What Is a Co-Working Space, and How Will It Benefit You?

As remote and hybrid work grows in popularity and the need for permanent office spaces lessens, more people wonder what a co-working space is and how it will benefit their business.

This in-depth article will discuss what a co-working space looks like and the benefits co-working spaces can offer your business.

What Is a Co-Working Space?

A co-working space is a shared, neutral office space where people work independently or in small groups on different projects, typically for various companies. This shared space offers the same amenities as a traditional office, such as an internet connection and Wi-Fi, desks and chairs, a board room or two, printers and more. In addition, some co-working spaces have a shared kitchen and eating area, and all will have bathroom facilities.

You may even find access to high-tech facilities and accessories in some co-working spaces, such as 3D printers or presentation boards that aren’t always affordable or accessible in a traditional office. Another difference between a co-working space and a regular office is that the former does not require a long-term lease, which gives your business more flexibility.

Who Uses a Co-Working Space?

Small business owners and entrepreneurs often use co-working office spaces. They are typically used by those workers who would alternatively be working remotely from their home or other non-ideal work space.

Each co-working space’s location and available facilities will help determine who uses it. For example, some co-working spaces are popular among non-profit activists and artists, while others with modern technology attract tech professionals.

Due to the multiple benefits a co-working space can provide to a business and the recent pivot to more remote work, many larger companies have moved their remote workers into shared work spaces.

What Are the Benefits of a Co-Working Space?

A relatively unknown concept until recently, the broad adoption of co-working spaces by thousands of businesses around the world has transformed the way workers interact with the business world today. From meeting other professionals from various industries with unique business ideas to collaborating on projects, a co-working space is an opportunity to learn from other people on a similar trajectory as you.

The following are some of a co-working space’s additional benefits to your business.

Cost Efficiency

The cost efficiency of being a member of a co-working space is a critical benefit to small businesses and entrepreneurs who may be locked into expensive leases. Traditional office rental often comes with many additional costs, such as utilities, custodial services, receptionists and insurance. Sharing a work space with other members allows your business to benefit by sharing the infrastructure costs and avoiding certain overhead costs.

As a member of a co-working space, you only pay for the space you need when you need it. As a result, membership fees are generally flexible, based on options like whether you’re okay with sharing a desk or needing a dedicated one. Fees may also depend on the number of hours you use the space per month.

Increased Networking Opportunities

Networking is a valuable activity for small business owners and entrepreneurs as it helps build your brand and people’s awareness of your products or services. One of the benefits of a co-working space is the increased networking opportunities it provides. With workers from different industries, cultures and backgrounds under one roof, small businesses and entrepreneurs can easily make beneficial connections, spark collaborations and take part in the local business community.

Being closely connected to other successful business owners can bring success to your own enterprise. Exposing yourself and employees to new perspectives can help you build a more successful business. So often in business, who you know can be just as important as what you know.

Improved Productivity

Research by the Harvard Business Review has shown that happy employees are more productive than unhappy ones over the long term. They’ve also found that workers who utilize co-working spaces record a higher level of thriving than those who don’t. These findings have been attributed to several factors that come from working in a co-working space.

An Increased Sense of Professional Purpose

For those workers surveyed, an increased sense of professional purpose and meaning stems from three main characteristics of a co-working space. Firstly, the lack of internal politics and direct competition among workers reduces stress and distractions. Secondly, increased opportunities to discuss what they do with those from other fields strengthens their job identity. And lastly, co-working spaces provide ample opportunities for workers to help others with their unique skill sets, bringing satisfaction and confidence to the workplace.

More Job Control

A co-working space is often accessible 24/7. Workers and business owners can choose to work extra hours to meet a deadline or get ahead or take a break in during work hours to run errands. If more quiet is needed, early morning or late night hours can be worked or if a more collaborative space is desired, a co-working space can offer shared tables with interaction amongst a small group.

A Sense of Community

Making connections with a diverse group of other workers is a compelling reason people choose to work in a shared co-working space, in contrast to working alone from home or in a nondescript office. As a result, each co-working space has a unique ambiance, and the office managers of each space cultivate a unique experience to meet the needs of their respective members.

If your small business or start-up is looking to take advantage of these benefits and needs a co-working space with furniture, utilities and internet, call The Carlton Center at (772) 672-3076. Situated in a newly renovated historic building, their offices are conveniently located in Downtown Fort Pierce and their experienced and friendly staff are ready to discuss your business’ needs.