With more people than ever before working from home, many are looking for alternatives to having a conventionally-leased office. London co-working spaces offer more flexibility and reduced costs, whilst also providing the benefits associated with working from a professional office environment.
Why is there more demand for co-working offices?
2020 has proven to many companies how successfully their employees can perform working from home and how productivity is not negatively affected. With the cost of prime central London real estate so high, businesses are inevitably reviewing if they can reduce overheads by having a smaller office space and not renewing lengthy lease agreements. With employees getting used to the flexibility of working from home, now could be the rise of the co-working space as an alternative solution.
The pandemic means businesses are now inevitably reviewing their office overheads. With employees now used to the convenience of working from home, could flexible co-working space provide an alternative solution?
The 7 benefits of co-working spaces
There are many advantages to utilising a co-working space. By understanding your personal or business needs, you can find a co-working environment which suits you, whether it be a more creative and relaxed culture, or more formal with professional meeting rooms and other facilities. In this article, we explore some of the benefits.
1. Cost-saving and flexibility in uncertain times
Being tied into a long lease agreement can be hugely costly for businesses and mean it can be hard to upsize or downsize quickly. The business hardship created by lockdown has shone a spotlight on the limitations of a conventional office lease. A real advantage of a co-working space – like serviced office space in general – is that you only pay for the space you require, and you can easily and immediately modify this whenever your requirements change. Most co-working spaces have several tiers available depending on what is most suited to your needs, allowing you to either have a hot desk, fixed desk or a private office.
Being tied into a long lease agreement makes it hard to upsize or downsize quickly. On the other hand, with co-working space, you only pay for the space you require, and you can easily modify this whenever your requirements change.
2. Creating a business culture
Working from home can be very lonely, spending the whole day based alone. Having access to a co-working space will provide human interaction which can help you to stay motivated and focused, improving productivity.
3. Improved mental and physical health
Often co-working spaces will have breakout areas or fitness facilities connected to them, which encourages you to take time out from your day to relax or work out. This is associated with helping to reduce stress and improving mental health, helping to boost morale.
4. Impressive facilities
A negative of working from home is the lack of facilities available, However having access to a co-working space means you can utilise theirs. Be it impressive meeting rooms or a friendly reception team, these will be available as needed. In addition to this, co-working space will usually have the latest technology, including video conferencing facilities and speedy Wi-Fi. In contrast to some ropey residential broadband services, you should never have a problem staying connected.
5. Networking opportunities
Co-working spaces are often used by start-up businesses and entrepreneurs. Through networking events often run by the spaces, you should get the opportunity to meet other like-minded people and these spaces can become incubators for new ideas or introducing new business opportunities.
Co-working spaces are often used by start-ups and entrepreneurs – using the opportunity to meet other like-minded people. Co-working spaces can become incubators for new ideas or introducing new business opportunities.
6. Bringing structure to your day
Working from home can mean that you get distracted by home chores or you find it hard to structure your day as there is no separation from work and home life. By having a distinct, physical place of work – a professional environment – should help you to stay focused when you need to be and then leave your work behind at the end of the day.
Working from home can make it challenging to structure your day. A distinct, physical place of work should help you to stay focused when you need to be and allow you to leave your work behind at the end of the day.
7. Multiple locations
Often a co-working space will have various sites across a city, country or even internationally. No matter where you need to travel to, you can have a place to work from which is already set up for you and ready to go.
Co-working space provides the best of both worlds
If the COVID-19 pandemic has taught us anything about our work life, it is that working from a traditional office environment is not the only way to be productive. There are many benefits to be found by working from a co-working space that, on balance, can outweigh the benefits of both the traditional office set up and working from home. Arguably, coworking spaces can give you the best of both worlds.
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For more general information about flexible office space, please see our Serviced Offices in London guide.