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:
- The most obvious benefit is flexibility for workers to come and go when they please, without employer restrictions.
- 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.
- Lesser office space rental cost saves money.
- 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.
- They provide a more professional atmosphere for engagements with clients, prospective financial partners and others.
- 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:
- 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.
- Poor business planning. Make solid assumptions about operating costs, marketing costs, occupancy, and staffing.
- Bad interior layout and coworker user features. Coworkers want a space that is welcoming; an excellent alternative to working elsewhere.
- Ignore the social aspects. This is not like renting a storage locker. Renters expect some community benefits, so make the space lively.
- Manage the space on your own. This takes more effort than renting a VRBO.
- Not having a plan for growth
- Not listening to feedback from users.
- Not controlling access.
- 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.