The coworking sector has been experiencing massive growth and challenging the traditional workspace ecosystem. The factors contributing to this disruption would be their expansive geographical footprint, flexibility and affordability. According to a CBRE survey, the coworking industry is expected to grow by 3X by 2022, changing the dynamics of the workspace and modifying the future of work.
While shared office spaces allow companies and large enterprises eradicate their expenses on capex, they, in turn provide a collaborative work environment for the employees. Some of the workforce trends that have fueled the growth of coworking are:
The Rise of the Startup Culture
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The sudden spurt of the startup culture and the rising spirit of entrepreneurism has led to the growth of coworking space over the last decade. With everyone aspiring to be their ‘own boss’ and start their own line of business and services, the demand for professional and affordable office spaces hiked exponentially. Coworking spaces are completely fit-out ready to move-in office spaces that welcome independent entrepreneurs with both small as well as large teams to collaborate and work in a tech-enabled and a nurturing workspace.
The growing demand for tech-enabled workspaces
The millennial workforce of today aspires to work in a tech-enabled work environment which maximizes their productivity. Most coworking spaces provide impeccable tech support, combined with advanced security devices, hi-speed internet, IoT-powered conference rooms which help enterprises reduce energy wastage while providing employees an office space which helps them work efficiently without any tech failures.
Most traditional office spaces have a pre-determined office layout and standardized amenities, which is not in sync with the needs of the modern workforce. Most flexible workspace providers allow companies to configure spaces in accordance to their brand ethos and values. They can easily modify a workspace according to the needs of the employees, this flexibility of workspace design allows employees to work in an environment most suited with their work demands. This instills a greater sense of belongingness in employees and enables them to work in a space they are comfortable in.
Employees spend at least 7 to 10 hours of their day at work and they desire to work in a nurturing workplace which offers them immense amenities for a perfect work-life balance. Coworking spaces have a variety of amenities in their facilities including gyms and sports arena, creche and breakout zones, collaboration rooms and sleeping pods, to give employees enough space and flexibility to choose when they want to work and when they want to relax.
Enhanced collaboration and networking opportunities
The employees of today demand a collaborative workspace with ample of networking opportunities and keeps them in sync with their fields. Coworking spaces are not only managed office spaces but they are also preferred due to their community. Mostly professionals from different companies and walks of life work out of these coworking spaces, forming a larger community. This provides ample of opportunities for interchange of ideas, mentoring and networking as well as chances of learning from each other or effective skill development.
Employee Engagement activities
Coworking spaces are popularly known for the splendid events and workshops they organize to keep their members and employees motivated and engaged. These events bring people together and allows them to connect, share ideas and have fun. The events range from corporate grooming sessions, upskilling workshops, sports competitions, events around art, dance, music or many more. Such fun gatherings help companies to keep employees satisfied and motivated.
The emergence of ‘work near home’ phenomenon
According to a Harvard report, about 75% employees prefer living close to their workplaces as it makes the commute shorter and allows them to save a lot of time. This rise of ‘work near home’ phenomenon has forced companies to explore the option of allowing employees to work out of their nearest coworking spaces as they offer a tech-enabled working environment as well as have the necessary office infrastructure for maximizing productivity.
While employees prefer coworking spaces because of the abundance of networking opportunities, companies prefer co-working spaces due to the tech-enabled working environment and real-estate efficiency. Every coworking space has its own vibe and fervor, aims at creating a collaborative work environment for all.