In the autumn of 1995, when a team of engineers created ‘Hackerspaces’ the first coworking space ever, it became an instant hit among freelancers and solopreneurs. However, the over the years, coworking spaces have been favored by startups, medium-size enterprises, and even MNCs over private offices.
But, why are companies willing to make this dramatic shift? Why are coworking spaces appreciated over conventional offices?
Here are five reasons that can help answer these questions:
Flexible and Cost-Effective
Most traditional office spaces require hefty CAPEX investments. Coworking spaces, on the other hand, require no CAPEX investments and provide flexible workspaces to meet all your business requirements. With coworking spaces, you can choose to use the space as and when you need to on a day-to-day or month-to-month basis. Also, you can rent meeting rooms as and when you need to, and not be tied into paying rent for months at a time. With the liberty to rent as per your needs, expanding the geographical footprint of your business becomes much easier over conventional office spaces.
Office Spaces that can be Customized
Every business is different and has different infrastructural needs. While conventional offices follow the ‘One Size Fits All’ concept, coworking spaces design private office spaces as per the business’ infrastructural needs and brand ethos. So, entrepreneurs can provide an office environment best suited for the employees.
Employee Engagement Activities and Events
Coworking spaces often double up as event venues to keep their members and employees engaged. These events include corporate grooming seminars, sports competitions, gaming events, DIY workshops, business related workshops, and so on. Such events give employees an opportunity to have fun, destress, and learn something new. Exposure to such recreational events, in turn, helps in keeping the workforce motivated.
Opportunity to Network and Thrive in a Community
People from different companies, skill sets, experiences, and walks of life work together in a coworking space. Sharing office space with different professionals and building an inter-community environment opens doors for new partnerships and collaborations. For example, if you are a finance startup and need someone to help you write a press release, chances are, you will find a writer at your coworking center who’ll help you with it.
In a conventional office setup, however, the access to different professionals is limited, so exchange of ideas is also limited.
Access To Premium Amenities
Coworking space providers offer a gamut of amenities to help enterprises keep their workforce engaged and motivated, thereby increasing their productivity. These amenities may include fully-stocked pantry, crèche facilities, locker rooms, courier services, gaming zones, gyms, ancillary services, housekeeping, receptionist, security services, and so on. Some coworking spaces also have exclusive alliances with brands to give exclusive discounts and offers to their members.
While most conventional offices provide some of the above mentioned facilities like housekeeping and security, coworking spaces offers a broader range for the comfort of your employees. Thus, maintaining a work-life balance becomes convenient in a coworking setup.