The Future of Co-Working
Co-working is typically associated with freelancers, small businesses or people that are self-employed.
But with the price of rent constantly increasing and the amount of space available to rent decreasing in major cities like London – co-working is becoming increasingly popular with all types of businesses.
Working from home is a cost free alternative to co-working, so why has the number of people deciding to co-work been on the rise since the concept began? Firstly, it can provide a professional environment away from all the distractions of home. Pets, laundry, family or the TV can all be sufficient enough to kill productivity and ruin a work-from-home day. Additionally, a co-working office space can supply equipment that may not be available at home. This could be anything from super-fast Wi-Fi to 3d printers.
How many people choose to co-work?
According to the co-working handbook, in the past 5 years the number of people working this way has increased more than 10 fold. Not only are more people choosing to co-work, they are also spending more time in these spaces. The first results of the new Global Co-working Survey reveal that almost 75% of respondents spend at least three days a week in this space. Two years ago this number was about 50%.
This could be because people are realizing how much more efficient they work in a professional environment. One writer from the Guardian newspaper spent a day working in different environments and rated them for their levels of productivity. The co-working space received a 9/10, whereas working at home and in a coffee shop only received 5/10.
Which co-working space is right?
When choosing a co-working space, people and businesses need to take into account a number of factors. Deciding what is needed is the first step. If the focus on individual work is the goal, finding a working space that has private booths might be a necessity.
Location is also extremely important. The space needs to be close to potential clients, with a good infrastructure, transport links and places for employees to get lunch/coffee. However the most important thing is to look to the future. Take into account if the space be sufficient one year from now, if it has room for expansion and if there is any equipment that you may need in the future that the space does not provide.
The rapid expansion of co-working does not appear to be slowing down in the near future. According to a survey, 61% of existing spaces were planning to expand within the next year, and who knows how many new spaces will be started.
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