Young, forward-thinking and creative businesses have quickly discovered the value, efficiency, and cost-effectiveness of coworking and shared office space. Fortune 1000 Companies as well, have been embracing coworking spaces to expand their talent pools and create synergy. The coworking movement has spread across the country and, in fact, the world.
To some degree, an extension of the work from home movement, coworking offers companies the advantages of having access to office space, private desks, collaborative workspaces, and even meeting rooms. Sharing talent is another significant benefit of a coworking community. All of this and in some cases, much more, without the high initial capital investment of real estate, furnishings, and human resources. This is particularly critical where real estate, office space and exceptional talent is extremely expensive in major metropolitan areas like San Francisco and New York City.
What are High-Level Executives Saying About Coworking?
Coworking is proving to be an exceptional vehicle for companies offering a variety of products and services to get things done. While it started as a way for startups to gain traction and to offer freelancers a more professional environment to work or take meetings, it has become a significant tool for major corporations.
Why are top-level executives and key decision-makers of some of America’s most successful companies embracing coworking spaces? The answers are similar to those of any company looking to improve its bottom line and efficiency.
Creativity and Innovation
Coworking can provide an extraordinarily creative and innovative working environment with fresh thoughts, concepts, and ideas. This provides real value for companies in search of constant improvement and more of an outsider’s point of view. It can be effective in developing product improvements, market concepts, and building collaborative teams that may otherwise be impossible or cost-prohibitive to create.
Recaptures Social Elements of Work
While working from home certainly has its advantages, major companies are discovering that coworking restores social aspects of work many talented freelancers have missed. Working together in a “neutral” space with other freelancers and company employees can build a more social, relaxing environment and social bonds that better connect workers to their projects and companies contracting with them.
Space and Talent on a Pay as Needed Basis
Millennials have fully embraced the “pay as you go” philosophy, preferring to bypass ownership for convenience. From returning to urban living spaces, ride-sharing, food delivery and scooter rentals, this largest segment of the workforce understands the concept of coworking and shared office space. From a company standpoint, coworking and shared working space are parallel to this pay as needed concept. Major companies understand by stepping out of their own comfort workspace zones, they are actually embracing a working environment ultimately comfortable for today’s workforce.
Coworking improves accountability and productivity by eliminating the distractions and temptations that can be problematic in a work from home environment. There are no televisions or streaming devices to distract workers. People work in a more controlled, yet collaborative environment where meetings and conference calls can be easily scheduled and executed. Talent can move into and out of coworking groups based on current needs and the value they add to a project.
Versatility in Locations and Amenities
As corporate America embraces coworking and shared offices, more locations are being established in more communities. This provides greater options for large companies to establish off-campus locations in multiple and perhaps even more convenient locations. In addition, coworking and shared workspace communities continue to expand resources including everything from catering to software and shared receptionists. Large companies with resources can even negotiate amenities and available features based on the commitment from a corporate client.
Lower Initial Capital Investment & Lease Term Flexibility
Coworking provides an alternative for growth without a huge initial capital investment in real estate, traditional lease terms of between three to ten years and human resources. It offers more flexibility and options.
What Fortune 1000 Companies think about coworking and shared office space is evidenced by how rapidly these large corporations are embracing this innovative advancement in how business is conducted today. Organizations of all sizes should investigate how coworking and shared workspace can help facilitate greater efficiency and growth.
SharedSpace is a regional coworking business offering modern, professional environments for entrepreneurial businesses and their teams. An ideal solution for anyone seeking a more inspiring and connected work environment, SharedSpace has everything your business needs to hit the ground running. From private offices to open coworking memberships, meetings and event spaces, our flexible lease terms can help with any short or long-term needs. Contact our community manager today for more information or to schedule a tour.