The working environment is becoming more and more flexible. With an increase in freelance and independent workers along with the accelerated trend towards remote work, the world is experiencing a significant change in workplace dynamics. To accommodate this transformation, workplace design is also adapting. As an alternative to traditional office dynamics, coworking spaces, in particular, are on the rise as people are increasingly favouring self-employment and remote work opportunities. The increased demand for coworking spacesCoworking, as we know it today, can be traced back to the 1990s when the trend of collaboration and non-competitive business support emerged in the digital tech world. The first official coworking space was launched in San Francisco in 2005, after which this workplace format quickly expanded across the globe. As a hybrid of the traditional and modern working setup, coworking spaces maintain the professionality and community-driven feel of the office environment while promoting the flexibility and freedom associated with freelance or remote careers. Data from CoworkingResources and Coworker indicates that the number of coworking spaces worldwide will increase to 40,000+ by 2024 to accommodate the projected 5 million people who will by then be making use of shared working facilities. This data further shows 96% longer contract terms, a 26% increase in seat requests, and a 76% increase in requests for private offices compared to individual seats during the period between February 2020 (pre-lockdowns) and May 2020 (post-lockdowns).The cost of coworking spaces across the world Coworking spaces are notably tailored to the varying needs, behaviours and pricing strategies in different regions. Asia, for example, has the highest average coworking capacity at around 114 people per location, in contrast with South America’s low average of 54 people per location. In terms of size, North America has the largest coworking spaces with an average of almost 10,000 sq ft per location, followed by Asia with an average of about 8,000 sq ft per location. This is according to data from Coworker’s Coworking Size & Capacity Report.Structured store layout and clear segmentation, an easily navigable space through deliberate wayfinding, accessible While American and European countries are among the world’s largest coworking markets by the number of coworking spaces, these regions are also the most expensive. A report by Statista concludes that Oceania, North America and Europe are the most expensive regions for coworking spaces as of September 2021, with average individual desk prices ranging from $215-$283 per month. According to these statistics, Asia presents much more affordable coworking options with an average individual desk price of $114 per month. With these figures in mind, it is interesting to note that the increased supply of coworking spaces has resulted in price drops with the global average price per desk decreasing by 2.14% between 2019 and 2020. The purpose of coworking spaces Coworking spaces appeal to a range of clients and scenarios: freelance or self-employed individuals looking for a dedicated working space, digital nomads looking for temporary office space while travelling, small startup teams looking for a convenient and cost-effective workplace solution, and even larger companies who are centralising their global workforces or scaling down on physical office space. The growing popularity of coworking spaces among small to medium-sized teams will likely drive a heightened demand for private offices and meeting rooms within these hubs. In the ever-evolving working environment, coworking spaces have become a key solution for adapting to the needs and challenges of the digital age. The work-from-home movement — fast-tracked by travel restrictions and limited in-person gatherings during global Covid-19 lockdowns since early 2020 — presents notable perks, yet collaborative productivity and employee morale may suffer in the move away from the office. Enter coworking hubs: a marriage between the lifestyle benefits of remote work and the professional advantages of the physical office environment. The benefits of coworking spacesScalability. Coworking spaces are ideally suited for new and small businesses who may not have the need or the budget for a private office space. This setup also supports growth by making it easy to access more desk space as the business expands. Coworking space memberships are typically available in yearly, monthly, weekly and even daily packages, and may offer a variety of pricing options depending on the desk type and optionally added benefits. Cost-efficiency. By paying only for what you use, coworking spaces accommodate each member’s unique professional needs while offering ultimate flexibility in comparison with the binding long-term leaseholds and steep rental fees of traditional workplaces. Further to this, your expenses will be the same each month since service fees are already included in membership rates, which brings us to the next point. Convenience. Coworking spaces are all-inclusive: desk space, electricity, Wi-Fi, kitchen and bathroom facilities, breakout zones, private meeting rooms and more. Not only can you walk right in and get to work without having to purchase furniture, pay service bills or even stock up on coffee, but you can also tailor your coworking experience to serve a range of professional scenarios. Seamless logistics. Additional services such as front desk reception, mail, shipping, printing facilities and IT support can add major value to members, especially in the case of client-facing businesses that need a professional space to meet with clients and stakeholders. Productivity. Coworking spaces are designed with ultimate productivity in mind. The functional and inspiring design of coworking spaces facilitates focused working environments while ensuring room for collaboration and networking. Since all the logistical administration is taken care of by the coworking space and/or the office manager, members can maximise their productive hours by focusing only on their work.Community. Although there are many cost and convenience benefits to working from home, the lack of community is one of the biggest downsides of the remote work revolution. Coworking spaces enable and encourage networking, a healthy work/life balance, and uplifting community-driven engagement. This environment creates ample opportunity for making professional connections, learning from fellow industry experts and building a network of like-minded people. Greater Group is a multi-disciplinary global retail design agency. We have been creating award-winning retail spaces, customer experiences and workplaces since 1989, utilising our combined expertise to deliver high-impact, high-return design, fit-out and manufacturing solutions and provide clients with one point of contact throughout. Learn more about our commercial fit outs, shopfitting design and retail design today!Share :
