5 Benefits of Coworking Spaces
It’s clear that many of the changes to how we work that came about because of the COVID-19 pandemic will remain with us for the long term. Nearly two-thirds of all U.S. employees currently work remotely at least part of the time, and more than 36 million American employees are expected to be working remotely by 2025. That’s a 417% increase from pre-pandemic levels.
By most indicators, workers love the independence remote work brings. More than a fifth of workers are willing to give up vacation time for flexible work options, while many say they’d be willing to take a 10% pay cut to be able to work remotely on a part- or full-time basis.
And companies are reaping the benefits of allowing staff to work remotely. Along with an improved reputation among job seekers, companies that offer remote work options see reduced absenteeism, improved productivity, and higher morale among their workers. Additionally, the savings they see because of a reduced need for office space flows straight to the bottom line.
Still, companies often need to provide space for workers to collaborate on projects, hold meetings, and communicate with managers. And with a reduced need for office space, some companies are finding it beneficial to share space with other companies. That need has developed into a trend dubbed the coworking space.
What is a coworking space?
A coworking space is one where companies, remote workers, freelancers, and others with a need for office facilities share space along with everything from utilities, equipment, receptionist services, and more.
According to statistics compiled by Zippia.com, as of 2022, there are more than 6,200 coworking spaces in the United States serving more than 930,000 workers. The number of coworking spaces has grown by 55% over the past 5 years, from 4,000 in 2017.
The typical size of a coworking space is about 9,799 square feet, with each space used by an average of 100 people.
That tremendous growth raises the question: What are the benefits of coworking spaces?
5 benefits of coworking spaces
Cost savings
Because the spaces are shared, the coworking space cost for a single company is a fraction of the cost of renting a floor (or floors) of commercial office space. Amenities such as cleaning staff, printing services, internet connectivity, and others are split amongst everyone, resulting in savings for all.
Additionally, many coworking spaces offer flexibility in leasing terms, meaning individual companies can scale up or down as needed.
Professional setting
Although being able to work from a home office is nice, that office may not be the best setting for important client meetings.
Coworking spaces often include conference rooms that can be reserved for specific times. That can help boost the professionalism of a freelancer, a small company, or a larger one that’s staking a claim in a new city.
Collaborative spaces
It’s sometimes necessary for work teams to meet in person to brainstorm on a new project or hold video conference sessions with others around the country, or around the world. Some coworking spaces feature huddle rooms outfitted with whiteboards and videoconferencing equipment that can help facilitate meetings with teams in other locations.
To best utilize office space in a hybrid setting, many companies implement a hot desk or desk hoteling approach to temporary seating.
Networking opportunities
Although remote work continues to be popular, one of the top complaints among those working from home is the loneliness factor. Most of us crave some sort of human contact, and using a coworking space can put us in proximity to those from other companies.
And while it’s not the primary goal of a coworking space, being near other professionals could help strike a creative spark that might just inspire the next big business idea.
Improved work-life balance
One of the touted benefits of remote work is that it helps foster an improved work-life balance. At the same time, when the office is just a few steps away from the living room, remote workers often find themselves struggling to disengage from the job.
It’s not unusual for remote workers to sit down at the computer after dinner to answer a few last-minute emails and look up to find that it’s almost midnight. Doing your job from a coworking space and going home at the end of the day makes it easier to set borders between work and home life.
Are coworking spaces worth it?
With these factors and others in mind, are coworking spaces worth it? As with many things, the answer is, “it all depends.”
Some companies, of course, are opposed to the idea of allowing staff to work remotely. It remains to be seen if that’s a wise course of action.
On the other hand, others are reaping the benefits of flexible work options. Along with the tangible benefits such as lower office expenses, there are the intangibles including lower absenteeism, a reduction in turnover, and increased productivity.
Finding the right video conferencing equipment for your coworking space
And if the coworking space you choose doesn’t offer the equipment you need, you may need to supply your own. When it comes to choosing that equipment, Yamaha Unified Communications has the knowledge to help you make the best choice.
Yamaha UC offers a variety of microphone systems, with solutions for nearly any task. Additionally, the company offers a variety of conference phones, speaker systems, accessories, speech privacy systems, and other audio solutions.
No matter what your audio needs may be, Yamaha UC can help. Contact us to speak with an expert and learn more.