A popular new take on a traditional workspace format.
The concept of coworking has become a very popular flexible workspace option in recent years. The model of individuals or small teams working within a shared space has been around, in various formats, for many years but its popularity has grown exponentially in the decade up to 2018, with some coworking space providers now having over 100,000 members within their schemes.
A coworking space is one in which individuals use an individual desk in a communal space in which services such as power, lighting, business-grade Wi-Fi, professional printing and copying equipment, refreshments and so on, are shared.
Traditionally, coworking space has been used by individuals, freelancers, small teams and startups because of the ease of access to a professional working environment without large fixed business operating costs, the flexibility, the shared energy and culture, and the networking opportunities. In more recent years, the market has seen an evolution in user type – as well as the existing audience, small and medium-sized companies and larger corporate companies are starting to integrate coworking space into their real estate portfolio – prestigious companies such as Dell, EY, GE, KPMG, Merck, and McKinsey & Co. are utilising co-working spaces for the same reasons that attracted original users, but also to help them to attract younger staff, and to reduce their overall carbon footprint.
Large real estate organisations have services such as The Office Providers CoWorking Resource that provides access to the majority of co-working space providers in all markets globally, equating to a combined portfolio of many tens of millions of square feet.
The existing market for coworking space continues to grow due to the continued rise in self-employment, the continued improvements in mobile technology and connectivity, and the increased demand for flexibility, however, with a new audience of SMEs and corporate players wanting to incorporate coworking into their business models, the coworking space market is due to soar in the coming years.
Further information on the Role of Technology for co-working can be viewed on the RICS resource here.
For a tailored coworking space search and acquisition service that is completely free of charge, please contact the Prestige Offices team to advise of your bespoke requirements.