The working environment is becoming more and more flexible. With an increase in freelance and independent workers along with the accelerated trend towards remote work, the world is experiencing a significant change in workplace dynamics. To accommodate this transformation, workplace design is also adapting. As an alternative to traditional office dynamics, coworking spaces, in particular, are on the rise as people are increasingly favouring self-employment and remote work opportunities. The increased demand for coworking spacesCoworking, as we know it today, can be traced back to the 1990s when the trend of collaboration and non-competitive business support emerged in the digital tech world. The first official coworking space was launched in San Francisco in 2005, after which this workplace format quickly expanded across the globe. As a hybrid of the traditional and modern working setup, coworking spaces maintain the professionality and community-driven feel of the office environment while promoting the flexibility and freedom associated with freelance or remote careers. Data from CoworkingResources and Coworker indicates that the number of coworking spaces worldwide will increase to 40,000+ by 2024 to accommodate the projected 5 million people who will by then be making use of shared working facilities. This data further shows 96% longer contract terms, a 26% increase in seat requests, and a 76% increase in requests for private offices compared to individual seats during the period between February 2020 (pre-lockdowns) and May 2020 (post-lockdowns).The cost of coworking spaces across the world Coworking spaces are notably tailored to the varying needs, behaviours and pricing strategies in different regions. Asia, for example, has the highest average coworking capacity at around 114 people per location, in contrast with South America’s low average of 54 people per location. In terms of size, North America has the largest coworking spaces with an average of almost 10,000 sq ft per location, followed by Asia with an average of about 8,000 sq ft per location. This is according to data from Coworker’s Coworking Size & Capacity Report.Structured store layout and clear segmentation, an easily navigable space through deliberate wayfinding, accessible While American and European countries are among the world’s largest coworking markets by the number of coworking spaces, these regions are also the most expensive. A report by Statista concludes that Oceania, North America and Europe are the most expensive regions for coworking spaces as of September 2021, with average individual desk prices ranging from $215-$283 per month. According to these statistics, Asia presents much more affordable coworking options with an average individual desk price of $114 per month. With these figures in mind, it is interesting to note that the increased supply of coworking spaces has resulted in price drops with the global average price per desk decreasing by 2.14% between 2019 and 2020. The purpose of coworking spaces Coworking spaces appeal to a range of clients and scenarios: freelance or self-employed individuals looking for a dedicated working space, digital nomads looking for temporary office space while travelling, small startup teams looking for a convenient and cost-effective workplace solution, and even larger companies who are centralising their global workforces or scaling down on physical office space. The growing popularity of coworking spaces among small to medium-sized teams will likely drive a heightened demand for private offices and meeting rooms within these hubs. In the ever-evolving working environment, coworking spaces have become a key solution for adapting to the needs and challenges of the digital age. The work-from-home movement — fast-tracked by travel restrictions and limited in-person gatherings during global Covid-19 lockdowns since early 2020 — presents notable perks, yet collaborative productivity and employee morale may suffer in the move away from the office. Enter coworking hubs: a marriage between the lifestyle benefits of remote work and the professional advantages of the physical office environment. The benefits of coworking spacesScalability. Coworking spaces are ideally suited for new and small businesses who may not have the need or the budget for a private office space. This setup also supports growth by making it easy to access more desk space as the business expands. Coworking space memberships are typically available in yearly, monthly, weekly and even daily packages, and may offer a variety of pricing options depending on the desk type and optionally added benefits. Cost-efficiency. By paying only for what you use, coworking spaces accommodate each member’s unique professional needs while offering ultimate flexibility in comparison with the binding long-term leaseholds and steep rental fees of traditional workplaces. Further to this, your expenses will be the same each month since service fees are already included in membership rates, which brings us to the next point. Convenience. Coworking spaces are all-inclusive: desk space, electricity, Wi-Fi, kitchen and bathroom facilities, breakout zones, private meeting rooms and more. Not only can you walk right in and get to work without having to purchase furniture, pay service bills or even stock up on coffee, but you can also tailor your coworking experience to serve a range of professional scenarios. Seamless logistics. Additional services such as front desk reception, mail, shipping, printing facilities and IT support can add major value to members, especially in the case of client-facing businesses that need a professional space to meet with clients and stakeholders. Productivity. Coworking spaces are designed with ultimate productivity in mind. The functional and inspiring design of coworking spaces facilitates focused working environments while ensuring room for collaboration and networking. Since all the logistical administration is taken care of by the coworking space and/or the office manager, members can maximise their productive hours by focusing only on their work.Community. Although there are many cost and convenience benefits to working from home, the lack of community is one of the biggest downsides of the remote work revolution. Coworking spaces enable and encourage networking, a healthy work/life balance, and uplifting community-driven engagement. This environment creates ample opportunity for making professional connections, learning from fellow industry experts and building a network of like-minded people. Greater Group is a multi-disciplinary global retail design agency. We have been creating award-winning retail spaces, customer experiences and workplaces since 1989, utilising our combined expertise to deliver high-impact, high-return design, fit-out and manufacturing solutions and provide clients with one point of contact throughout. Learn more about our commercial fit outs, shopfitting design and retail design today!Share :