Coworking had a meteoric rise in popularity. Coworking spaces look cool. What is the coworking industry, really?
That’s not a really a different story from fashion trends or a few one-hit-wonders (we’re looking at you, acid wash jeans and Chumbawamba).
So is coworking a fad?
While skeptics tend to point to one of their key users – startups – and the dismal success rates entrepreneurs battle (an estimated 76% of starts up will fail), recent trends suggest coworking is here to stay. If it’s not a fad, what is it?
Here, we look at 7 things coworking is, really.
- Coworking is a flexible solution. Despite the stereotypes, coworking offices aren’t just filled with startup employees – they’re used by Enterprise companies to house specific teams to focus on a key intuitive or to house remote employees. They’re used by established businesses undergoing a transition. And yes, they are used by starts ups as they build their businesses, but one of the core values all of these businesses gain from coworking is flexibility.
Traditional real estate leases are pricey and long – and businesses of any size appreciate the opportunity to react more nimbly to an increasingly tumultuous environment.
- Coworking is a shared economy. Industry giant WeWork has struggled to turn a profit, but smaller players around the globe are honing in on their unique market and community expertise. Our HEXA stars bring rich technology and education experience to the table, a niche that’s perfect for our home in the Richardson Innovation District.
Networking is often touted as a key-value member can gain from their coworking spaces, and when that networking is rooted in a growing business field, it’s even more valuable.
- Coworking is global. Although the US boasts the largest coworking spaces, nearly every major market around the world is home to a coworking company.
- Coworking is affordable. According to Coworking Insights’ 2019 State of the Coworking Industry, Switzerland topped out for most expensive desk prices, an average of $358/month. (For context, our Free Spirit Membership, which allows desk access and shared office space is $250/month). Even for a startup striving to run as lean as possible, these are certainly manageable numbers. A corporate lease in New York, on the other hand, may bill at $1,233 per employee per month, or $350 per employee per month in Atlanta, estimated to be the most affordable city by Price it Here.
- Coworking is a whole-person service. , Unlike traditional office spaces, coworking spaces tend to cater to the well-being of the whole person, not just the professional side of its members. At HEXA, we help members tend to their mental and spiritual health by offering access to serene outdoor spaces and providing quiet spaces. We support physical health with onsite coffee and gym access. And organically, coworking spaces support emotional health by proving a space for members to meet like-minded professionals and cultivate a sense of community.
- Coworking is a support system. Coworking spaces don’t just provide a shared economy in-network and industry breadth. They can also serve as incubators or accelerators to help guide start-ups in their inaugural years, or augment professional services, like marketing or technology, to businesses looking to focus on their core competency.
- Coworking is an answer for 21st work. Technology has changed the way we work, enabling employees and entrepreneurs alike to work more flexibly from more places, and in more creative ways. Yes, employees can and will continue to work in traditional office spaces as well for the foreseeable future. But as professionals continue to seek flexibility and pursue innovation, we can also expect them to continue to look to coworking to meet those needs.
Do you want to learn more about how coworking can meet your business needs? Contact us today at firstname.lastname@example.org to learn more about this dynamic industry and how it can transform your business and the way you run it.