Industries that Benefit from Coworking
In 2016, the modern workforce is beginning to look for work environments that are inspiring and stimulating, that foster innovation and that provide opportunities for collaboration at an increasingly rapid rate. As a result, a growing number of Coworking spaces are emerging in cities throughout the country and around the world.
As a matter of fact, according to Deskmag, the average number of members per space roughly doubled over the past two years and the number of spaces worldwide is projected to increase to 12,700 by next year. Additionally, according to the 2016 Coworking Forecast by Emergent Research, the Coworking industry is set to continue growing at a rapid pace over the next four years — more than doubling both the number of global Coworking spaces as well as the number of global Coworking members by 2020 — highlighting the burgeoning popularity of these flexible workspaces.
While it is apparent that Coworking spaces are becoming increasingly popular around the globe, which industries are benefitting from these newly fangled work spaces? At Yardi Kube, we are confident that the right Coworking space can help any business in any industry succeed. Let’s take a look at how Coworking is benefitting a number of industries.
Entrepreneurs and Startups
An entrepreneur’s journey can be a lonely one, but entrepreneurs that utilize a Coworking space oftentimes find they feel like they are part of a larger network. According to another report from Deskmag, 92 percent of entrepreneurs feel more self-confident since joining a Coworking facility. Additionally, another Deskmag report found that members of a Coworking space were more likely to be motivated, have higher levels of interaction and were working in teams more often than before.
According to The Social Economy of Coworking Spaces: A Focal Point Model of Coordination, the main value a coworking space provides is “as a focal point for finding people, ideas and other resources when you lack the information necessary for coordination.” Clearly, Coworking spaces allow entrepreneurs and startups access to vital resources and contacts to enable success.
At Coworking spaces, social networks are expanded, isolation is reduced and productivity increases. As an entrepreneur, who you know can oftentimes be more important than what you know, so the easy access to networking opportunities that Coworking spaces provide is an invaluable asset to entrepreneurial startups. At Coworking spaces, like-minded, forward-thinking individuals that are equally passionate and goal-driven are potentially just a few feet away, ready to share their insights or to bounce ideas off of. The 2016 Global Coworking Survey saw 68 percent of members expect knowledge sharing from other members, 60 percent expect to brainstorm or share new ideas with other members and 55 percent expect other members to share opportunities for new jobs or projects with them. Productivity also increases according to Deskmag, as 62 percent reported that their measure of work improved significantly, and 90 percent said they felt more confident when Coworking.
In today’s global, digital landscape, our constant state of interconnectivity allows for workers to collaborate seamlessly across great distances and most workers can effectively do their job if they have access to the Internet. Thus, remote workers are marking up a larger percentage of the workforce than ever before.
Working from home certainly has its downsides — there are frequent distractions and you don’t have access to a professional setting to meet clients in — and those downsides are ameliorated at Coworking facilities. Coworking spaces are designed and decorated so workers can focus on what really matters — their work.The more structured, work environment presented by Coworking spaces gives freelancers and remote employees a sense of purpose and community, fueling productivity and eliminating personal distractions.
Corporations and Big Businesses
For large businesses, having an address in a premium location can be expensive, but the influx of Coworking spaces has provided a cost-effective alternative to renting corporate office space in prime areas. Additionally, big companies that have space in a Coworking environment are able to focus on innovation, stimulation of ideas and collaboration with others in the entrepreneurial atmosphere present in many Coworking facilities.
In the end, it is apparent that Coworking can benefit anyone and everyone — no matter the industry they’re employed in. People who work in Coworking spaces reported to be more productive, confident and creative. The statistics prove that being part of a supportive and growing community of like-minded individuals that offers flexibility in when you choose to work and whom you choose to work with is beneficial to all parties.