How coworking spaces are well-suited to support the evolving economy for freelancers, entrepreneurs and even corporations.
Take a walk down the bustling streets of Manhattan, San Francisco or DC and you’ll likely notice coworking spaces on just about every block. So, what’s really behind the rise of coworking? Is it another trendy fad or is it something more? Coworking has recently become a solution for today’s workforce to have access to convenient and inspiring environments to accomplish work. On-the-go professionals desire less of the structured, corporate grind and more of the innovation that comes from a collaborative and creative environment. These behaviors indicate why the coworking industry has seen accelerated growth in the past three years. A study by Statista predicts the number of coworking Americans will increase from 331,000 in 2015 to 754,000 in 2019 and over one million by 2022. The evolving needs of freelancers, entrepreneurs and even corporations are the driving factors behind today’s coworking phenomenon.
A prediction by Upwork and Freelancers Union states that freelancers will comprise over 50% of the U.S. workforce by 2027. The same study shows that almost 50% of millennials are already embracing a freelance work life.
These numbers are a result of the fact that many people no longer feel the security of working for big corporations like they used to. Therefore, today’s professionals are taking matters into their own hands—trusting their own ability to earn a steady income over that of a corporation to keep them employed. These freelancers, who are major players in the gig economy, are exchanging corporate structure for the freedom and flexibility of working remotely. By joining a coworking space, freelancers don’t have to worry about the typical distractions present when working from home or in a coffee shop. Plus, many coworking spaces offer events and networking opportunities for members to connect with one another for an added sense of community.
Rather than take on high overhead costs like rent and operating expenses, today’s entrepreneurs and startups are running their companies out of shared work environments. Coworking spaces offer an excellent solution for entrepreneurs to manage daily operations, without committing to a binding long-term lease. Not only is coworking a cost-efficient alternative for startups, there are also added social benefits. Shared office space gives individuals and teams the opportunity to discuss ideas with other like-minded professionals. Collaborative discussions often lead to the heightened innovation and creativity needed to make visions into realities.
Corporations currently hold a small portion of the coworking demographic, but their market share is expected to increase as more and more companies look to provide flexible work options for their employees. In fact, many corporations are using coworking memberships as a strategy for attracting and retaining talent. They are also utilizing coworking spaces as an alternative work site to kickstart creativity. Innovation and creativity can hit a standstill when corporations expect employees to think outside the box from a sterile work environment.
Coworking spaces exist to provide accessible environments for people to think, create and problem solve at their best. A recent study by Intuit reported the following results from people surveyed at various coworking spaces:
- 90% said they felt more confident in their work.
- 71% said they felt more creative.
- 68% said they felt more focused.
- 62% said they felt their quality of work improved.
With results like that, it’s no surprise that today’s workforce is looking outside of the home, neighborhood coffee shop and cubicle to find flexible workspaces to meet their needs.
The future of coworking seems to be ideally suited to support the evolution of our nation’s economy. Does it sound like coworking is an option you should explore? If so, contact us at Roam Innovative Workplace to discuss how one of our five workplaces in the Metro Atlanta area can support your goals of increased productivity and focus.