The business world is no doubt changing. Whilst Brexit negotiations have been making headlines left, right and centre for the best part of three years, the quest for more flexible arrangements in other areas has had a positive impact on the wider business community. Coworking is the ultimate form of flexibility for businesses and building managers looking to diversify their office spaces. With the rise (and rise) of remote working – a recent report from the Office for National Statistics (ONS) predicted that more than half of the UK’s workforce would work remotely by 2020 – the need for coworking spaces has increased. A fact that has meant a number of positive things for the professionals introducing them.
In addition to boosting productivity, business growth and happiness, coworking spaces in traditional office buildings are having a positive impact on property values, meaning the organisations managing them can reap many more rewards. Here we take a look at just how valuable coworking spaces are in the modern day business community, from a business’, worker’s and building owner’s perspective.
Growing your business through coworking
Coworking spaces are popularly used not just by remote workers but by start-up businesses that don’t want or can’t afford the overheads of running their own office. 2018 was another record year for start-ups in the UK and this year is set to be no different, meaning the demand for coworking spaces will remain high.
Coworking isn’t just an affordable route to running your own business. These flexible working environments also deliver the community support companies at all stages need to thrive. Opening your own business is after all daunting without the right help, and coworking members from other companies sharing the space can provide a great support network. This network has the power to facilitate introductions, provide a great source of talent, deliver new clients, and ultimately help your business grow at a much faster rate.
Working in a coworking office space
Another reason why coworking spaces continue to prove popular, and subsequently make an excellent investment for building owners looking to profit from their offices, is the many advantages that can be harnessed for individual workers.
For remote workers in particular, utilising a coworking space can help them maintain a better work-life balance providing the commercial space they need to separate their personal and professional lives. Thanks to this distraction-free, corporate-focused environment, productivity levels tend to be higher for individual workers using coworking spaces. Loneliness is another work hampering factor that can be avoided through coworking with fellow coworkers providing the interaction and inspiration needed to make the working day fun, energising and fruitful.
Introducing a coworking space to your office
Due to the business and worker benefits mentioned above coworking spaces are becoming sound investments for owners of traditional office buildings. The demand for coworking spaces is even extending to business communities based outside the capital.
A number of ‘dead’ office buildings in regional cities have witnessed rebirths as flexible, coworking spaces. A recent study reported that demand for flexible, coworking office space has doubled, with the cities of Manchester and Birmingham experiencing the biggest increases. As a result, coworking spaces in traditional office buildings are having a positive impact on property values. Demand is now almost outstripping supply as more launching start-ups look for a place to call home and an increasing number of remote workers want to separate their home and work lives for more profitable professional outcomes. Take up of coworking spaces has tripled, making the value of flexible commercial property rise also.