How Popular is Coworking and Will the Trend Last?

A key question to ask would be how long does coworking have to be around for before it ceases to be a trend and becomes an accepted and mainstream way of working?

Coworking space

Considering that the coworking movement hit the ground running in 2005 you could argue strongly that this way of working has already become an accepted way of working and operating a small business over that 15-year period and the flexible workspace market is now estimated to be worth in excess of $25bn.

Companies have invested heavily in providing coworking management software and there are plenty of perceived benefits attached to working in a space that inspires collaboration and an innovative spirit.

Networking opportunities

A fundamental point to bear in mind about the concept of coworking is that it offers something uniquely different to the more traditional route of setting up a business and using a serviced office space.

If you take an office or suite within a building to yourself you might have access to communal services and facilities but you will not have the same opportunity to network with like-minded individuals in the same way that you do in a coworking space.

With coworking, you get the office space and meeting rooms that you might need but the added bonus is the networking opportunities that come your way, and that is something tangible that explains why this way of working has become so mainstream.

Sector-specific

Another key point to consider is that you should be able to find a coworking space that is designed with a specific sector in mind.

For example, if you are involved in a software and technology business you will most likely find a coworking space that is crammed with like-minded people to collaborate with and bounce ideas off.

That definitely adds value to the space you are renting compared to the traditional route of taking serviced office space and going it alone.

Cost-effective and flexible

Renting office space in a city can get expensive and you will want to get the best return for your outlay as possible.

A distinct advantage attached to the concept of coworking is the fact that you can find a flexible working space that is either a dedicated point of work or something more flexible where you turn up and pay to use the space when you need to.

Being able to only pay for the space you need will mean that you should be able to keep your costs lower than if you were renting space on a permanent basis, which means that coworking looks good from a cashflow perspective.

Having that flexibility also means that if you outgrow your existing space or change your plans you can make those changes much more easily when you are coworking compared to committing to a standard office lease that could be costly to get out of.

So, in answer to the original question, coworking is definitely popular and has, arguably, gone beyond the point of being a trend and become an established way of working and doing business.

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