The Executive Lounge Coworking Office Space | Insights and Tips

THE EXECUTIVE LOUNGE COWORKING OFFICE SPACE | INSIGHTS AND TIPS

Coworking office space is the current trend which many employers are grasping to lower their property costs while increasing their employee satisfaction. It is a work environment where people from different employers share office space and work in a casual and flexible atmosphere. These shared office spaces provide a flexible work environment at economical costs. The Coworking Office Space generally involves in taking an office space for rent and designs it as a casual and open workspace to encourage interaction and sense of community. Most of the coworking space includes amenities, private cabins, and meeting rooms where the cost and package vary with the frequency of usage. They are often located in premium office buildings providing comfort and convenience to work and are designed to exude a professional atmosphere.

Key Insights on Coworking Office Space

Change in Work Attitude

Though some employees believe work has to be done in traditional office space, most of the employees nowadays prefer working remotely at least once a week. Therefore, whether it is a start-up or an enterprise, organizations are interested in taking office space for rent to change the work attitude of the organization. They tend to view the traditional office as the primary workspace and these shared office spaces as an alternative.

Employees Choice

According to a survey by Capital One, employees prefer coworking spaces due to their flexible work environment over the traditional office environment. According to Deskmag Industry Trade Publication, 71 percent of coworkers are more productive in a shared office space, 62 percent believe their work quality is improved and 68 percent say they're able to focus better. The rising need for coworking office space is generating opportunities for starting a small business which involves taking the lease of office space and creating a flexible work environment.

Benefit for Employers

Employers are also interested in the shared office spaces as it reduces their real estate inventory and human capital. Coworking spaces also benefit entrepreneurs who are starting a small business allowing them to concentrate on business goals at economical costs. As the reports suggest, employees are favourable to coworking office spaces serving employers with more productivity. Henceforth, the demand for shared office spaces is significantly increasing.

Coworking Challenges

Though the Coworking office space business comes with many perks, it has the other side of the coin with certain risks. It involves taking the lease of office space which demands investment in human capital from the business owners. Coping up with the competition in the market and a significant increase in the lease rates will pose challenges to the coworking spaces.

Interest in Entrepreneurship

If you are thinking of starting a coworking office space center, it is advised to take guidance from the local service providers. The service providers can help analyze the vacancy rate in the area, competitors in your niche, amenities required when compared to your competitors, security restrictions knowledge, etc.

The rise of remote work culture will undoubtedly continue to grow for the next three to five years with the increased number of workers seeking options within and outside traditional workplace environments.