Trusting the Co-Working Culture
When Co-working culture started, no one would have ever imagined that in 2019 we would be discussing how co-working culture is changing the perception of working against that of traditional offices. Back in the early days of 2015 when the concept of co-working was sprouting, co-working 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 Co-working 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 dollar into the co-working 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.
1. 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 co-workers 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 co-working spaces around the globe. But the interesting fact is that 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 co-working spaces are growing at this pace can be:
- Co-working spaces today are much larger than older spaces, providing bigger and better experiences. Bigger ‘Members per square foot’ focus.
- Corporations showing keen approach in thinking ‘Co-working’. 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 Co-working spaces to tap expansions/Global expansions. Just to add, rent, however, remains by far the biggest expense item for the co-working spaces.
2. Coworking is great for Freelancers and Solopreneurs
Unable to work from Home? Co-working is an ideal case for you. As per the research by Deskmag, a typical co-working space has on average 80 members, working at 70 desks spread over an area which 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 Co-working culture in Asia. Many believe that Co-working culture helps to maintain work-life balance well. Statistically, around 70% reported they felt healthier in working out from a co-working space compared to that in the traditional office space.
While Global Audience looks largely for 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 has been one of the leading markets in 2018 with almost 32% increase in the new co-working spaces compared to the global rise of 27%.
As far as the key challenges for the Coworking spaces are concerned, it is more inclined towards bringing in new people to space. The cost of acquiring new users sometimes can be cost-hogging. Another factor is how to bring the community together in building community-driven force. One of the other reason which is primarily seen in India is insufficient demand for such spaces in India. There is a growth compared to the last few years.
Reports also suggest that the Asian Co-working spaces are treated to be one of the most -welcoming spaces within the first opening week. On average, the space witnesses 18–19 people within the first opening week compared to global 10 people on an average.
3. Co-working 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 Co-working. Here are the top 5 reasons that people co-working out of Asia think as the key factors that define their choice of co-working spaces:
I have observed many co-working spaces in my career and one of the key element is the Culture in co-working boosts the way you work. OfficeVibe suggests, 84% of people who use coworking spaces are more engaged and motivated and about 89% of people who co-work reported being happier compared to those who might work out from otherwise. Maybe it comes from giving up on hours you have spent at traditional office spaces or maybe co-working have a health-centric trigger that allows the vibe to flow. But whatever is the reason, the reports suggest that 64% of co-workers are better able to complete tasks on time. That number speaks a lot about co-working growth and how the adoption metric has evolved over the years.
From the startup viewpoint, if the co-workers 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 co-working. 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 like a placebo effect in a good way.
Every Co-working houses many events that are a great source of networking and brings a community effort together. Coworking Leads To Great Interactions. You meet people who probably you have never met and that yields to your confidence.
