Benefits of Coworking Spaces
Think coworking spaces and you’ll most likely conjure up an image of young tech whizzes coding their way to a billion-dollar dream. That image is fast changing as executives from other industries realise the economic and creative benefits of coworking, helping the trend percolate deeper through Australian cities.
A recent report by the University of Sydney Business School found that as of 2017, Australia houses over 300 coworking spaces. That’s a dramatic increase from just 60 spaces back in 2013. This trend is only expected to gain more steam in the years ahead.
Why is coworking becoming so popular?
Coworking is becoming the modern-day office setting and due to new technology innovations, it’s more accessible too.
Here’s why coworking spaces are becoming so attractive:
- It replaces the home office. Small start-ups and solo entrepreneurs can lease their own small space in a coworking hub to use as a home base for their business.
- There are more freelancers, contractors and independent start-ups than ever before. These types of workers often prefer coworking spaces as it allows them to network and be a part of a community (more on this later in the article).
- Many companies and small businesses prefer to hire freelancers and contractors (for many reasons but primarily for economic reasons) and provide coworking spaces for these workers.
- Most coworking spaces provide fast internet, amenities and conference rooms which are included in their leasing agreement.
Benefits of coworking
Networking and collaboration – Coworking hubs allow you to be exposed to many different people making networking, resource hunting, and ideation easier. It’s a place where you are often able to collaborate with like-minded connections. Coworking is a great opportunity to spread brand awareness, make new relationships for your business and be a part of their coworking space.
Social benefits – Community is a huge aspect of coworking and it has many social benefits. Most start-ups or freelancers initially worked solo at home, often feeling cut-off from their larger professional community.
But coworking spaces changed that for the better by encouraging them to still commute to an office to create normalcy in their routine and more importantly, socialise with others just like in a traditional office space.
Productivity increased – It’s not just a sense of community that stems from sharing one’s work space. Experts believe that coworking can help people deliver better results. A study conducted by Deskmag and Deskwanted found that 74% of coworkers are more productive in a coworking space, with two thirds of these people feeling more creative and collaborative on their own projects.
Flexibility welcomed – Most coworking spaces offer 24/7 access for anyone that needs to plug in to work. As the world comes closer and business time zones fade, flexible hours and flexible work locations can turn into a massive business advantage. It gives workers the freedom to start on their own time and make work/life balance work for themselves, rather then against them.
Coworking is the new normal
Traditional office spaces will still be much needed by bigger corporations, but sharing work spaces is becoming the new modern-day office.
What’s your take on coworking spaces?