COVID-19 Response: BOSS Office + Coworking is CDC compliant and we will continue to provide our members with a safe environment to work in.

The Economic Advantages of Coworking Spaces

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

Since 2005, coworking spaces have become a common environment for businesses across the United States. Coworking spaces have created a new environment for corporate America allowing workers to socialize with different businesses within their space. This in turn creates new opportunities for a variety of industries to network. These types of spaces don’t just boost the social advantages of a business, but the economic advantages as well. 

One of the economic benefits of coworking spaces is that it’s affordable. Businesses pay for what they need when they need it while sharing the cost of larger common areas. Companies can then focus less on overhead and more on growing. A variety of terms and workspace options gives them flexibility. This is especially advantageous to fast-growing businesses. 

 

Coworking spaces provide an abundance of additional benefits, such as mentorship, business planning, and collaboration. This type of workplace has the ability to spark an innovative spirit in their employees by helping them think and view concepts from different perspectives. This can expand the company’s network leading to new business and increased profits.

Another benefit from many coworking facilities is a fully furnished workspace that includes equipment and technology needed to conduct day-to-day business. Therefore, eliminating much of the anxiety and costs associated with setting up a new office. According to upsuite.com, it can cost up to $21,000 to furnish the interior of an office. For startups and small businesses, this can be a significant expense. This money can be saved by using a coworking space and allocating those funds elsewhere in the business, such as technology, operations, talent, and more. 

 

Lastly, coworking spaces assist with local economic development. They take underutilized spaces and develop them for commercial use. Filling up buildings brings more foot traffic to nearby businesses stimulating the local economy.

Shared offices have evolved into the workspace of the future! More companies recognize the economic gain and flexibility in utilizing these types of spaces. Shared space gives employees autonomy in the workplace allowing them to work from home while still having access to a professional environment. This results in increased job satisfaction allowing companies to attract and retain higher-quality candidates.

 

Sources: 

 Jamal, Audrey C. “Coworking Spaces in Mid-Sized Cities: A Partner in Downtown Economic Development.” Environment and planning. A 50.4 (2018): 773–788. Web.

 

https://spaceiq.com/blog/coworking-trends/

 

https://www.coworkingresources.org/blog/key-figures-coworking-growth

 

https://www.upsuite.com/blog/7-key-economic-benefits-of-coworking-space/

More to explore

Coworking Myths Debunked

Myth #1: Renting an office is a better option. For small businesses, the overhead costs of an office rental is astronomical compared

TIRED OF WORKING IN AN OFFICE YOU DON'T LOVE?

Tired of working in coffee shops or your house? Let us show you a better option that fits every budget! Connect with us to schedule your visit or request information today.