Shared office spaces have become a popular option for many workers over the past several years. In fact, someone you know has probably taken advantage of a coworking space. With growth of 200% over the past five years, many predict the number of coworking individuals will climb to 5.1M in 2022. Big cities like New York, Chicago, and Los Angeles are seeing an annual growth rate of 20%. So why exactly is coworking so hot? It all boils down to the benefits of coworking: convenience, cost, and amenities.
Coworking is convenient.
Shared office spaces offer a low maintenance option for people in need of a hassle-free office solution. Imagine never having to take out the trash or change a lightbulb – sounds amazing, right? Even cooler, lots of coworking offices have advanced technology such as smart boards, projectors, and high-quality printers, all of which can be taken advantage of through monthly membership fees. Another convenience is the lease term, which can be relatively flexible with monthly, quarterly, and even annual membership options. Some coworking spaces even have a daily rate available for those looking to try it out on a risk-free basis. If you’re a young start-up unsure of how fast you’ll grow, this flexibility is invaluable. Shared offices can have tons of space leasing options ranging from single desks, small groupings of workspaces, or even private offices. What’s nice about the coworking business model is that you can truly lease as you grow.
Coworking is more affordable than renting your own office.
Coworking spaces are often in prime markets that would be difficult to justify if you were renting your own office. Rent in large cities can be astonishingly expensive, and coworking is a great option if you need the fancy address but can’t quite stomach the cost. Independent contractors can portray a larger presence with shared office space - they often come equipped with a friendly receptionist who will gladly field calls, collect packages, or greet clients in the lobby. If you’re interested in a more “no frills” experience, restaurants are on the rise for offering more economically friendly desk space during dead times such as mid-morning. Sometimes, “happy hour” deals can be part of these packages, which can make it easy to host ad-hoc client meetings as needed.
Coworking offices include many amenities.
Because coworking is on the rise, they’re all vying for your attention. Many of these offices include the option of leasing sit to stand desks and other ergonomic furniture. Wellness rooms for naps, mediation, or even a quick massage are often part of the deal. Kitchens in shared offices are usually decked out with local coffee, and you may even find a space that has beer or wine on tap, pool tables and healthy snacks if you look hard enough. Speaking of healthy, there’s a major trend with gyms and yoga studios renting space adjacent to coworking offices so members can squeeze in a midday workout. Complimentary fitness classes can even be part of your shared office membership if you look hard enough. Believe it or not, showers, hair stylists, and even manicures are starting to surface in a few women-only coworking spaces throughout markets like New York.
Shared offices are in hot demand and there’s something out there for everyone. If you’re looking for a convenient and affordable office solution with fun extras, you should definitely consider coworking. The hard part will be narrowing down just which office is perfect for you.
For more information on coworking, please see our infographic on coworking, and our blog posts on the different types of coworking spaces and what coworking can do for you. For more information on office furniture, industry trends and to stay in touch, please follow Rework on Twitter and LinkedIn.