What Are Coworking Spaces and How to Create One

The number of coworking spaces around the world is projected to double by 2024, growing at a 21.3% CAGR. Coworking spaces are so popular because they are economical, convenient, modern, and cool. The easy accessibility to coworking spaces software is also fueling the growth of coworking spaces. If you are managing a shared office or planning to convert your office into a coworking space, heres everything you need to know.

What Are Coworking Spaces?

Coworking spaces are simply offices shared by different companies or individuals. Freelancers are the heaviest users of coworking spaces, followed by employees and employers. There are close to 20,000 coworking spaces in the world, with Impact Hub, WeWork, and Your Alley being the largest coworking franchises.

Busy CoWorking Spaces
Cost Reduction Benefit

Benefits of a Coworking Office

Cost saving and convenience are the most compelling reasons for a coworking arrangement. Members or tenants of a coworking space save on rental and operational costs by sharing space and utilizing a range of shared facilities; such as furniture, phone and internet, printers, reception desks, and meeting rooms. Leasing space in a coworking space is, therefore, much more economical than maintaining an independent office.

Coworking spaces are also more agile and flexible. You don't need to rent and furnish space when launching a project in a new territory, for example. You can just rent coworking space and start operations quickly.

Which Businesses Work from Coworking Spaces?

Coworking is not just for freelancers and small businesses anymore. Many large organizations and Fortune 500 companies have warmed up to the idea of coworking because of the benefits it offers.

Microsoft was probably the first well-known organization to announce that several of their teams would work from WeWork locations in various markets. Some of the other global enterprises that work from coworking places include Facebook, Salesforce, Bank of America, HSBC, Ernst & Young, and IBM; and the list is growing fast.

Types of Business
Good For Business

Is Coworking Good for Your Business?

The answer to this question depends on the nature of your work and your unique work culture. The biggest coworking-space user group works in the IT sector, followed by marketing and PR. Even if you are not working in these areas, coworking spaces are always an option when you want to expand your business or run a project away from your main office.

Running your business from a coworking space allows you to focus more on actually running your business than on maintaining a physical premises. Coworking gives you the freedom to scale up or down operations without involving any major capital expenditure. However, coworking may not be suitable for jobs that involve handling sensitive information or where the nature of work requires seclusion and privacy.

Coworking Space Essentials

If you want to manage or set up coworking spaces at your office, here are some of the essential you're going to need:

Bookable Hot Desks

In most cases, hot desks will include desks and chairs. Certain workplaces such as travel agencies or hotels may require standing desks only. The desks should be easy to access and adequately spaced to provide room for easy movement. Users should be able to reserve hot desks for specific days and times using a mobile app such as Lobbytrack Employees App. Alternatively, you can assign desks on a rotational basis according to a roster.

Bookable Hot Desks
Power Outlets

Access to Internet and Power Outlets

There can be no coworking without laptops, tablets and smartphones, so a coworking space should provide ready access to the Internet and power outlets to accommodate these gadgets. Some of the shared spaces might require monitors or desktop systems for allowing users to use a second screen or access the Company's network, for example.

Printing Facilities

Most coworking offices have centralized printing facilities that workers can utilize by logging on to the internet or local network. The office team manages the printing facilities to ensure that they are up and running. Certain co-work spaces might also offer 3D printing facilities and other gadgets such as cameras, scanners, etc.

Accommodate More People
Personal Item Storage

Personal Items Storage

Any professional coworking space should offer dedicated space to store personal items such as bags, coats, and accessories. It is up to you if you want to allow your clients to leave their belongings on their desk when they go to attend a meeting or have lunch. A better idea would be to provide lockers or cubby holes for storing personal items.

Bookable Meeting Rooms

There are times in business that call for privacy; whether it is to conduct meetings, meet clients, or discuss strategy and finances. Both private and coworking offices provide shared meeting rooms that workers can reserve in advance.

Bookable Meeting Room
CoWorking Policy

Coworking Policy

Coworking offices often have a policy to guide workers regarding how the shared spaces should be used. For example, some offices may request users not to leave their personal items on the desk or to tidy up the space when leaving.

Coworking Office Software

It is hard to think of flexible spaces without thinking of software. Coworking office apps, such as Lobbytrack, make it easy to define and book shared spaces including hot desks, meeting rooms, parking spaces, and other common areas. Workers can use a mobile app to view the available spaces and book them for specific days and times.

Booking Software
How Do I Start

How to Start a Coworking Place?

If you manage a coworking office or if you have more employees than your office can accommodate, you can easily create a flexible coworking space using Lobbytracks shared space booking feature. Designate any desk, room, or other area of your office as shared space and allow employees or members to book it from the Employee App. Check it out today!