Coworking is simply a business concept where individuals work independently or collaboratively in a shared office space. In other words, working under the same roof and alongside other people but for different companies while using the same resources.

The features of a co-work space usually include workstations or offices, communal printer/copier/fax, shared kitchen, bathrooms and lounges, Wi-Fi, conference rooms, 24/7 access, and reception services.

The co-work space concept has grown rapidly in the U.S. and internationally. The number of coworking spaces in the U.S. rose 16% in 2018, accounting for more than two-thirds of U. S. office occupancy gains.

Who are Co-Work Spaces Designed For?

Co-work spaces can be a perfect fit for the following:

  • As a better alternative than working from home in isolation, this offers a great working environment to pursue work assignments with different companies, providing the credibility and added resources of an office location.
  • This can be a great starting point for an entrepreneur, providing a space for client meetings and work during start-up and during the initial staff hiring process.
  • Corporate Companies. Companies looking to expand into a new territory can establish a shared space “beachhead,” facilitating preparations for expansion as they look for permanent real estate property.
  • Co-working for company employees. For employees of a company working remotely from formal office locations, this provides valuable office resources, plus a healthy climate to collaborate and associate with others.

What are the Benefits?

There are many attractive benefits for co-work spaces:

  1. The most obvious benefit is flexibility for workers to come and go when they please, without employer restrictions.
  2. Coworking offers the opportunity to network with workers from other organizations and those with different backgrounds. That can be professionally expansive. Additionally, networking may lead to new business opportunities.
  3. Lesser office space rental cost saves money.
  4. Working with others instead of working alone is both socially nourishing and stimulating. Plus, it provides opportunities to learn new skills and generally to be more productive.
  5. They provide a more professional atmosphere for engagements with clients, prospective financial partners and others.
  6. A sense of community in co-work spaces fosters a spirit of creativity and innovation.

Mistakes to Avoid if You Want to Launch a Co-Space Business

If you are considering the potential investment opportunity to set-up your own co-work spaces business, avoid these possible mistakes:

  1. A weak location. Make sure to get a good location targeted to the audience that you want to serve; one with good access and low maintenance costs.
  2. Poor business planning. Make solid assumptions about operating costs, marketing costs, occupancy, and staffing.
  3. Bad interior layout and coworker user features. Coworkers want a space that is welcoming; an excellent alternative to working elsewhere.
  4. Ignore the social aspects. This is not like renting a storage locker. Renters expect some community benefits, so make the space lively.
  5. Manage the space on your own. This takes more effort than renting a VRBO.
  6. Not having a plan for growth
  7. Not listening to feedback from users.
  8. Not controlling access.
  9. Not understanding the degree of turnover.                             

Seek Expert Real Estate Services to Find a Perfect Location

Every great business needs a great space. Caldwell Commercial Real Estate Services is your trusted partner for Commercial Real Estate in Charleston, SC. Our commercial realtors and property managers have a combined 80 years of experience, so you can rest easy knowing that your real estate needs will be met with results and superior satisfaction.