Sceptics dubbed it a fad, but coworking spaces are here to stay, and they’re set to take over in 2020!
Initially designed to accommodate entrepreneurs and freelancers, coworking spaces have taken millennial terms such as ‘collaboration’ and ‘community’ to a whole new level.
Coworking has found a home in South Africa and entrepreneurs and corporates alike are enjoying perks such as flexible contracts, increased productivity, cost efficiency, great amenities and newly established diverse business networks.
Coworking on a global front
The first official coworking venture dates to 2002 when two entrepreneurs in Vienna turned an old warehouse into a collaborative working hub. Today there are more than 19 000 coworking sites worldwide and the coworking evolution continues to grow with an estimated 1600 sites set to pop-up in the next few months alone (SmallBizGenius, 2019).
Coworking is becoming increasingly commonplace the world over, and this new approach to office spaces has been linked to an increase in overall wellbeing. A recent study conducted by real estate association CoreNet Global found that two-thirds of the companies surveyed reported a positive outlook on coworking while a further 34% of the companies shared that their real estate costs decreased by more than 5% as a result of coworking.
The Five Trends Set to Define Coworking in 2020:
1) Increased Demand:
Lauded for their ability to make prime real estate available to both corporates and entrepreneurs, the flexible rental contracts offered by coworking spaces were one of the most prominent property trends of 2019, and demand is projected to soar in the new year.
2) Millennial Enthusiasm
Millennials (those born between 1980 and 1995), make up more than half of the current workforce. Fuelled by purpose, passion and collaboration, millennials are big supporters of coworking. Beyond an increase in freelancing, the rise of working remotely and a resistance to traditional corporate set-ups, millennials are looking for opportunities to expand their business network and connect with like-minded individuals.
3) Flexible Working Hours:
Prominent corporates are looking to coworking spaces for a flexible, more cost-effective alternative to office culture. Gone are the days of the traditional ‘nine-to-five’ as many corporates leaders are promoting flexible work hours for enhanced productivity.
4) Increased Emphasis on Space Design:
That the interior design of coworking spaces is much more aesthetically pleasing than the usual outdated office space is no accident. In 2020 there will be an increased emphasis placed on coworking space design, with working spaces designed to promote productivity and the ideal creative atmosphere for coworking clients.
5) Coworking for Sustainability
A surprising benefit of coworking is just how environmentally friendly the concept is. Companies and entrepreneurs choosing to share workplaces and facilities are resulting in fewer overheads and less infrastructure. Shared workspaces make better use of the natural resources used to keep offices running, the electricity usage alone is drastically reduced.
The future of coworking looks bright! Get in touch with us to find out more about the flexible coworking spaces we can offer.