As the Millennial workforce and the startup culture grow in tandem, so too is elevated the demand for co-working spaces. Indeed, it’s estimated that by 2020, there will be 26,000 co-working spaces worldwide, up from 11,000 in 2016. Despite an economy whose stability is constantly in question, co-working growth appears to be steady – but by no means slow. According to the Global Cities Report by The Instant Group, flexible working is becoming one of the major success stories for the commercial real estate sector. In the first-ever comparison of flexible workspace in key cities around the world, data reveals the market has grown a massive 18% in just 12 months.
But what makes co-working so appealing? Critically to many startups, it’s cheaper than a traditional office, and involves less of a commitment thanks to membership-based charges rather than lengthy and expensive leases. Just as importantly, co-working spaces espouse a collaborative work culture among member startups and companies that is essential to the nature of modern work, especially in tech. One of the biggest advantages of co-working spaces however, is how they positively impact motivation and overall productivity.
Benefits of Co-working Spaces
Co-workers say that the working environment motivates them. Co-working offers exposure to a diverse array of co-workers from other companies, as well as a workspace that values collaboration between these employees.
In addition, co-working represents a flexible structure that deftly balances autonomy and routine, allowing co-workers being able to work in a manner that suits their needs. Essentially co-working spaces aren’t just desks and chairs, but communities.
All of the above work together to make co-workers feel more creative and more productive than they would be in an older, more rigid office structure. Co-workers are more engaged at work, and generally report improvements in their skills and output. Quite importantly, they’re also happier, and that’s not the only reason they’d leave their cubicles in favor of a co-working space. Being surrounded by other creatives who are motivated adds a certain kind of exciting pressure to get going.
Co-working Doesn’t Work for Everyone
None of which is to say that the traditional office is guaranteed dead. Traditional offices have certain advantages over co-working spaces that will keep them relevant. Some employees still do work better when allowed their own times of relative quiet and isolation, something that typically isn’t possible with a co-working space. And the reduced expenses aren’t universal – oftentimes they’ll only be reaped over extended memberships, or dependent on the location.
For the near future, it’s a more comfortable assessment to say that the old and the new will co-exist for some time. What’s important to note is that to maximize productivity, one should learn from the co-working revolution and seek out the root source of improvements, and how to implement them in one’s current work structure. Productivity Training is one excellent way of improving output without having to radically alter the structure of the workplace or culture.
Whatever the case, it’s a given that co-working spaces are here to stay, and it may be a good business plan to look into them, for whatever improvements they may offer. They might not represent a one-size-fits-all solution, but they’re a key piece of a puzzle.
If you think a co-working space works for yourself and your team, have a look through some stats and figures and productivity hacks in the below Infographic before you set off and book a desk.
By Sabrina Klein
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