Nine Ways Businesses Can Benefit from Co-Working Space in 2019

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In the Asia-Pacific region, seven of the ten largest and fastest growing flexible workspace markets in the world are thriving,

 with key cities like Sydney and Melbourne driving growth, according to research by Instant Offices.

With this new way of working set to grow even further this year,Tom Fleming, Director at The Instant Group, looks at nine waysbusinesses can benefit from shared office space and co-working in Australia.

1. Financial Flexibility

Workspace in an A or B grade building in a major CBD in Australia can cost between $20,000 – $25,000 per employee, per year. By comparison, an Australian co-working space costs, on average, between $7,200 and $12,000 per desk, per year. This gives businesses a massive saving of up to 70% when choosing flexible space over traditional office space.

Also, co-working space offersbusinesses complete flexibility around terms rather than committing to a 3+ year lease. This function essentially converts a fixed cost to a variable cost, allowing a business to adjust its P&L when it either grows or contracts.

2.Increased Networking

Shared office space is an environment conducive to collaboration, with break-out and communal spaces, open-plan kitchen and dining areas, regular events and even the general layout of the offices and desks all contributing to the ambience.

Meeting like-minded people is a great way to grow a business brand and identity. Often, members within co-working spaces end up doing business with one another, which makes access to the member portal a powerful tool.

3. Value Added Services

Given their focus on customer service, agility and simple pricing, co-working spaces, in effect, function as hotels for businesses. Compared to the conventional stereotype of the office, one of the main components of a successful flexible operator is their ability to provide a service.

Businesses have access to a reception team that will meet and greet clients, as well as a wider team including community staff and cleaners.

4. Extra Facilities & Amenities

In an annual Australian career survey,66%of employees said a great workplace was their main reason for being happy at work.

Operators in Australia are continually upping their game in terms of the facilities and amenities within a space – a trend largely driven by increased competition. Memberships could include things like end of trip facilities, games rooms, beer and wine on tap, sleeping pods and gyms.

5. Improved Productivity and Happiness

Providing members with multiple spaces allows businesses to mix up their day by brainstorming in a creative area, working privately in a quiet space, holding a boardroom presentation or conducting a team training session.

The best spaces provide areas that are formal, relaxed, creative or private – designed for both individuals and teams.

6. Events and Knowledge Sharing

Access to knowledge – whether learning about personal finance, how to drive sales or the basics about blockchain,shared office space providers are good at mixing up topics and presenters, so there’s always a session that will be of interest.

Social events are good for networking and business culture. Breakfast in the morning or drinks after work are great ways to keep teams engaged and motivated, and forming friendships at work has been shown to improve happiness and productivity.

7. Passport & Affiliations

Many co-working spaces in Australia either have interstate and/or global offices, or they have affiliations with other co-working providers, which members can benefit from.

This can be a massive bonus for members. If you’re in another state or country and you need to work for the day or hold a meeting, you can simply walk into space. The staff know who you are, where you’re from and why you are there.

8. Community

Collaboration and community are a big part of the culture in an Australian co-working space.It’s effortless, positive and one of the reasons you go back every day.

9. Energy

A lot of people like that feeling of walking into a shared office space which is buzzing. There are people working, talking, collaborating, there’s movement, the smell of coffee – all of these things create a really positive and energising feeling. And it’s unique to the coworking world.