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In 1995, a group of computer geeks devised an economical way of bringing experts together. Little did they know that this concept would lay the foundation of new terminology in the workplace sector known as coworking space. Working in a shared space enhances the employees’ performance and grants employers collaboration opportunities without them breaking the bank. That is why start-ups usually go for coworking spaces.
Understanding The Basics Of Coworking Spaces
Given their popularity, coworking spaces have been subjected to many stories and misconceptions over the years. For instance, introverts might find it daunting to work in a shared workplace, thinking it may eventually harm their work performance. However, the reality is quite the opposite. These spaces are designed to facilitate flexibility and productivity, where owners offer stakeholders options to make customized changes to meet the company’s needs and budget.
Secondly, the business owners believe that the coworking culture is confined to a building, even though these companies offer broad-ranged services that can be availed from anywhere. From free wifi to community and networking events, these spaces offer more than just the infrastructure and are available for a day, a week, or on a permanent basis. One such space is The Executive Centre that serves a diverse clientele owing to its state-of-the-art personnel, support and structure followed by reasonable rates.
Choosing a Space Like a Pro
Selecting the right space might be tricky. There are tons of things to consider but first and foremost, always opt for a comparatively quiet location with a calm environment. Noise pollution is a huge concern of residents of bustling cities. Not only would the detrimental effects for years, but it also shrinks down the employees’ productivity by creating constant distractions.
Likewise, the workplace should be somewhere in the city’s central area or downtown to cut down on employees’ commute time and ensure access to urban facilities. Cooperative management and personnel are also essential to ensure a smooth and hassle-free experience. Without a congenial environment, the goal of a shared workplace would remain unattainable.
Post-Pandemic Implications of the Coworking industry
While, on the one hand, coworking spaces have undergone dramatic changes since inception, the future of working from office and home is also changing—given the irreversible impact of COVID-19. These two transformations —happening simultaneously —are making way for innovative and agile working environments where the future of working may not be at home or offices but may not be in traditional coworking spaces either.
Let’s take a look at changes and current industry trends in coworking spaces.
The revival
Opposed to everyone’s expectation, the shared workplace culture is not diminishing, nor is it becoming unpopular – it just has modified its functionality. The demand for these spaces did reduce amidst the pandemic, but now they seem to be coming out as the underdogs of the pandemic. As mentioned previously, these spaces are not restricted to a particular building but offer varied services that aid in managing and organizing remote teams as well. Following the remote work trends, businesses have started to seek these companies’ assistance in day-to-day administration tasks.
Bringing back the traditional 9-5 work culture is not possible now. Due to this, renovations in the existing spaces are in progress that would align with the social distancing protocols and the employees’ concerns.
Many businesses are still recovering from the financial out-turn of the pandemic. Resultantly, only big names in the industries have resumed their office activities but with limited staff – approximately ten percent of the total workforce. Experts estimate that only high-powered companies will be able to rebound from their monetary losses fully; the rest may have to find solutions that minimize overhead costs without affecting their business model.
The Future
Research by Manuel Mayerhoffer demonstrates the change in demand for the coworking spaces caused by the COVID-19. Financial concerns were the chief reason for the decrease in their demand as most of the business owners were penny-pinching at that time. The bleeding costs of keeping a physical office with no reprieve made many abandon leases. Following the remote work culture, businesses are now renting the coworking spaces for a day or two – primarily to conduct meetings or to collaborate on projects.
The Economic Aspect
The major reason behind the revival of coworking spaces has been their low financial impact on gig-based and full-time businesses. Since they’re open to anyone and everyone, they support workforces of all kinds, contractors, managers, freelancers and part-timers. Additionally, workers are offered complimentary amenities and facilities —snacks, game rooms, gym, recreational areas and much more —that may not be feasible for offices to install in individual spaces.
Final Thoughts
Many misunderstand the concept of sharing the workplace. Contradictory to popular opinions, it nurtures the employees’ growth by providing them support and community and in a friendly and empowering atmosphere. With thousands of entrepreneurs embarking on their self-employment journeys in the middle of the pandemic, these workplaces would release the burden on their pockets and increase employability. Due to the pandemic, the reinstitution of the previous work culture seems impractical at this moment; employees of mega-corporations may relish this anytime soon while others may be waiting a long time, but the revival of these spaces would be like a breath of fresh air for those stressed individuals.
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