In recent years, coworking spaces have become increasingly popular as a way for freelancers, entrepreneurs, and small business owners to work. There are many reasons why coworking spaces are betting on this trend continuing. The collaborative workspace trend has been surging for years now. It shows no sign of slowing down — in fact, it’s accelerating. Keep on reading to know more about why coworking spaces are betting and to see the future of coworking spaces.
What Is Coworking?
Let’s start by defining what exactly we’re talking about. The term “coworking” is a broad term that is applied to a variety of different work settings and business models. The most basic definition of coworking is a shared office environment where “colleagues” come together to do their work. These work settings may be in a rented commercial property. This is a dedicated space in a shared office building or even a host’s home office.
Coworking spaces can also vary greatly in terms of the level of service and amenities offered to members. In the broadest definition, coworking is about bringing people together in a shared workspace to do their work. It’s a way of connecting like-minded professionals and entrepreneurs. They may not have the resources to start a business from scratch. Simply want the energy and inspiration that comes from working in a collaborative environment.
The Growth of the Collaborative Workspace
The coworking trend has been growing steadily for the past decade. The number of coworking spaces increasing by 23% globally between 2017 and 2018 alone. In the United States, there are now more than 5,000 coworking spaces, with an estimated 1.2 million members. And this growth is expected to continue. The projected 5.8% increase in the number of coworking spaces globally between 2018 and 2020.
The rise in the popularity of coworking spaces may come with different factors. This includes the growth of the gig economy and the rise of remote work. Also, the need for more flexible work arrangements is another factor.
In the past, most people worked in traditional office settings, with cubicles, assigned desks, and set hours. But the rise of the gig economy — which is defined as a workforce that is made up of independent contractors and freelancers — has led to a growing need for more flexible work arrangements.
As the number of gig workers has increased, so has the demand for coworking spaces. In fact, a 2018 study by Emergent Research found that 30% of gig workers currently use coworking spaces. This number is expected to grow to 42% by 2020.
At the same time, the rise of remote work has also contributed to the growth of coworking spaces. A 2017 study by Global Workplace Analytics found that there are now 3.9 million Americans who work from home at least half the time, and this number is expected to grow to over 5 million by 2022.
Why Coworking Spaces Are Betting
The popularity of coworking spaces is due to the fact that they offer a number of benefits to both businesses and employees. For businesses, coworking spaces provide a cost-effective way to expand their operations. Without the need for a long-term lease or the upfront costs of building out their own office space. Also for employees, coworking spaces offer a flexible and affordable way to work. With the added bonus of being able to connect with like-minded professionals.
In addition to the benefits they offer businesses and employees, coworking spaces are also betting on the future of work. With the rise of the gig economy and the growth of remote work, more and more people are working outside of traditional office settings. As the number of people working in nontraditional settings continues to grow, coworking spaces are positioned to meet this demand.
The Benefits of Coworking Spaces
Coworking spaces offer a number of benefits to businesses and employees, including:
- Affordability: Coworking spaces are typically more affordable than traditional office spaces. Making them a great option for businesses on a budget.
- Connectivity: Coworking spaces offer the opportunity to connect with like-minded professionals. This can lead to new business opportunities and networking connections.
- The Future of Work: The rise of the gig economy and the growth of remote work are two of the biggest trends shaping the future of work. And as these trends continue to grow, coworking spaces are positioned to meet the demand for more flexible and affordable work arrangements.
- Flexibility: Coworking spaces offer a flexible way to work, with the ability to choose your own hours and work from anywhere.
Coworking Culture
In addition to the benefits they offer businesses and employees, coworking spaces are also betting on the future of work. With the rise of the gig economy and the growth of remote work, more and more people are working outside of traditional office settings. And as the number of people working in nontraditional settings continues to grow, coworking spaces are positioned to meet this demand.
The coworking culture has also been on the rise in recent years. This culture is defined by a focus on collaboration, community, and creativity. And as more people embrace the coworking lifestyle, we can expect to see even more growth in the coworking industry.
The Future of Coworking Spaces
The rise of more collaborative work environments will continue to drive demand for coworking spaces for the foreseeable future. In fact, this trend will likely continue to accelerate. As more remote workers and small businesses find that they don’t have the resources to build out their own private office space.
As more people join the workforce who have never had that experience of working in a private office, there will also be an increasing number who appreciate coworking spaces as a more affordable alternative.
New technology will also drive the adoption of coworking spaces. In fact, the growing demand for virtual reality (VR) and augmented reality (AR) will likely drive the adoption of new types of coworking spaces — ones that incorporate VR/AR technology to promote collaboration, brainstorming, and creativity.
Other technologies that will almost certainly play a role in the future of coworking spaces include artificial intelligence, voice technology, and blockchain.
Bottom line
Finally, coworking spaces are a flexible, affordable, and collaborative way to work. And as the gig economy and remote work continue to grow, coworking spaces are positioned to meet the demand for more flexible and affordable work arrangements. In addition, the rise of the coworking culture is likely to drive even more growth in the coworking industry in the years to come.
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