6 Reasons why coworking spaces are so popular

“8 out of 10 dogs prefer coworking”

A recent study found that dogs were 80% happier when working alongside their human in a collaborative space such as a coworking office.*

A totally made-up study by our members and Mabel, our resident pet pooch, at The Residence, but we reckon it’s pretty spot on.

Seriously though, I’m thrilled to be writing this blog post because it means that my vision at The Residence has become a reality in that coworking in areas such as Hertfordshire and Essex is not only becoming popular, but more and more people recognise it as a valuable resource for modern working.

In the past few years, coworking has become one of the fastest-growing work models of the modern age with is set to explode over the next couple of years.

“The number of coworking spaces worldwide is expected to reach 40,000+ by 2024 - double the number in 2021.”

(Source: Global Coworking Growth Study)

Whether you’re an entrepreneur or a corporation, coworking has something to offer you, and its popularity has risen across the UK to every major city and, thankfully, beautiful rural locations.

As it continues on this upward trajectory, I wanted to pause and look at why coworking has become so popular, offering more than simply desk space, and how businesses can use it to their advantage.

Coworking inspires connection and collaboration!

When I first started in the industry, the concept of coworking was rising in popularity primarily due to its flexibility for non-conformist business folk such as solopreneurs, freelancers and entrepreneurs who wanted to work independently while belonging to a community of like-minds.

This was me: I left the city as a corporate PA and decided to go it alone as a Virtual Assistant. BUT it was a lonely life. I loved my work, but as you know, I’m a chatty Karen, so I needed people around me. When the opportunity to launch a coworking space arose, I knew they would complement each other perfectly and BINGO! I had a professional place to work with others that felt the same.

Over the past couple of years and certainly since the pandemic, coworking has found favour with more traditional workers such as SMEs and corporates ready to embrace a more hybrid way of working.

Now, for those who know me well, you know why I flippin love coworking. For me, it’s the embodiment of happiness at work. It gives me a sense of belonging, which fulfils a deep need, especially when I spend so much of my time working plus I can bring Mabel, my pet pooch to work. But why do others love it – Surely, for other people too, there’s more to it than simply a place to work?

1. Coworking creates strong Communities & Collaborations

Yeah, I know it’s become a bit cliché, but it’s exactly why people love coworking.

I would say about 70% of people that come to work with us at The Residence do so because they want to work in a space with other like-minded people and have a sense of belonging.

‘89% of coworking users report they are happier since joining a coworking space, while 83% said they feel less lonely.’

Whether you choose to hot-desk in the open work area or take a private office, the perks are the same: a communal kitchen where you can chat and relax with everyone, weekly events to participate in and regular introductions to other members so you can explore opportunities and connections together.

 2. Happiness increases Productivity

It’s a fact: Happiness makes people more productive at work, according to the latest research from the University of Warwick.

I know I always do more work when feeling good, don’t you? The positive vibes and boost in morale help us serve our clients better, engage with others deeply and lead to stronger commitment and loyalty to the values we hold close.

When we’re happy, we become more engaged in tasks leading to better work in terms of quality and quantity. It’s a positive cycle as better work results in feelings of accomplishment and happiness, and the process continues.

Coworking provides an increased level of happiness for many of our members: they feel part of a community, they have a professional work environment, motivating them to focus on the work and get the job done, plus they have other people around to chat with, break for lunch and share ideas. It’s a win, win.

3. Our Future is Flexible

Great coworking spaces should be the antitheses of fixed or rigid. Post-Covid, many companies have found themselves unsure of their business needs regarding office size, permanent workers, hybrid work models and whether they can grow or shrink while maintaining their output. It’s a huge challenge right now, and so coworking has become not only a convenient solution but an absolute necessity for many businesses today.  

A global survey by Ernst and Young found that

“54% of employees said they would consider leaving their jobs post-pandemic if they’re not provided with some form of flexibility regarding when and where they work.”

While offering a selection of private offices and permanent desks, we’ve seen a significant rise in companies choosing to move from leasing their own office spaces to moving into coworking spaces where they have the flexibility to increase or decrease the amount of office space they need without major penalties of long-term leases, reducing costs and commitment.

