Why people are favouring co-working spaces over the 9-to-5

How co-working is changing the way we do business

Co-working spaces are becoming more and more popular, and with the opportunity to save on costs and share fantastic amenities, it’s apparent why this trend is taking off. And with the growth of co-living options, it seems almost natural that co-working spaces would follow suit. With more freelancers than ever and many businesses looking to improve their productivity measures, access high-quality amenities and have the ability to network with like-minded people, co-working is a very attractive idea.

Coworking spaces are a collaborative way for people to do business

What are ‘co-working’ spaces?

Hub Australia is an example of a co-working space that was created to connect people and organisations with talent, ideas, and resources to achieve their goals. As Amy Green, National Marketing Manager at Hub Australia explains, “the overall mission is to create a home for businesses to grow.”

The growing demand for co-working spaces can largely be attributed to their flexibility and emphasis on collaboration. “Many coworking spaces offer regular event programming, focussing on networking, professional development, and wellbeing,” Amy explains.

“These provide opportunities for people to meet a community larger than their team, which also opens the door to collaboration and business growth, as well as sharing expertise and knowledge between industries and teams.”

It’s a commonality among those in the freelance and entrepreneurial market to lift up the success of others because this kind of work often exists to support passion projects. The adoption of co-working spaces facilitates this and provides the networking opportunities that workers in this economy will need to reap success.
Whilst the appeal may seem to be directed towards a predominantly millennial audience (“millennials work in very different styles compared to previous generations”), the flexibility of co-working means that there are a variety of options. “Most co-working spaces, such as Hub Australia, will offer different breakout spaces, private meeting rooms, quiet areas and private offices, allowing teams access to whichever option suits them best.”

“You will see more niche co-working spaces catering to different industries and ages and stages of business.”

Amy Green at Hub Australia predicts how co-working will evolve in the future.

Coworking spaces are located around the globe

Location, location, location

As this industry continues to become more mainstream, the focus on accessibility is predicted to be essential to its future development. “You will see more niche co-working spaces catering to different industries and ages and stages of business. There will be a focus on blending hospitality and amenity within the workplace like gyms, cafes and childcare,” says Amy.

“Location is incredibly important. One of Hub’s key factors in selecting our spaces are that they are close to public transport and ensure that we are located in an iconic or heritage building. We have also tried to consider where potential members and their existing customers are based and what access requirements they have.”

Coworking is changing how businesses create workspaces

How can ‘traditional’ businesses adapt?

The desire to work and support a ‘lifestyle’ rather than a ‘career’ in the traditional sense may be perceived as a threat to the current workplace. So, how can companies adapt to this changing landscape of employment? It’s uncommon now for an employee to stay in the one job for a long time like we used to.

It’s important then, for businesses to understand the impact and benefits of co-working spaces in relation to the use of these spaces and design principles within their own businesses. “There’s little doubt that the design of a workspace directly implicates the productivity, motivation, and wellness of a team – businesses should be challenged to retain their employees and attract top talent by prioritising people in workspace design,” says Amy.

“When you take into consideration traditional leases, supplier costs, furnishing, amenities, internet, and other costs, the price of having your own ‘traditional’ office adds up very quickly.

In a study, Hub Australia compared average Sydney costs of a private lease and a similar co-working space and found the cost of co-working can be up to 25% lower.”

Co-working offers the modern-day professional an alternative to the 9-to-5 office grind, focusing instead on building better productivity through flexibility, wellbeing and connection to a community. Are you ready to take yourself, or your business, to the next level? Take a look at some co-working options near you and ask whether it’s the right move.  

IMPORTANT: The contents of this blog do not constitute financial advice and are provided for general information purposes only without taking into account the investment objectives, financial situation and particular needs of any particular person. OzForex Limited (trading as OFX) and its affiliated entities make no recommendation as to the merits of any financial strategy or product referred to in the blog. OFX makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and models provided in this blog.