No one would have ever imagined that in 2019 we would be discussing how coworking culture is changing the perception of working against that of traditional offices. All thanks to the Coworking culture growth. Back in the early days of 2015 when the concept of coworking was sprouting, coworking received pejorative views. Speed up into 2019 and you will see a drastic change in the mindset of people believing that Coworking is not just like a traditional office, but it’s a culture that one can live by.
Today, one might not find a ‘Perfect’ space to operate in Coworking but considering the ever-increasing demands of digital nomads and startups, this concept has been finding a ‘sweet’ spot. We have seen many investors looking to invest billions of dollars into the coworking scenes. What started by Mr. Brad Neuberg in 2005 as a place where freelancers can work and connect, today has been seen as one of the hybrid concepts where people not only work but also helps them experience the culture. Lets deep dive into some of the interesting coworking stats.
Global Coworking Forecast- 5.1 Million members in over 30,000 spaces by 2022
In an interesting article by Haward Business Review and I quote “Coworking Is Not About Workspace — It’s About Feeling Less Lonely.” Physiologically, this could be one of the cases as it allows coworkers to meet and greet amazing people besides working and of course to ease out from the tensions and loneliness they might have undergone. But besides that, some of the real perks and not limited to are flexible hours of working, culturally different people working together, meetups/events/networking, and control on how you work. Just sit back, relax and work.
Look at the shift from 14 spaces in 2007 to nearly 21,000 in 2019, and the year is still on. You can predict a few more spaces added by Q419 to add up to the tally.
According to the research done by AllWork, there are over 14,000 coworking spaces around the globe. This culture has grown at an incredible rate of 200% over the past five years. Cities like London and Newyork have been expanding at an annual rate of 20%.
Some of the key reasons why the coworking spaces are growing at this pace can be:
- Coworking spaces today are much larger than older spaces, providing bigger and better experiences. Bigger ‘Members per square foot’ focus.
- Corporations showing a keen approach in thinking ‘Coworking’. It is speculated that by 2020, around 50% of large companies will have some form of shared office space.
- Real Estate on the growth. Making existing Coworking spaces to tap expansions/Global expansions. Just to add, rent, however, remains by far the biggest expense item for the coworking spaces.
Coworking is great for Freelancers and Solopreneurs
Unable to work from Home? Coworking is an ideal case for you. As per the research by Deskmag, a typical coworking space has on average 80 members, working at 70 desks spread over an area that is around 800 sq meters. It is also seen that the spaces try to offer a greater number of seats as the years pass by accommodating more people to the tribe.
Recently, I spoke at CUAsia — One of the world’s largest coworking conference. Deskmag shared some interesting data regarding the Coworking culture in Asia. Many believe that a Coworking culture helps to maintain work-life balance well. Statistically, around 70% reported they felt healthier in working out from a coworking space compared to that in the traditional office space.
While Global Audience looks largely for a budget pricing, but in Asia, the USP is a well-situated location. Some of the other factors are Attractive design and fit-out and Thriving community facilitating events and growth culture. Asia sees a 32% increase while Globally the count was 27% in the space of increase of new coworking spaces.
As far as the key challenges for the Coworking spaces are concerned, it is more inclined towards bringing in new people to space. On average, the space witnesses 18–19 people within the first opening week compared to the global 10 people on average.
Coworking as a culture
How many times have you sat in a cafe on a weekend working on your projects? Endless counts of coffee, great environment, like-minded people( majorly, the coffee lovers) and the synergy that makes you work, even better. Same in the culture in Coworking. Here are the top 5 reasons that people coworking out of Asia thinks as the key factors that define their choice of coworking spaces:
I have observed many coworking spaces in my career and one of the key elements is the Culture in coworking boosts the way you work. OfficeVibe suggests that 84% of people who use coworking spaces are more engaged and motivated. Reports suggest that, 89% percent of people are happy. Maybe it comes from giving up on hours you have spent at traditional office spaces or maybe coworking has a health-centric trigger that allows the vibe to flow. But whatever is the reason, the reports suggest that 64% of coworkers are better able to complete tasks on time. That number speaks a lot about coworking growth and how the adoption metric has evolved over the years.
From the startup viewpoint, if the coworkers remain healthier and effective in the work, what else do they want? Simply imagine a space where people are to work and build something creative. If the energy tone is right, productiveness-culture is high. That reflects on every person in the coworking. It is like a Gym-culture, go with a person who motivates you to inch -ahead, and you tend to push your limits to achieve the goal. Simply treat it as a placebo effect in a good way.
Every Coworking houses many events that are a great source of networking and bring a community effort together. Coworking Leads To Great Interactions. You meet people who probably you have never met and that yields to your confidence.