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Three Ways Co-Working Spaces are Changing the Business Environment

By July 6, 2018September 9th, 2022No Comments
Three Ways Co-Working Spaces are Changing the Business Environment

The cubicle has long been the standard in the majority of office buildings. Sectioned off from one another, employees went about their days in relative isolation, with the occasional drop-by from a fellow coworker, or a chat in the breakroom. But in 2017, over one million workers walked through the doors of their jobs and into open-plan co-working spaces. Nearly 14,000 of these co-working spaces have popped up in the last several years, and this type of working environment is projected to continue growing as more and more Millennials enter the workforce.

A New Approach to the Day-to-Day: Open Collaboration

Co-working spaces have become an attractive model for startups and small businesses, and this is often the perception of which types of organizations utilize co-working spaces. However, over one-third have been in business for three to five years, and a quarter have been around for over a decade, according to a survey conducted by Fueled Collective, a co-working space company headquartered in Minnesota.

The survey showed that larger companies and corporations are taking advantage of the benefits co-working spaces offer businesses, too. Innovation teams—teams that resemble startups but are within and a part of a larger organizations—thrive on an atmosphere of collaboration. By working alongside other creative thinkers, organizations both large and small, new and established, are exposed to different ways of thinking, potentially spurring innovation for all parties.

Industry-Specific Co-Working Spaces

As occupants of co-working spaces continue to diversify, industry-specific co-working spaces will likely emerge to fulfill niche needs. Specifically, the ever-growing demand for connected devices will influence how the co-working space will evolve; if there is specific demand, there is a need for industry-specific entrepreneurs and startups to solve complex and emerging problems.

For these specific industries, having the right space to test hardware and products that require numerous tests will be integral to success—and profitability. Any industry that needs generous space to test its products may currently be pressed for finding such a space in a shared working environment. That’s why, as these industry-specific needs emerge, co-working spaces will likely need to begin designing physical infrastructure to attract and retain companies that require larger spaces to test their products.

A Flexible Working Environment

By 2025, 75% of the global workforce will be comprised of millennials. A generation that has grown up with phones, laptops, and tablets within arm’s reach, is accustomed to a certain level of flexibility when it comes to completing work. This is perhaps best highlighted by the large digital nomad community, workers who move from one country to another (or work for a company based in a country not their own) and simply rely on an Internet connection to get the job done.

Co-working spaces provide these digital nomads and freelancers alike a collaborative community in which to set up shop, whether passing through or staying for weeks or months. While most occupants of co-working spaces are there on a regular basis, they, too, are demanding more flexibility from their jobs. Moreover, if a company is attempting to hire the most qualified employee in a specific market but does not wish to relocate that employee, a co-working space may be the best solution; it offers a collaborative community, provides the worker a sense of permanency, and provides certain amenities that make working in a co-working space attractive.

If you are looking to hire the best and brightest global talent for your organization, reach out to Velocity Global today to learn how we can assist you with your talent acquisition needs.