If you’ve ever worked from a coworking space, you know the difference it makes in productivity. And you aren’t the only one. It’s estimated that globally 3.1 million people work from coworking spaces. Within the next few years, this number is expected to exceed 5 million.
With an emphasis on business growth and development in Newport News, entrepreneurs of new and existing businesses will continue to need a hub that provides accessible and flexible office space. This is where coworking fits and why coworking spaces are opening and operating to the tune of about 2,595 new spaces each year. According to Statista, the number of coworking spaces worldwide will exceed 25,968 by 2022. This is a 42% jump from 2019.
A Case Study Confirms a Growing Trend
One tell-tale sign that points to coworking spaces as the future of work is what’s happened in Washington, D.C. with WeWork, one of the nation’s largest providers of flexible workspace. In 2018, a real estate case study compiled by CBRE identified WeWork as the largest holder of private office space in the District. In a nutshell, the study’s findings prove the need for coworking space. WeWork’s decision to acquire large amounts of commercial office space point to the projections being right—coworking is the future for freelancers, small business owners, and telecommuters.
As a demographic, coworkers are comprised of people predominantly between 30 and 39 years old and who make up 41% of the workforce. While much of coworking space is leased by freelancers, 36% of coworking professionals hold corporate jobs.
Professions using coworking spaces most include IT, public relations, marketing, salespeople and consultants. Another key data point is the shift in ratio between men and women occupying coworking space. As of 2019, more women (46%) began using coworking spaces to conduct their businesses.
Coworking as Community: A Place to Belong
One of the primary reasons people choose coworking spaces is for their sense of community. Coworking spaces have evolved since their inception and many now offer weekly lunch and learns, seminars and workshops, access to private, semi-private, and open working environments. Some spaces have incorporated yoga spaces, climbing walls, fitness equipment, meditation rooms, and standing desks. While these opportunities and amenities add value, what’s been most important to people who cowork is access to other professionals and the networking opportunities that come along with that.
Data collected by Ergonomic Trends found that 84% of people who cowork are more engaged and motivated. They interact with up to four people each day, which leads to expanding their networks. Of those polled, 64% said that networking with their fellow coworkers was an important source of generating referrals for their businesses.
If that doesn’t give you a dopamine boost, this statistic might: 89% of people who cowork report being happier (compared with 83% of people who felt lonely prior to coworking). If you want to be happier and more productive in your work, Work/place is the answer.
Coworking spaces are attracting the eyes of investors and corporations alike. It’s widely reported that in the next year, the need for up to 40% of flexible workspace will come from big businesses and corporate companies. When you factor in things like cost effectiveness, amenities, and 24/7 access for those with upgraded memberships, coworking spaces give members options that home offices and coffee shops can’t—a quiet environment, complete office amenities, and opportunities to grow through networking and education.