What’s a coworking space & why do people love it?

The first coworking spaces began appearing in the early 2000s. They attracted primarily self-employed freelancers and entrepreneurs searching for an alternative to working from cafes, business centres, and home offices. The goal of coworking was to share space, ideas, and amenities between individuals working for different companies or among those who were self-employed.

Over the years, many new spaces opened in several cities worldwide. The years 2013 to 2018 showed a 30% growth for the industry, including WeWork India's launch in 2017. WeWork India, grew from one coworking space in Bangalore to 40 spaces across 6 cities and today, they’re used by everyone from individuals working remotely to entire corporate teams.

What's coworking, and how does it work?

Coworking spaces are refreshing and lively office spaces designed to accommodate people from different companies or who are self-employed. With coworking spaces like WeWork, you can access unmatched flexibility, convenience, and significant cost-cutting benefits.

WeWork revolutionises coworking spaces by bringing to you world-class amenities and an enriching work environment. These coworking spaces are community centres, collaboration hubs, and social spaces where workers from different backgrounds can come together to share expertise and explore new ideas.

Who uses coworking spaces?

More and more professionals are opting for coworking spaces over a traditional office environment. . While working from home is an alternative, it's not as flexible and maintaining a work life balance is hard.

WeWork's coworking spaces are the solution to a fixed schedule and all kinds of professionals can use it.

1. Remote Workers - Businesses believe that remote working increases productivity and hence are hiring more remote workers. Coworking spaces are ideal for remote working as they get the space they need to finish their professional duties with no distractions. WeWork’s day passes and other flexible options are an excellent option for remote workers for aquiet, distraction-free workspace.
2. Freelancers - The nature of freelancing makes it difficult to structure work, as freelancers often work for multiple companies simultaneously. By providing access to meeting rooms, technology, a professional address, and a social environment conducive to networking, coworking spaces mitigate the lack of stability for freelancers. All of these, along with premium amenities are available at all WeWorks.
3. Small businesses - Small businesses have flocked to coworking spaces, enjoying flexibility and all the amenities that a business needs on a day-to-day basis. WeWork’s private offices, hot desks, day pass, and meeting rooms are some fantastic options for businesses with smaller teams.
4. Enterprises - Even large corporations have started to partner with coworking spaces for their needs. With thousands of employees working worldwide, handling space becomes a hassle.,. In situations like these, coworking comes to the rescue, providing custom private offices, All Access, hot desks, and conference rooms on demand.
5. People who are travelling - Travelling professionals can utilise WeWork’s coworking spaces like All Access effectively, as they present premium technology mixed with convenience.

Coworking spaces vs. traditional offices

Unlike traditional offices, coworking is an amalgamation of collaborative spaces filled with like-minded individuals. It also has its perks like flexibility and premium amenities. This mix of diverse and enthusiastic invdivusals is bound to spark creativity and bring in fresh perspectives.

Types of coworking spaces

Many types of coworking facilities exist, and there are many things to consider while choosing a space for yourself. Let’s break down the coworking spaces into broad categories;

1. Open workspaces - The first kind of coworking spaces were open. These usually have hot desks that aren't allocated to a specific person, and dedicated desks for people from different companies, and shared common areas. This kind of space is suited for collaborative, cooperative, and high-energy projects.
2. Private workspaces - This category is oriented toward individuals and companies who want a private space of their own, with the same benefits as an open office. Private can mean a lockable door, a private floor, and conference rooms unique to a company. This setup is better suited to a company in its growth phase as it can adapt well to a growing team.
3. Venture/Incubators - This is a particular form of coworking space created to support startup companies in exchange for equity. An excellent example is WeWork Labs which connects early businesses worldwide and facilitates growth, streamlined networking, up-skilling, and global connections for founders and their teams.

Your idea of a coworking space should align with your business needs. Availability of amenities, commute, aesthetics, and, above all, your company culture should fit into your chosen workspace.

Benefits of coworking spaces

Here’s why businesses love coworking spaces:

1. Flexibility - These spaces provide flexibility and the adaptability to grow the company grows. No long-term leases are needed, and all other requirements and amenties are taken care of by the coworking space. According to specifications, there can be dedicated or shared spaces for solo workers, private offices for bigger teams, and dedicated or hot desks for as long as needed.
2. Affordability - These spaces allow business owners to skip the hassle of acquiring or renting a commercial real estate space. Small businesses can find the right-sized space, like a hot desk or a private office, for a lower cost without having to deal with long-term contracts and exorbitant prices. In addition, coworking spaces can also offer larger spaces on-demand.,. These spaces can be used for training purposes, client pitches, meetings, and more, on a short-term basis. Startups can get day passes to work out of an office more efficiently.
3. Networking opportunities - Since coworking spaces were developed with the primary purpose of networking and collaboration, they can create tremendous professional growth. Access to a community of entrepreneurs increases visibility and provides many opportunities to expand professional contacts, build referrals, know the leaders of your field, expand your customer base, and stay abreast of the latest trends and developments in your field.
4. Services and amenities - The best coworking spaces provide their members with premium facilities and services to aid the growth of their business. With WeWork Business Solutions, you get access to a host of curated services across IT, HR, admin, finance, and marketing to help you scale and manage your business.
5. Increased productivity - Freelancers and founders working from home need a clear separation between work and life to focus on their business. Coworking spaces provide a distraction-free environment to work. A well-organised workspace with meeting and game rooms for both work and fun can considerably increase productivity by eliminating sources of interruptions.
6. Boost motivation and creativity - In a room full of creators, the creative energy runs high. More work gets done in a thriving community and a positive work environment where people help each other succeed. Different perspectives of colleagues can give bursts of creativity and refresh your mind to consider alternatives to problems.
7. Accountability - A lively community of coworking colleagues is undoubtedly a driving force in improving productivity. Coworking allows you and your fellow employees to focus on achieving goals and maintaining a healthy work-life balance.
8. Location - Although big cities may seem more lucrative, the smaller suburban areas present coworking spaces with equally high-end facilities and amenities. WeWork provides easy accessibility to work with reduced commute times, saving significant time and money.

Why is coworking popular?

Coworking is progressively becoming popular as the new way of working. It offers a productive and collaborative environment with added flexibility, cost optimisation, and convenience. Apart from this, it provides a unique support system and network of like-minded individuals that simply cannot be replicated in a traditional setup.

Conclusion

Look for a flexible coworking office space near you with WeWork; you can pick and choose from private offices, hot desks and designated desks. Grow your business enterprise or your individual network in a flexible space. With premium facilities and solutions for all office space requirements, experience your work environment like never before with WeWork.