We’ve also seen a rise in corporates and charities paying for their workers to take a permanent or hot desk at a coworking space instead of commuting or working from home. It enables companies to offer a professional hybrid work solution without encroaching on the employee’s home life.

We’ve found that most companies that choose coworking spaces as their new office location have a few priority needs

Reliable connectivity with super fast speed

Many of our members originally found us because they asked

“Does anyone know somewhere in town that has decent WiFI, as I’m struggling to work at home?” and then stayed with us long-term because they realised the flexibility gave them the best of both worlds.

“The ability to come and go as they please” as hybrid working becomes commonplace, workers often choose their hours, so having an accessible office is essential whereby you can work early, late or even the night shift if needed.

“Access to a quiet space or meeting room as and when needed” hot-desking or private office member, there are times when you need a quiet space to work or meet with clients or colleagues. So flexible packages are designed to offer you what you need rather than what we want.

“Not to mention a constant supply of coffee and cake” a priority for all workers, good coffee, tea and cake are a must to keep you and your clients well fuelled.

As well as the basics, many coworking spaces offer loads of amazing extras. For example, at The Residence in Bishops Stortford, we have a gym next door with access for our members, air-con, showers for those that want to run or cycle into the office, free parking and a café across the way for client lunches and celebrations.

4. Costs are Fixed

With so much uncertainty around and rising costs continuing, knowing you have fixed office costs is a huge relief for many businesses and certainly one of the primary reasons they are relocating to coworking spaces.

As commercial rates fluctuate and living costs increase, not to mention utilities exponentially rising, opting for a managed workspace is an ideal solution no matter the size of your organisation.

Whichever package you choose, from booking the occasional desk per day or taking a private office for 20, 40 or 100 people: all your costs are up-front, inclusive and locked in for a time period.

For example Businesses pay a flat rate of £3,000 per month for an office of 6 people, including rent, ongoing maintenance, insurance, parking, refreshments and optional meeting room access. There are fixed-term leases, but their length often starts from 12 months, instead of the usual 5 years and contracts are drawn up to accommodate your business with flexible options negotiable. Many companies realise this as an ideal solution if they are unsure of their long-term needs. Perhaps they are rapidly expanding and need more space quickly, or they are downsizing their teams and introducing hybrid working.

5. Find your Flow

In a recent study by The Residence and in collaboration with The Doers,

“We found people were the most productive (6.9 hours) in coworking spaces compared to 6.4 hours in the office and 5.8 hours working from home.”

The comes as no surprise to me, as one of the things I hear daily from our members is that they just need “a quiet space to work, away from the house and without distractions”.

I have to agree. Certainly for myself and others, when we have the time and space to work quietly, we can learn to ‘Find our flow’. We can get into the ‘zone’ and really get into our work, not just being more productive but delivering good quality work.

Coworking also helps you create a shift in mindset. For example, many of our workers say that when they’re at The Residence, they are ‘at work’ even if it’s only a 5-hour day: this is their time for deep, focused work. When they leave, they close their laptop and can switch off physically and mentally.

6. Professionalism is Paramount

Yes, you can use the local coffee shop on occasional days, but it isn’t conducive to a professional image. Even if you’re a remote worker, you still need to dress appropriately and work within suitable surrounds, especially if you’re on calls, meeting and client-facing.

What if

·       you can’t access a plug socket?

·       you need to leave your laptop briefly?

·       it becomes very noisy or children and upset?

·       your work is confidential?

·       you have a team call?

Not to mention the issues that commonly arise at home, from the intermittent WI-FI signal to front door interruptions and the very short day school day ending at 3pm. We’ve all seen the heart-stopping viral videos of businessmen and women giving TV interviews, only to be rudely interrupted by their children. Cute but unprofessional when you’re trying to close a big contract!

It’s no wonder that coworking spaces are becoming so popular A purpose-designed coworking space will offer you a professional image within a flexible and fluid environment, where you can relax and enjoy your surroundings but have access to all the mod cons needed for a professional work day. What’s not to love?