5 ways coworking can be beneficial for your business

The concept of coworking space as an alternative for traditional leased offices is relatively young, however, it has already become a buzzword. For a better understanding of coworking and its advantages, this article investigates existing trends in coworking and potential benefits for business entities.

Coworking is a shared working space, usually used by different organizations and freelancers, typically offering shared premises, equipment and fostering communication and networking between its members. The trend of coworking spaces has been fast-growing and currently, 11 mln square meters accounts for coworking spaces worldwide with the highest concentration in the global largest cities. According to
European Coworking Hotspot Index  around 40% of all coworkings are in North America with rest represented predominantly by Europe and Asia-Pacific regions. Although currently, the total number of coworkings accounts only for 1% of the world’s office inventory, the trend constantly gains new markets and improve positions on existing markets.

Top 10 European Coworking markets

Source of information: European Coworking Hotspot Index 

Thus, let’s discover how coworking spaces can be beneficial for your business.

First of all, coworking spaces offer much more flexibility and freedom, than traditional rented offices. Constantly changing market conditions require a high level of adaptability from business, including changes in the structure of the workforce. Coworking spaces provide easier access to the necessary modification of the workplaces, based on needs for expansion of downsizing.

Secondly, coworkings open the floodgates for networking opportunities. A successful business is only possible with the creation of a network of business contacts and partnerships. Coworking spaces assist to avoid isolation and living “bubble”, because several organizations usually co-exist in the one coworking. Well-thought-out community management, team-building, and common events, engaging all the members of coworking can foster networking and experience sharing between the organizations.

Furthermore, coworking spaces are often centrally located, which provides the transport infrastructure, proximity to the epicenter of business activities and official institutions.

Coworking is time efficient because it helps to minimize efforts and time spent on performing administrative tasks, such as office maintenance, looking for the furniture and IT equipment to refurbish the office. Often coworking spaces also provide tea, coffee or even catering on its territory, which will save the time of coworking users.

Finally, switching for coworking reduces the operational cost of business due to the outsourcing of the non-operational personnel staff and more efficient usage of premises. For example, such facilities as kitchen, function rooms, meeting rooms are shared with other organizations, thus, the premises are used at full capacity and lead to minimization of costs associated with renting.

 LSBC supports idea of collaboration and has initiated creation of coworking space in Berlin. The CISpace is located in the central business district and open for entrepreneurs, startupers, freelancers as well as digital nomads and students. CISpace is an abbreviation from Collaborative Intelligent Space and it is much more than working place. Coworking will offer regular networking and educational events for auditory interested in business development. To make stay at CISpace more comfortable, cafe and catering will be offered to the members.

Source of information:
European Coworking Hotspot Index by Cushman and Wakefield. http://www.cushmanwakefield.co.uk/en-gb/research-and-insight/2019/european-coworking-hotspot-index