What are co-working spaces and why are they so popular?
Workden’s coworking space
The Rise of Digital Nomads
The rise of remote and hybrid workers has seen a significant jump in recent years. This is due to several driving forces, including advancements in technology and programs that have made it easier to work remotely and a shift in attitude towards remote work. Companies have also realized the benefits of having a remote workforce, such as access to a large group of talent and substantial cost savings on office space.Additionally, the COVID-19 pandemic has further advanced this new way of work, as many companies were forced to adapt to remote work to keep themselves and their employees protected. As a result, there was a rise in digital nomads, leading to the emergence of coworking spaces and further resources for remote/hybrid workers. With this continuous rise of remote and hybrid work, more people are raising the question, what exactly is a coworking space, and what can we gain from it?
What is a Co-Working Space?
Definition of coworking space through the lens of organizations
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an arrangement in which workers for different companies share an office space. It allows cost savings and convenience through the use of common infrastructures, such as equipment, utilities and receptionist and custodial services, and in some cases refreshments and parcel acceptance services
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membership-based workspaces where diverse groups of freelancers, remote workers, and other independent professionals work together in a shared, communal setting
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Every workspace with flexible structures that is designed for and by people with atypical, new types of work - that is not exclusively for people from one certain company
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a collective of local spaces where innovate professionals can find daily inspiration, connection & creativity
An overview of how coworking space evolved over the years
Over the last few years, working from a coworking, shared, or flexible workplace has gained popularity among freelancers, remote workers, small businesses, and startups. In 2018, around 18,700 coworking spaces were operating globally. This number has increased. By the end of 2024, there will be around 41,975 coworking spaces worldwide. It is anticipated that between 2021 and 2024, the number of individuals working in coworking spaces will double, reaching 5 million.
In general, coworking spaces encourage a collaborative workspace. It is a valuable space for workers who want a change of scenery or to avoid all the distractions that working from home entails. It also eliminates the need to look for a crowded public place like a library or coffee shop to complete work. Coworking spaces also offer a sense of community and collaboration that can benefit those working remotely or independently. These spaces often host events and activities for members, providing opportunities for professional development and networking. In addition, coworking spaces can provide a more professional and productive environment than working from home. They offer the chance to work in a dedicated workspace, surrounded by other professionals, which can help increase productivity and focus. It allows working professionals to share with like-minded people in coworking spaces, meet with clients face-to-face, and take advantage of countless networking opportunities.Types of Co-Working Spaces
Most coworking spaces offer a fixed duration (monthly) or on a pay-as-you-go basis. Let's look at the two types and find the ideal pricing strategy based on your needs.Fixed-Duration Membership
A fixed-duration membership is an excellent choice if you plan to use a coworking space frequently. With a fixed-duration membership, you pay for a set amount of time; the most popular option is monthly, which involves paying a monthly fee for unlimited access to a coworking space. Fixed-duration memberships include a commitment to the space for a predetermined period. Workden offers an unlimited monthly pass for the entire month that you can cancel anytime!Pay-As-You-Go
For those who want the flexibility to work wherever they want, whenever they want, pay-as-you-go coworking spaces are ideal. Pay-as-you-go memberships let workers maintain consistency in their productivity while moving from one space to another without disrupting their routines. With pay-as-you-go, you can select from a variety of neighborhood coworking spaces in your area and find your favorite! You can visit once a week, twice a week, or for the entire month—this way, you can pay for only what you need. To help you make the most of your workspace, Workden offers affordable drop-in passes, package deals, and membership plans with fantastic benefits. Success stories from coworking space environments
Three of today's most influential tech companies started their business in a coworking environments: Instagram: the social media giant was founded by Kevin Systrom and Mike Krieger in a coworking space in San Francisco back in 2010. Its rapid popularity among users led to an acquisition by Facebook just two years later for $1 billion.Uber: the popular ride-hailing service started its journey back in 2011 in coworking spaces in San Francisco and New York city. Uber operates in over 10,000 cities across 71 countries and has a stock market value of $67 billion as of February 2023.Spotify: the music streaming leader came a long way from its humble beginnings in a coworking space based in Stockholm, Sweden. Today, Spotify has become the go-to choice for music streaming and downloads online, boasting over 489 million users worldwide.
How we view the traditional 9 to 5 job is changing with the new ways of working. People are no longer glued to their workstations, hoping that workdays will end so they can finally leave the office. You should now have a more precise concept of how coworking spaces might fit into your professional life now that you know what they are, what they're used for, and how they operate. Since coworking places offer a valuable service for those working from home or with flexible schedules, many people have embraced the idea. Try one out for yourself; it may be exactly what you need to improve your working day!