According to Statistica data, there were more than 19,000 coworking spaces worldwide as of 2019, and by 2024, there are projected to be 41,975 of them. But you are already aware of what coworking is and its appeal. Is it as common as the conventional office setting?
Let's find out with Officity now!
1. Coworking model definition and history
Coworking is a business concept in which multiple organizations share a large workspace as well as use common equipment and spaces such as a book room, pantry, and so on. Each group can have their own distinct area, but it should not be too large.
Coworking arose from a group created in Berlin, Germany, in 1995. The C Base facility is a gathering place for programmers, scientists, and software engineers to share fresh ideas, compare code, and conduct events and seminars.
However, the phrase "what is coworking" became more popular in San Francisco beginning in 2005. And the years following the Covid-19 pandemic is when this operating paradigm becomes more popular than ever before, as more and more people like the hybrid working style.
2. Benefits of coworking
According to a Harvard Business Review survey, up to 82% of respondents say coworking has helped them broaden their relationships, 83% feel less lonely, and 89% feel happy after working in a coworking environment.
The coworking space model includes the following benefits for users:
Flexible
Many businesses have operations in multiple regions. However, geographical distance can occasionally be used to keep candidates away from positions they want. As a result, several businesses have chosen to engage in coworking in order to avoid losing talent.
Microsoft, for example, has adopted a coworking model to lessen the difficulties of employees moving about New York City. And the Coworking model allows their staff to work more flexibly.
Saving money is one of the many advantages of coworking
Businesses on a tight budget might minimize service fees and cut costs by sharing things like office space, front desk services, internet, printers, and so on with staff from other organizations. Many expenditures can be cut, including long-term real estate lease contracts.
Teamwork
Those of you who choose to work as a freelancer or remote often have to work alone, and it is natural to feel lonely at times. Even if you are not present every day, working at coworking allows you to meet more individuals from the same or different organizations, increase interactivity, and generate possibilities to help each other.
Even if you are an introvert who rarely interacts with others, you are likely to meet others who share your interests.
Boost your productivity and creativity
According to research, working in a coworking environment allows you to be more creative and productive than working in a traditional office setting.
Coworking environments are frequently younger and more energetic. When our minds are at ease, we work better.
Increase the number of people in your relationship network
A coworking space is a place where dozens to hundreds of businesses collaborate. Unlike other working environments, coworking requires us to share the same service with additional people, which increases the potential to interact and exchange ideas. Individuals and businesses alike can expand their business connections.
You can also expand your network by using coworking spaces.
3. Who is coworking appropriate for?
Small firms or startups can use coworking space to cut costs while still benefiting from the scalability of industry and inter-industry ties.
Similarly, huge corporations can use coworking to help employees who operate in places far from the main campus. They will then maintain communication with colleagues and other staff, increasing job productivity.
Freelancers might also choose to work from coworking facilities. Despite the freedom to work, they retain the advantages of a regular office while still having the ability to meet new people and explore new prospects.
This article explains what coworking is and what you might not know about this working paradigm. Overall, coworking is an option to working in a coffee shop, at home, or in an office. If you want to be able to mix individual working mode and fluid teamwork, this is the model for you.
Remember to check out our other articles for the most up-to-date information.
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