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What You Need to Know About The Coworking Space

Coworking redefines the possibilities of what an office space can be. What started out as an experimental movement is now a paradigm adopted by solopreneurs, side-gig workers, freelancers, and companies who desire an effective and flexible way of working that meets the demands of modern life. Due to the innumerable benefits of coworking spaces, this global phenomenon is trending towards an indefinite growth trajectory.

Coworking Resources projects that “5 million people will be working from coworking spaces by 2024, an increase of 158% compared to 2020.” Why use a coworking space? The adoption of flexible work-from-home schedules decreases the need for companies to have a large, fixed office space. It also mitigates mental-health issues of isolation and loneliness for many who already and will work from home offices.

What Is a Coworking Office Space

What is a shared workspace? The basic definition of a coworking space is that it is an office space shared with others. It provides infrastructure and services like high-speed internet and meeting rooms needed for companies and individuals to conduct productive work. Essentially, everything you’d expect from a traditional office, and more!

Coworking spaces often have a mix of private desks and shared tables to accommodate deep focus and collaborative work. One of the biggest advantages of the coworking concept is that you need only rent what you require in terms of workspace, meaning scaling up and down is easy. Its main objective is to provide an affordable and flexible alternative to traditional office spaces and accommodate contemporary work lifestyles.

Coworking Types

One of the other key benefits of coworking spaces is the different types of desk options they have to accommodate single professionals and company teams, including:

What Is a Coworking Office Space

How Does Coworking Work

The coworking space concept works similarly to gym memberships and usually offers tiered rental options based on degrees of flexibility and additional perks.

  • Coworking spaces use service agreements, i.e., separate and distinct licenses from leases because they rent the space out as a service.
  • On average, agreements range from month-to-month rentals up to a fixed two years. The most popular rental time is around six months. Entrepreneurs and small companies favor month-to-month agreements, as they accommodate the digital nomad lifestyle and offer greater flexibility when companies grow.
  • A freelancer or company pays its rental fee to a coworking operator. Hot desking, having an unreserved desk space with access to amenities like a boardroom and tenant lounge, costs about $200 a month. Prices differ depending on team size and co-working arrangement. Some companies will offer discounts if you rent for a longer time.

Benefits of Coworking Spaces

Originally favored by tech startups and freelancing communities, coworking spaces have grown to service a range of industries — ranging from consumer product companies to technology service firms. Their expanding ecosystem recognizes the value of sharing resources and knowledge. Here’s why coworking spaces are so popular:

Fully Furnished

There’s no need to worry about moving existing office furniture or purchasing equipment that can increase costs for businesses because coworking spaces come fully furnished.

Build Community

Coworking builds strong, dynamic communities that make professionals feel like they are part of something bigger than themselves. Empirical research suggests positive social connections at work are beneficial to wellbeing, productivity, and delivering high-quality work.

Flexibility

Flexible working environments are no longer a bonus but a prerequisite. Different rental options, and 24/7 access, allow companies and freelancers to work when and how they please. They’re no longer locked into long-term leases and can expand their workforce without hassle.

Amenities

One of the major advantages of coworking spaces that beats working from home is additional amenities. Many co-working spaces offer tenant lounges, on-site gyms, kitchen facilities, and private phone booths that no one really has at home. Client-facing businesses automatically have a professional space to conduct business, and busy freelancers can accommodate exercise during their working day.

Fees

Considering the perks, coworking is cost-effective and offers good value for money. We’ve touched on zero furniture costs, but another overlooked expense is technical and personnel infrastructure. Coworking spaces have fast Wi-Fi, dedicated managers, and mail services that are usually all-inclusive.

Benefits of Coworking Spaces

What Do Shared Workspaces Offer

Why are coworking facilities attractive to entrepreneurs? A good deal of coworking spaces provides a lengthy list of amenities you can’t get at home or at a local coffee shop. You’ll have to check, as they can vary from place to place, but commonly include the following:

  • Fast Wi-Fi
  • Front-desk reception
  • 24/7 accessibility
  • Secure working environments
  • Meeting rooms
  • HVAC
  • Gym facilities
  • Rooftop terraces
  • Kitchens
  • Private, soundproof phone booths
  • Tenant lounges

Who Works in Coworking Spaces

The purpose of a coworking space is to provide a productive and comfortable environment appealing to a range of professionals. Companies, consultants, freelancers,  contract workers, and permanent employees with work from home and flexible arrangements all benefit from coworking spaces.

Startups

Nowadays, startups prefer shared working spaces at the early stage of business because they can meet other entrepreneurs, leading to networking and collaboration opportunities. In addition, the startup journey can be lonely at first, and a coworking community boosts morale. Coworking spaces are also more affordable for newly launched businesses.

Freelancers

Coworking spaces stimulate a dynamic working atmosphere. They encourage freedom and help freelancers establish their unique work-life balance, positively impacting satisfaction, long-term career goals, and productivity. Of course, being part of a community also fosters a sense of belonging and may bring in new work opportunities too.

Small Business

Almost 40% of coworking space renters are small businesses. It’s rare for owners to find an affordable office space that’s short-term, as most small businesses aren’t ready to make long lease commitments. Coworking spaces provide the ability to scale up or down as needed, with some places even offering private offices with flexible rental agreements.

Consultant

Consultants already operate outside traditional workplace confines. With on-the-move schedules, they benefit from the access and space flexibility that coworking spaces provide. And if they’re traveling between cities, they don’t have to worry about honoring a long-term lease.

Conclusion

Pleasant office environments rank among the top three gripes and likes employees have when working. Now businesses of all sizes and types — ranging from solo entrepreneurs to global enterprises — adopt progressive workplace practices like coworking. If you’re looking for an office space with all the perks, then contact us to learn more about the coworking office spaces we offer at River North, Chicago. We have flexible rental options to suit all business professionals.

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