Co-working Spaces: Everything You Need To Know

Co-working spaces are becoming increasingly popular in the business landscape. According to the 2017 Global Co-working Survey, more than 1.1 million people went to work at 13,800 co-working spaces worldwide.

The surge of co-working spaces means companies are looking to try new strategies. But are co-working spaces right for your business? Can co-working spaces improve your company’s wellbeing?

We can’t always expect to create the perfect work environment inside our own walls. As co-working spaces allow individuals to control their work environment, there is a significant growth in productivity, morale and overall satisfaction.

But how can you know if co-working spaces can help your business? WorkScore weighs the pros and cons of co-working spaces.

The benefits of a co-working space

Here are the pros:

  1. Cost-efficient: Unlike rental agreements, the membership terms at most co-working spaces don’t lock you in for a long time. You can operate your business without needing funds for fire insurance, office equipment and other business-related expenses.

  2. Builds a community: Co-working spaces can provide opportunities for collaboration, interaction and creative problem-solving. This enables interesting conversations and can help build positive mindsets at work.

  3. Networking: Co-working spaces enable opportunities to meet other high-achieving people. There are daily opportunities to network with business owners, freelancers and potential partners.

  4. Flexibility: Co-working spaces offer people and businesses autonomy and structure that meet their specific needs. You can work in a quiet space or in a collaborative space with shared tables. This allows employees to manage their stress levels by being in control of their work.

  5. Work-life balance: Many co-working spaces have weekly social events or health and wellness activities designed to help employees de-stress or recharge. Some activities include yoga, meditation or access to gym facilities.

The cons of co-working spaces

But here are some cons to consider:

  1. Long commutes: It may cost your employees time and energy commuting to the co-working space. Longer commute times are associated with increased stress, higher blood pressure and can negatively impact physical health.

  2. The space design: While many co-working spaces are designed with productivity and collaboration in mind, it may not suit the needs and habits of your teams. Consider if the space caters to private conversations, appropriate storage or facilities required for your business to run.

  3. Too crowded: Sometimes co-working spaces have too many people. A crowded space can make it difficult to get any work done. Alternatively, you may need to meet with clients but due to overcrowding, it may be too loud or difficult to get any progress done.

No matter what decision you make, it’s your responsibility to cater to your employees’ wellbeing. Co-working spaces are a great alternative to helping your teams feel more productive, happier and less stressed at work.

As you evaluate the needs of your employees, be open to the potential benefits that co-working spaces may offer.