coworking spaces

5 Unique and Alluring Benefits of Coworking Spaces

Coworking spaces. One of the most polarizing business conversations of the past few years, the necessity for–and sustainability of–coworking spaces has been top of mind. Upon first glance, many people associate the term “coworking space” with visions of WeWork and horribly fashioned man buns on Adam Neumann’s thief head. But they are far more prevalent – and successful – than you may imagine.

In fact, did you know that as of 2022, there are over 6,200 coworking spaces in the United States alone? That’s over 18.3% of global coworking options. From female-driven options to tech-specific buildings, to all-inclusive coworking, live and work spaces and beyond, this industry is just taking off and is expected to grow immensely in the coming years.

So, what exactly draws people to these spaces? In a world where everyone is trying to find their footing after a pandemic threw us all off-kilter, what is the allure of this type of developing opportunity? Let’s explore some unique perks to the world of coworking.

1. Coworking Spaces Allow for Flexibility

Many companies have specific office hours or are constrained to working with minimal conference rooms and limited resources. This is especially true for early-stage brands and companies. Different levels of membership can grant you special access to the space. In fact, some even offer 24-hour availability with keycode access. This allows you to head into the office when inspiration strikes, and to mold your schedule as you wish.

If you belong to a coworking space with multiple locations, then you have the added advantage of choosing which location to work at, depending on your membership level. On Thursday, you may need to be in midtown for a meeting. Why not host it at the nearest coworking space? And then on Friday when you have after-work dinner downtown, perhaps you can start your day at a different location. A physically fresh perspective could lead to an innovative fresh perspective.

2. Coworking Can Cut Costs

One of the initial benefits to signing with a coworking space was that any given company or single entity could save hundreds – even thousands – on overhead costs per year. Finding and renting or purchasing a space to operate out of takes a lot of time – time that is money. It also takes a lot of money, and investing in a designated space might not be a priority for the brand.

The multi-tiered memberships and day pass options make coworking a great option, especially for teams starting out. Even established companies have been choosing to save money this way. Perhaps your corporation is based out of New York, but a handful of employees operate out of the midwest. Getting them passes to a shared space where they can work in an environment together is great, and eliminates the need for an office base.

Additional perks offered by some coworking places also help cut costs, when put into perspective. Many spaces provide free beverages and snacks, which can help each employee save time and money on outings to the store, out for lunch, or on a coffee run.

Some coworking spaces offer on-site gyms with memberships or discounts included in their packages (working out, as you may know, is a massive productivity hack as well). These gyms are often run with online club management systems, making it easy for members to access facilities. Many coworking spaces also work in partnerships with local hotels, restaurants, and other services to provide discounts, free day passes, and other fun opportunities that cut costs and inspire their members.

3. Coworking Hubs Surround You With Inspiring People

Some may argue that coworking spaces create unnecessary distractions that would otherwise not be experienced in a designated company space or an at-home setup. However, many hold tight to the benefit of having so many productive and creative minds surrounding them all day. In some scenarios, you may be lucky enough to be working alongside your favorite team members.

In most cases, however, you will be surrounded by people who work for other companies, in other industries, or in positions completely different from yours. Striking up conversations in these work hubs can help you learn a different view or skillset, or enhance your curiosity about other interests.

Maybe your new acquaintance Enrique can advise you on what questions to ask a potential IT hire during your time at the coffee counter. You overhearing someone on an unrelated conference call could inform the way you position yourself during your next client chat. In a coworking environment, you are exposed to so many brilliant minds that there is almost unlimited access to inspiration and ways to innovate.

4. Coworking May Increase Your Productivity

Coworking spaces are a great solution for remote or hybrid workers that need more structure in their workday. Some people simply cannot find quiet in their at-home environments or need a day or two away from those surroundings to get their blood pumping and find inspiration. Not only can inspiring people and bustling surroundings help you increase your productivity, but these locations are optimized for minimal distractions and increased opportunity.

Coworking spaces are inclusive of motivated professionals and productive environments that encourage employees to give their best and perform according to their caliber. In fact, coworking statistics suggest that 84% of professionals feel more motivated when working in a coworking environment.

Simple design and mutual respect around the cleanliness of a shared space can keep your mind sharp. A variety of work environments – including conference rooms, standalone desks, closed offices, balconies, etc. – and access to perks like on-site food and beverage options and networking opportunities with other members of the space can really streamline your workday and add fuel to your fire.

5. Coworking is Optimal for Freelancers

42% of coworking members identify as freelancers. The number of freelancers in the American workforce is expected to eclipse 90 million by 2028. With this in mind – and the increasing opportunity for remote and hybrid work – the popularity of the coworking space is only set to increase. Keep your eyes peeled for new spaces and their offerings in the coming months, as they all race to incorporate perks and deals that will set them apart from their competitors.

If you are interested in relocating with your remote work opportunity, these 5 cities may just welcome you with open arms. (And money. And free or discounted coworking opportunities.)