Updated: Feb 26
The exponential growth of Co-Working Spaces globally means that the world is adapting to changes in the way of work.
Given how cool co-working spaces felt, I can say that design played a major part in the success of the Co-Working Industry. But, on delving into it further, it just brought out a realization that it’s not always about the design.
In layman terms, it’s not What you see is, what you buy !!
The exponential growth of Co-Working Spaces globally means that the world is adapting to changes in the way of work. With more than 10000 Co-Working Spaces globally, the growth within this industry has been phenomenal with an estimation of just about half a million people working in Co-Working Spaces around the globe.
Building Entrepreneurial Communities
Unlike traditional offices wherein people are confined in large, quiet and professional spaces without being bothered by anyone around, Co-working has always been about creating and adapting to a trusted community of like-minded individuals, partners and supporters, to exchange thought and collaborate on projects and within creative spaces which are designed to accelerate such ways of working. Co-working spaces will introduce thought leaders, connect entrepreneurs, all in service of creating solutions-focused businesses and building a better world and shared economy, we know is possible.
Flexibility & Accessibility
Traditional Offices have not changed for years, but they have just undergone a minor disruption with the penetration of co-working spaces in the commercial segment of the real estate market. Employees, as well as Employers, want freedom and flexibility in the way the work. This way of flexibility may be the future norm of every workspace, whether co-working or not. With this being the future, co-working providers are adapting to and providing a work culture that is in sync with the ever-changing trend. Various co-working providers tweak their space in form of upgrade to improve the flexibility and accessibility to accommodate the needs of their members.
Network Hubs of the Future
Co-working Spaces are evolving along with the technology available in its time. co-working spaces will be network hubs for different communities. These will be places where people spend more time to work and telecommute from, as companies will be happy to get the best people regardless of locations. At the same time, it will also be places where people who are looking to learn or network come to co-working hubs simply to find jobs with the rise of freelancers. About 70% of coworkers reposted a boost in creativity since joining a co-working space.
Disruption of Commercial Real Estate
Commercial Real Estate is becoming a luxury as time moves forward. There are various companies and organizations that move offices every 2-3 years. Long Term Leases do not make sense anymore when such are the dynamics of the commercial real estate. Companies look for faster and more flexible solutions and the co-working segment has learnt to adapt to these needs and would follow on, hence creating an on-demand product for such companies. Co-working can lead to mutually beneficial establishments by following the norm of the shared economy. If envisioned well, co-working will become that segment of real estate where people could live, work & socialize as per their will.
Digital Nomads & Remote Workers
Millions of people have to move around to find work globally. Co-working has embraced the collective of Digital Nomads and Remote Workers, whose foremost requirement is a work environment with high-speed internet and a like-minded community of individuals. As such individuals are not required to work at a desk doing a 9 to 5, they still require places where they can get their work completed, reliably and efficiently along with meeting new co-workers along the way. About 60% of co-workers are flexible and mobile. The life of a digital nomad can become quite lonely, hence co-working spaces. Co-working spaces provide such co-workers a sense of fulfillment by creating the access to face-to-face interactions with like-minded individuals, rather than Skype calls and emails.
Co-working has become a major trend in the last few years and is powerful enough that we don’t see it as a dying industry. Co-working is here to stay and to set a base for the future of work.
Co-working is a movement that is not only teaching people to work together but to think, interact & create together. It is laying down principles on how people would interact with each other in the near future and embalming a sense of community as well as the shared economy. This movement about to grow larger as we move from an industrial economy to a knowledge-based one.