Coworking spaces are becoming increasingly popular for small businesses, start-ups and freelancers. The added benefits of this trend are becoming hard to ignore, even for large companies and teams. According to Mark Dixon (CEO of Regus, a multinational corporation that provides a global workplace), even large companies such as Google, Amazon, and Twitter have begun providing their staff with temporary office space when work needs to be done off the clock or meetings need to be held on the road. According to Deskmag’s Global Coworking survey, “71% of respondents said their creativity had increased since joining, and 62% said their standard of work had improved.” Out of these results, only 53% of participants (out of over 2,000) considered themselves freelancers. Are big businesses beginning to recognize and take advantage of the coworking trend? Here are 6 ways that coworking spaces allow for more productivity among a large team for a decreased cost:
- Co working spaces are great for overflow– As a company’s employee base begins to grow, it is not uncommon to outgrow office space as well. This can be especially difficult in Boulder. According to the Daily Camera, available real estate has been steadily decreasing since 2010 while the average price of real estate saw an 11.44% percent increase this year. With hardly any room to grow in Boulder, a coworking space is the perfect way to accommodate a company’s flex. Along with this, corporate office spaces usually don’t keep their doors open all throughout the night, even if there is work that needs to be done. Coworking spaces often offer 24-7 access to your office space for accommodating any work schedule and those necessary late nights.
- Overhead costs are shared– when establishing an office space, there are many overhead costs that are not initially taken into account. The price of utilities such as electricity and water added to the cost of furniture, paint, carpeting, décor, etc. can really add up. In a coworking environment, all of these overhead costs are shared among all companies, making them a fraction of what they would normally be. Coworking spaces also tend to have very chic furnishings that are very well managed without members ever having to worry about upkeep. This promises for increased credibility: if an important client comes to visit, one can ensure a clean, professional space at all times.
- Price packaging for larger teams– For 3 or more people who work for the same company, package deals are sometimes offered for bundling coworking services together to give a significant discount – all in one charge to the company. This can provide a more economical way for multiple staff members to be able to have more flexible access to the space than if each person were required to have their own membership. Bundling pricing provides a company’s staff with 24/7 access to the space, in addition to other add-on benefits such as mail service and extra storage for personal items. Alternatively, many coworking spaces offer companies prepaid “flex passes” that can be distributed to employees to use when they are traveling to different cities and need workspace options and business services on the go.
- Working in open spaces tends to put people on their best behavior- being surrounded by a group of hard working, motivated entrepreneurs will subconsciously drive your team to perform better and more efficiently. According to The Harvard Business Review, employees who belong to a coworking space “report levels of thriving that approach an average of 6 on a 7-point scale”, this being an entire point higher than those in a normal office space. Being in such a public setting not only improves efficiency, but also behavior. Coworking spaces form a generally accepted work etiquette. Working alongside other companies reduces inappropriate outbursts or discourteous conflicts between coworkers.
- Companies may discover resources they never knew they needed– Coworking spaces are a collection of a variety of different skill sets ranging anywhere from project management to marketing/branding to coding, etc.. No matter what the purpose of your company may be, the proximity of these resources is extremely valuable. One might receive a simple tip from the person next to them while another might go as far as creating a contractual partnership around a project from one simple exchange. This swapping of skills allows companies to broaden their outsourcing options for little to no cost. Sharing knowledge with other members is a great way for employees to build their portfolio and contacts, opening the door to further work collaborations.
- Can support professional and personal growth of staff members – It is not uncommon for a corporate employee to get so caught up in their work that they lose their passion for what they love to do. Having a membership at a coworking space allows employees to pursue personal projects as well. With this added freedom, employees have a chance to further explore their creative side, which is proven to improve work efficiency and overall happiness in the work place. Many coworking spaces offer community and professional development events to support members in growing and strengthening their business skill sets. Popular events at collaborative workspaces include presentations, workshops, Lunch and Learns, accountability programs and networking events. This allows employees to connect with other professionals and business leaders while also strengthening their social circle outside of the office.