8 Key Benefits To Investing In A Coworking Space In 2023

The modern workforce looks nothing like it did in the past due to the development of the Internet. Remote and hybrid work began steadily growing in recent years, but the Covid-19 pandemic truly accelerated this change. In fact, there are an estimated 36.2 million employees estimated to be working remote by 2025, with 27% of U.S. employees currently working remote already. 

Considering just how common it is for companies to hire remote roles, encouraging collaboration amongst employees in unique ways is more important than ever. One of the best ways to go about this is to invest in a coworking space for employees that allows them to have collaboration with others while also retaining aspects of remote work. 

What Is A Coworking Space?

To those business owners who have never heard the term before, a coworking space is an office building that is designed to accommodate people from different companies under a single roof. Access to the building is paid for by the organization, and employees are typically allowed to come and go as they please. Desks are usually first-come-first-serve, but it is possible to rent desks or rent out private rooms in coworking spaces depending on the specific building. 

How Expensive Is Renting A Coworking Space? 

One of the biggest drawbacks many people believe exist with coworking spaces is that they are high cost, though this certainly isn’t always the case. In fact, coworking spaces can actually be quite affordable depending on the situation. Membership prices can fluctuate from place-to-place, but it’s not unusual to see a yearly cost of $200-300 per person which, for smaller businesses, may stretch the budget, but for larger businesses this is more than affordable. 

As mentioned, the cost associated with renting a coworking space can vary drastically though. For perspective, a coworking space in Conroe, TX will be more affordable than a coworking space in Houston or Dallas, TX simply due to location. 

8 Notable Pros To Utilizing A Coworking Space

Beyond the fact that coworking spaces are quite affordable, there are a number of notable pros to utilizing a coworking space that can make it worth the potential downsides. These benefits, in no particular order, include: 

1. The freedom for employees to come and go as needed

First and foremost, one of the biggest benefits a coworking space allows for is the freedom for employees to come and go as they wish. This allows employees to enjoy the benefits of “remote” work while also having a traditional office space to take advantage of for networking or social interaction purposes. 

2. There is zero maintenance required in regard to facility upkeep

Another major benefit that coworking spaces offer to companies is the fact that they are managed by a third-party organization. Companies such as WeWork which have pioneered the coworking world are responsible for the entire upkeep of the facilities including keeping it clean, presentable, and modern. This can reduce the overhead a company expects which can help with a budget. 

3. Employees can still work “remotely” while enjoying the benefits of a professional area

As mentioned, many employees have grown accustomed to working remotely in recent years, which has led to a trend where employees want to stay remote. However, companies who believe that employees are less productive in a non-office environment may not want to allow this. A coworking space can be an excellent middle ground to consider instead. 

4. The ability for employees to network with others around them

One big pro to investing in a coworking space is the fact that employees will have the opportunity to network with other workers around them, whether they work for the same company or not. This social atmosphere can enhance productivity by improving employee mental health in the long run. 

5. Productivity can be enhanced to new levels

Simply being around other people in an office environment can enhance productivity but having access to classic office setups such as dual monitors, phones, desks, and more can all serve to enhance overall productivity. 

6. Companies can utilize pay-as-you-go

For smaller companies who may not have the budget to afford a coworking space in the long-run or for all their employees, rather only a select few, there are pay-as-you-go plans available which can help make this a more affordable option. 

7. Shared and private spaces are often available 

Companies that are concerned about privacy issues in a coworking environment may feel more at ease knowing that many coworking spaces allow private spaces to be rented out at a higher cost. Additionally, shared meeting spaces can be rented for team meetings or other similar work-related tasks. 

8. A company is setting themselves up for the future of work

Finally, it’s clear that remote work and hybrid work are here to stay and that forcing employees back to the office can result in a loss of crucial talent. By investing in a coworking space, you can open the door to amazing talent at your company who wish to remain in the city they are currently based in. 

The Notable Downsides To Coworking Spaces

For all of the above benefits, it’s important to mention a few of the common downsides to coworking spaces that exist, the most prominent of which include: 

• A lack of privacy around the office space

• The potential for employees to be less productive due to social interaction

• The cost of the coworking space may not be affordable for some businesses

• There is a potential risk of data loss or other cybersecurity issues

• There could be personality conflicts between employees in the coworking space

• The hours for the coworking space may not line up with what your company hours are

Fulfill the needs of your employees today 

While investing in a coworking space may be a serious investment for a company to consider, the benefits are clearly more than worth it. Before diving into this endeavor, however, poll your workforce to determine whether a coworking space option is something that would even be desired by your employees.