Coworking is one of the biggest new trends in business for owners looking for alternatives to expanding their offices. With coworking, operations of all sizes can lease use of shared offices with all the features and amenities of a modern business center, at a far lower cost than investing in their own facilities.
Coworking began in the early 2010s with operations like WeWork, and has continued to grow since. From 2020 to 2024, the number of coworking spaces worldwide is projected to double, with a yearly growth rate around 20%. Today, over 1 million US workers are already utilizing coworking.
More businesses and workers are choosing coworking facilities, with clear benefits from doing so.
Reduced Costs For Business-Owners
According to Human Resources Director, one of the most important reasons businesses choose coworking is access to facilities at a low cost. Coworking centers have all the amenities of a modern office, maintained by the center, which takes the burden off business-owners to provide these services. In addition, most coworking centers also provide extra amenities to workers, ranging from free coffee to recreation centers, which further increases their value.
For smaller operations, this can allow them to compete on a higher playing field without substantial reinvestment.
Excellent Networking and Collaboration
While the idea of sharing office space with workers from several companies may sound odd, employees often find this to be a benefit. A survey from Capterra saw a combined 72% of workers citing either collaboration or cross-cultural interactions as major benefits to coworking. They gain access to more talent from a wide variety of industries, aiding in their work and career development.
Alternatives For Freelancers and Work-From-Homers
With businesses increasingly embracing alternative work models, including use of freelancers and WFH policies, there’s demand for facilities these alternative workers can make use of. Freelancers, in particular, are one of the largest groups utilizing coworking facilities, with 42% of users being independent workers.
Improved Productivity and Income?
A Business.com survey found that nearly 1 in 2 coworking employees reported higher productivity and income after using coworking facilities. However, they do note that causality is difficult to establish here, as income varies due to many factors.
Expand Your Georgia Facilities With NorthPoint Executive Suites
With locations in Duluth and Alpharetta, NorthPoint Executive Suites are your premiere destination for coworking in Georgia. Our facilities are gorgeous and state-of-the-art, fostering productivity and collaboration in an open, relaxed environment.