Emerging from the COVID-19 crisis, we are adapting our lives to the new normal. It has brought major changes to work-life, especially the location. Co-working space becomes a popular place for many companies, start-ups, as well as self-employed and entrepreneurs where you work alongside a group of different professionals. Many organizations see the advantages of operating in a co-working space rather than a company office or residential home. It enhances the sense of productivity, creativity, and teamwork.
While many people enjoy saving the commute time to work at home, a professional space where like-minded people are connected and work toward an outstanding goal is still beneficial to many workers, including me. There are many clear benefits why a self-employed or even company employee starts to look for a shared space.
Productivity and Networking Opportunity
Co-working space does have a psychological impact on human productivity. Being surrounded by a team of motivated young professionals has no doubt kept you ambitious. You may get surprised that co-working spaces house many innovative creators, entrepreneurs, and business pioneers under one roof. You might find a freelance graphic designer sitting right next to you when you need one. Many co-working spaces regularly organize networking activities to encourage collaboration between different tenants. It is a great way to exchange business ideas and hence it becomes a breeding ground for entrepreneurs and start-ups.
Minimalistic modern shared office with smart features is probably how we picture a co-working space and that’s RIGHT! In addition to the contemporary space, amenities are one of the big perks of working in a shared space, including strong wifi connection, meeting rooms, 24/7 security, mail service, and a front desk. In there, you can escape the noisy neighbor and temporary construction work in your home.
Due to the social distancing policy during the pandemic, many company employees are not required to visit the center office daily. It gives great flexibility to employees and because of this, the hybrid working model is born. More employees can now work at home or in co-working space while occasionally reporting to the city headquarter. This allows workers to relocate to suburban areas where better-value housing exists and the same applies to co-working space. It is no longer exclusive to prime central locations but also local suburbs and smaller towns. This shift in population from urban to suburban towns provides a substantial expansion opportunity for co-working businesses as well as a great option for workers who live remotely.
In recent years, the expansion of co-working space is in parallel with the rapid growth of start-ups and entrepreneurship. In 2020, the number of startups in the United States ranks the top in the world with 63,703 companies. To avoid long-term expenditure in a new business, such as renting a full-scale office space, co-working space offers a flexible membership model with unbeatable prices to cut operating costs.
Co-working is not a new idea but it is being reshaped by the change of working dynamic in the post-pandemic times. A more service-oriented business model creates a professional yet lively environment for the new generation of digital entrepreneurs. We look forward to seeing this new business model getting transformed in the long run.
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