meeting rooms available, whilst larger companies might be able to lease the whole floor for their staff to use.
Finding co-working office space can help you get the ideal workplace for your business, and the right one can give you numerous opportunities to benefit your company. With the rising popularity of this type of office, you can find the right co-working office space for you and your staff.