Whether you’re a freelancer, a business owner, or an entrepreneur, coworking spaces are becoming increasingly popular. They provide a variety of benefits, from quiet environments to high-speed internet and meeting rooms. In addition, they can help to cut operational costs. Companies can also book conference rooms at coworking locations on an hourly basis. This makes it easier for them to rightsize their office footprint as they grow.
The collaborative workspace trend has been around for years, but it’s showing signs of continuing to rise. According to a recent study by Global Workplace Analytics, about 5 million Americans are expected to work from home at least half of the time by the year 2022. Currently, about 3.9 million Americans are estimated to work from home at least half of the day. This is a large number, but it’s one that can’t be ignored. Many of these workers are burned out and are looking for ways to refocus. Rather than building out a private office space in their homes, many of these people are turning to coworking spaces.
While the idea of working from home may sound appealing, it’s important to realize that remote working is not without its challenges. Some of these issues include mental health problems and isolation. By integrating remote work with an on-site working model, companies can improve their employee retention. Likewise, hybrid work, which is a combination of remote and on-site working, is a new way to work. The marriage of these two models has been shown to boost productivity and employee retention. This is why so many people are betting on the growth of the coworking industry in the next few years.
In June of 2015, WeWork raised $1 billion. The company’s main bet is on the power of network effects in coworking. The firm’s hip furniture and cool office spaces make it easy to be part of the WeWork community. In fact, seven of the 12 employees at Daybase are working for WeWork. It’s difficult to imagine a typical office leasing model raising over a billion dollars, but it’s possible.
The coworking industry is still a young industry, but it’s been on a strong growth trajectory over the past three years. In India alone, there are 350 coworking companies. As more and more workers begin to appreciate the benefits of coworking, there is no doubt that the industry will continue to grow in the coming years.
