The term co-working is becoming one of the most used terms when discussing office space. There are many benefits to this work environment including low barrier to entry and flexibility, cost saving and collaboration.
Low Barrier to Entry and Flexibility
Traditionally, companies needed to sign long term leases for office space. Workforce demands had to be estimated for the term of the lease. Many tenant improvements were usually required to configure the space for the employees. With co-working, whether all workers are with the same company or spread over several companies, work spaces are meant to be shared and are easy adaptable to accommodate more workers. If an individual company is utilizing co-working, they can usually have several employees sharing work spaces at different times of the day. Printers, projectors, media devices, break rooms and conference rooms are freely shared by all workers.
Some co-working spaces exist that offer monthly memberships. In these cases, an individual or small company can have an instant office space with a very low cost and complete flexibility. Services such as WiFi, break rooms, printers, etc are usually provided by the co-working establishment.
On-Going Cost Savings
Paying for space dedicated for future workers can be a very frustrating expense for companies. The company may not hit growth goals and/or may even reduce their workforce causing an expense for unused office space. With co-working, an individual company can be flexible with manning the office space or even rent office space to other companies. If a company works out of a co-working facility, they can adjust the number of members monthly, thereby constantly adjusting office expense to their immediate needs.
With co-working, whether all workers are with the same company or spread over several companies, work spaces are designed to facilitate communication and teamwork. If several companies share a co-working space, they can network in in many cases become each others customers or perform work on client projects in unison. Many companies find this networking to be the biggest benefit of a co-working office environment.
Still contemplating on whether to switch to co-work workspaces? Don’t hesitate to message and well provide you more reasons on why you need to make the switch!