3 years ago the world was forced to isolate and work from home all in the name of Covid-19. During this time organisations realised that they didn't need their workforce packed into one large office building to be productive. Many saw the cost saving opportunity, sold their offices and allowed full time working from home even after social distancing restrictions were lifted.
Fast-forward to today, whilst employees are still enjoying the benefits of working from home there are drawbacks. Lost is the impromptu conversation with a colleague over a coffee that holds all the answers to solving that difficult situation with a customer and lost is the basic human need of community and belonging. Blurred lines between work and home life have made productivity and creativity hard to reach.
However, a balance is being discovered thanks to the rise of co-working. With the demand for UK shared office space up 22% yoy in 2022 [UK Flex Market Review Update Report] and still expected to rise why should you also be considering co-working in a shared office space?
1. Cost savings
Bye-bye traditional lease and hello transparent co-working lease. You'll only pay for the space that you need; overhead costs of running a business are now shared across your new co-working neighbours, business rates, internet, cleaning, front desk, printing equipment are all inclusive with your rental agreement. Some shared space providers, even offer unlimited tea & coffee in their packages.
2. Increases creativity & productivity
As demand for shared space increases so does the market; now shared space providers are all keen to stand out among the rest! Investing in specific design that encourages productivity and creativity they all hope to provide you with something that the others are not. Carefully thought-out spaces with natural light, biophilia, background music, air conditioning, quiet areas to gather your thoughts, on site coffee shops, recreational zones, roof terraces, private phone booths, meeting rooms, communal areas that often include intimate booths to network and collaborate, weekly happy hour, you name it they are offering it in the aim of sparking inspiration.
3. Flexible contracts
Traditional lease contracts typically come with a 3 year tie in, now you can work in a shared space with ZERO commitment. Rock up one day and never return the next! Those now in shared spaces are typically signed up to a rolling or 6-12 month contract offering desirable flexibility to those organisations that are in their infancy or perhaps the freelancer that has a short to long term project.
4. Scalability
Take on only the space that you need. Now armoured with a flexible contract you can take on more space as and when your organisation requires it. Start-ups have been known to take just one dedicated desk, however by the end of year one they take on a 5-10 person office. The space grows with you, and likewise, it can downsize too. During Covid-19, as demand decreased, Co-Space was one of the first shared spaces to allow their tenants to downsize.
5. Networking & community opportunities
You will now be working amongst professionals in industries that you will never have come across before. Free, no obligation advice flows through the communal areas of these spaces and monthly networking events are a common feature offering opportunities to turn new connections into business opportunities. As humans we are social creatures and the science of small talk has shown that those seemingly insignificant daily interactions like opening the door for someone, smiling as you pass one another are very significant to our happiness and our sense of belonging – community!
6. Facilities
Shared spaces still provide all the necessities that the traditional office needs, desks, internet connectivity, meeting rooms, bathrooms and kitchen areas but now needing the edge to take them above the rest you will find that many offer on-site gyms, showers, bike storage, coffee shops, phone booths and recreational areas. These are offerings that seldom can be met working from home or in the traditional office space.
7. Widespread access
Travel for work a lot? Ever found yourself tucked up in a busy coffee shop at a sticky table and someone's left over crumbs? Answered yes? It is hardly a productive space to work but now with so many co-working spaces around, with a membership you will find that you will be able to drop in and use multiple sites across the regions.
Co-Space, a collection of design-led flexible workspaces across Reading, Stevenage and Milton Keynes offers a range of membership options appropriate to whatever stage your business is at.
Learn more here. Contact hello@co-space.co.uk, 0208 066 1761