Let's just be really honest with each other... Things have really changed in the last 2 years. Not just because of Covid or the rollercoaster feel of the global economy either. Culture is shifting. Almost all angles of the globe are dealing with it. Not just the west. The current business climate is not getting away either. The global market is now showing a number of factors that make coworking spaces a valuable option for many companies and individuals. One of the main drivers of this trend is the rise of the gig economy, which has seen an increase in the number of freelance workers and small businesses. This has led to a greater need for flexible, affordable workspace options that allow these workers to easily collaborate and frankly, be part of a community of people. The key word is flexibility!
According to statistics from the Global Coworking Unconference Conference (GCUC), the number of coworking spaces worldwide has increased by more than 500% since 2011. In the United States alone, there are now more than 14,000 coworking spaces, and the industry is expected to continue growing at a rapid pace in the coming years.
Another factor that has contributed to the growth of coworking is the increasing popularity of remote work. Obviously changes from the pandemic and demographic adjustments culturally are contributing factors but also company culture is shifting. Many companies are now allowing their employees to work from home or other locations outside of the office, which has led to a need for a dedicated workspace where these workers can be productive and connected. Coworking spaces, like Co.Labor, provide a real solution for this growing "class" of remote workers, offering a professional environment that is conducive to productivity and collaboration.
In addition to the rise of the gig economy and remote work, there are a number of other reasons why the current business climate needs coworking spaces. For example, coworking spaces can help to foster a sense of community and collaboration among workers, which can be beneficial for both individual productivity and overall company performance. They can also provide access to a wide range of amenities and services, such as high-speed internet, conference rooms, and networking events, which can help to make the work experience more convenient and enjoyable.
Small businesses can particularly benefit from coworking spaces. By sharing workspace and resources, small businesses can save money on rent, utilities, and other overhead expenses. This can be especially valuable for startups, which often have limited budgets and need to be careful about where they allocate their resources. A coworking space can potentially dominate the traditional commercial real estate market in two easy ways. Predictability & Ease. One predictable monthly membership fee reduces the financial risks all the while reducing CapEx in ways traditional leases can't. Which is really all we want as business owners, right? Traditional leases bring not just the cost of the lease itself but build-out costs, FF&E, cleaning costs, internet fees, and more. Your coworking space gives you one membership cost/fee while allowing you the flexibility of limited or no contract!
Coworking spaces can also provide small businesses with access to a network of other businesses and professionals, which can be beneficial for networking and collaboration. When does that happen in a traditional office environment outside of major holiday inter-office parties? The all-inclusive experience of 3rd generation coworking allows workers to not only focus on growing their business/careers but also get to ACTUALLY be part of a community.
Overall, the current business climate needs coworking spaces because they offer a range of benefits for both individuals and businesses. By providing flexible, affordable workspace, coworking spaces can help to support the growth of the gig economy and remote work, foster collaboration, and community among workers, and reduce costs for small businesses.
"The Global Coworking Unconference Conference," GCUC, accessed December 9, 2022.
"The State of the Coworking Industry in the United States," Deskmag, June 22, 2018.
"East Room Coworking," accessed December 9, 2022.