07 Sep 2018

Office Innovation: The Growing Popularity of Co-working Spaces

two friends fist bumping in a working a space

According to the Global Co-working Unconference Conference or GCUC, there were 3,205 co-working spaces in the United States in 2017. Ten years prior, there were just 14. By 2022, the GCUC forecasts that this number will grow to 30,432 spaces. This dramatic increase in co-working establishments shows the growing need for workplace flexibility.

Networking through Co-working

Co-working spaces started out as a place where freelancers and startups come together to work even without their own office space. But, Fortune 500 companies have recently been utilizing co-working spaces, too. Tech companies like IBM and Microsoft started sending some of their employees to co-working spaces to reach innovative startups easily.

Creativity and Collaboration

Another reason for the increased demand for shared workspaces is its atmosphere. According to Quest Workspaces, a company that provides co-working spaces, companies now prefer to hold meetings in workspaces because it offers them a chance to break out of stuffy boardrooms.

Co-working spaces also encourage creativity within the workforce. These are designed to foster collaboration because people of different ranks and industries interact with each other in a relaxed space. The broad range of people using workspaces also means there is little direct competition, and no internal politics is involved as they work.

Apart from this, a Harvard Business Review survey revealed that people who use co-working spaces see meaning in their work. For example, freelancers who make up the majority of co-working space users, choose projects that they care about.

Cost-Effective

Operating in a traditional office can be a huge drain on a company’s budget. While this might not be true for huge companies, firms with less than 20 workers make up 89 percent of employer firms in the U.S. With companies as small as this, being able to afford a property for an office space might be a problem.

Co-working spaces provide a proper, albeit informal, place for around 1.74 million individuals to do their work or start their company. With its fast-growing membership, co-working spaces help startups and established companies alike to streamline their businesses into success.

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