A Comprehensive Case Study On Coworking Space
There is no longer a reason to restrict coworking space to startups and remote workers. This industry has grown rapidly over the last few years as organizations of all shapes and sizes have realized the many benefits that coworking space and flexible office space have to offer.
The Pandemic Impact
In 2019, there were around 19,000 co-working spaces worldwide. At the time, it was predicted that the number would reach 26,000. Co-working spaces were used by more than 3 million people worldwide in 2019 and the number is expected to double by 2022.
This brief guide will cover the most relevant topics for enterprises and coworking spaces, such as:
- The evolution of coworking in enterprises
- Coworking spaces are already in use by large corporations
- Having a coworking space can benefit large companies
Traditional office spaces simply cannot match coworking space’s unique characteristics in terms of customization and flexibility.
Coworking In Enterprises: A View From The Future
It’s still a relatively new concept for larger companies even though co-working spaces trace their roots back to the 1990s. The first major, well-known company to integrate flexible office space into its operations was Microsoft back in 2016, when it announced that several of its teams would work out of our locations across the country. Others have followed suit, including:
- In Sales Force
- Young & Ernst
- Jag Land Rover
- Global Shell
The list of large corporations using flex space in some capacity is growing rapidly since shared office space, both on a general level and for large enterprises, is evolving so rapidly. Just looking at co-working space, large corporations now account for over a quarter of the company’s membership and revenue, with the company’s corporate clientele growing by 370% year-over-year in 2018.
How Do Large Companies Use Co-working Space?
What exactly is driving such rapid growth, though? The answer depends on the enterprise’s goals and needs. There are, however, five common drivers driving this enormous shift toward flexible office spaces.
- Satellite Offices: Large companies may establish satellite offices in co-working spaces to expand their presence in different locations without the need for a traditional, long-term lease.
- Project-Based Work: Large companies often have projects that require temporary teams or specific expertise. Co-working spaces provide an ideal environment for assembling cross-functional teams and collaborating on short-term projects.
- Flexibility and Scalability: Co-working spaces offer large companies flexibility in terms of office space requirements. They can easily adjust the number of workstations or meeting rooms they occupy based on their changing needs.
- Innovation Hubs: Co-working spaces are known for their vibrant and entrepreneurial atmosphere. Large companies may use co-working spaces as innovation hubs or incubators to foster creativity, collaboration, and interaction with startups, freelancers, and other innovative businesses.
- Remote Work and Business Travel: Co-working spaces offer large companies a convenient solution for employees who work remotely or travel frequently. These spaces provide professional work environments with amenities such as Wi-Fi, and meeting rooms.
Pros And Cons Of Working In A Co-working Space?
Interested in learning more about coworking spaces? The locations provide an interesting alternative for remote workers who don’t always feel like working from home.
Coworking spaces are shared offices where individuals or small companies can rent desks or offices. Many coworking spaces are very communal in nature, with many common areas designed to allow people to mingle and network.
These facilities strive to stand out from a typical office space by providing amenities such as coffee bars, free snacks, comfortable seating, standing desks, conference rooms, printing and fitness classes, and more. Coworking spaces are booming, and it’s no wonder why.
The Best Coworking Spaces You Can Find Quickly
BanglamartBD has developed the world’s first location score for coworking based on aggregate data from demand, competition, occupancy, and pricing. It uses location scores to recommend coworking spaces.
Coworking Search: 6 Painful Mistakes to Avoid
- Making price the only consideration
- Failing to consider fellow members
- Prioritizing private space over public space
- Giving up convenience
- Working at an inflexible workplace
- Ignoring the need for great amenities and perks
How To Overcome The Challenges Of Coworking Spaces
The first step to attracting new members is to increase brand awareness and positively impact demand for your space. There are a variety of marketing tactics operators can use, which we discussed in this article.
1. Managing inventories
The same way managing members at a serviced office facility can be arduous, managing the product packages and the general inventory of your workspace can be cumbersome.
2. A complex shared workspace
As serviced offices and shared workspace are flexible in nature, it is more challenging for operators to implement efficient and streamlined IT solutions.
Our hope is that this post will be helpful to you as you decide your next steps. You are welcome to schedule a call with us if you have questions or would like to discuss your options. We are here to help.