A big share of the commercial industry is millennials. Different generations share a different approach to the technology and working patterns so far. The traditional way of a 9 to 5 job-job seems to fade with time. A recent survey predicted that there will be four millennials out of five working employees by 2025, which clearly states that millennials are ready to take over the industry and workspace.
As mentioned, every generation has a different approach to work and working style. In this gradually changing landscape of the industry and work patterns employees have created a fine line between the work and personal life balance, even the companies have welcomed their take wholeheartedly and switched to a working pattern that is more than just a traditional space. The coworking.
Post pandemic companies have drastically changed their perspective about coworking spaces, initially coworking spaces were only restricted to startups and freelancers. To understand better, coworking spaces are basically diverse or shared offices where people from different companies, and backgrounds come together and work based on an affordable payroll. You only have to pay for things that are being used on your level. These spaces are usually highly creative and sustainable, one can book meeting pods, conference areas as per their needs.
This is what the numbers said:
As per the constant research that are taking place due to the popularity of coworking spaces here are some key points that needs to be considered:
- The growth of coworking spaces is anticipated to reach the mark of 42,000 by 2024. Previously this rise was seen in the survey where from 2015 to 2018 they covered the number from 7800 to 37000 globally which is a huge increase!
- The global market value of coworking spaces is estimated to create a 15.5 billion dollar industry by 2027.
- Coworking space is all set to centre stage, as per a report, a coworking space project to occupy at least 30% of the corporate space.
- 84% of coworkers feel motivated and are highly productive at coworking space.
Reason why companies are embracing shared offices:
There are numerous reasons why companies would prefer switching, number one, coworking spaces are highly cost effective. Buying and renting makes a difference though, yet paying for equipment that is used can help in cost cutting which eventually benefits the company, so why not?
The prominence of flexibility is what makes a difference. Companies are very aware that a productivity rate is equivalent to flexibility as per survey employees are less likely to feel alone and are very productive which has been beneficial to the company.
Many other factors thus have a significant impact on the employees that makes it different from others.
Conclusion:
Giant companies and organisations like Amazon, Microsoft, Verizon and many others find coworking spaces more convenient and relevant. Many companies have made a decent profit switching to coworking spaces and same goes with the employees. Employees are potentially more creative and productive which is why switching to coworking by corporate spaces is seen in a large number and probably would continue in the future.
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