The way we do business has changed dramatically in the last decade. Traditionally, companies would have their own HQ, in which every employee would work from each day. Now, business models are much more flexible.
Working from home and hybrid working have become the norm. Because of this, many businesses are choosing not to purchase or rent out their own office space, and instead are opting for coworking spaces. So, let’s take a look at why this might be.
Benefits of Coworking Spaces
Here are just some of the reasons why businesses are choosing to use coworking spaces.
Lower Overheads
Possibly the biggest reason businesses are using coworking spaces is because they reduce costs. Instead of paying for a traditional lease, which comes with a number of expenses like gas and electrics, water, furniture, and general building maintenance, businesses can simply pay for the space they need and the rest is taken care of.
Networking Opportunities
Being surrounded by other companies offers the perfect opportunity for frequent networking. Not only can this lead to new business prospects, but also gives you the chance to speak to other business owners and access valuable advice.
Enhanced Productivity
Working from home has become mainstream, and while it does offer numerous benefits, there are some downsides. Notably, isolation and distraction, both of which can lead to reduced productivity levels.
Coworking spaces offer an environment in which people can continue to feel connected and ensure they avoid the distractions that surround them, such as pets and children, when working from home.
Less Hassle
Coworking spaces are equipped with everything a business needs to operate smoothly. There’s no need to worry about Wi-Fi, utilities, or basic amenities like tea and coffee. They also handle ongoing maintenance tasks such as purchasing wholesale cleaning supplies and employing professionals to keep the office in tip top condition, so companies don’t have to manage these responsibilities themselves.
Are There Any Downsides to Coworking Spaces?
As with everything there are downsides. The main disadvantages of coworking spaces are:
- Noise disruptions – open plan coworking spaces in particular can become overly noisy, reducing concentration levels.
- Lacks personalisation – as the office is a shared space, you lose the opportunity to make it your own.
- Reduced privacy – it can be more difficult to participate in confidential conversations or view sensitive information.
Are Coworking Spaces Worth it?
For many businesses, coworking spaces are worth it as they reduce overheads, provide essential networking opportunities, enhance productivity, and are less time consuming in terms of admin. However every office is different, so while some are opting for coworking spaces, others continue to stick to traditional office spaces.