In the modern day, remote and hybrid work have changed the workforce in new and unique ways. Following the end of the Covid-19 pandemic, however, many companies had a major decision to make: return to the office or remain hybrid. While 16% of companies chose to stay fully remote, it is estimated that 36.2 million Americans will be working remote by 2025.
Some employees still favor having a communal space to work, though, and appeasing everyone can seem impossible. Fortunately, coworking spaces can address this issue for many companies. There are a number of benefits and drawbacks to utilizing these spaces, however, which all companies should consider.
What is a Coworking Space?
For those who have never heard the term before, a coworking space, pioneered by companies such as WeWork, is a communal location where employees from multiple different companies can rent desks for the day, week, or even month. It is essentially an office made up of different employees from across a regional area. These office spaces often have desks, office spaces, meeting rooms, and even full kitchens depending on the area, resembling more of a “tech office” as opposed to a classic “finance office”.
How Much Do Coworking Spaces Cost?
The cost for coworking spaces can vary drastically depending on the needs of an organization and how many employees will actually be using the space. With that said, a range of $205 to $850 per month for 24/7 access to coworking spaces is reasonable to consider. Whether you are looking at a coworking space in The Woodlands, Los Angeles, New York, or some other area, keep this price point in your budget.
The Benefits of a Coworking Space
For those who may be on the fence about whether or not a coworking space is worth the investment, consider some of the following crucial benefits:
1. More freedom for employees
Following the Covid-19 pandemic, many employees yearned for the freedom to come and go from an office as they please without their company monitoring them. Having a coworking space near where your employees live can allow them to do exactly that while also satisfying company leaders who want to ensure their employees are in a productive environment.
2. Cheaper overhead costs
Compared to the cost of renting a space in a traditional office building, investing in coworking locations is far more affordable. Additionally, you don’t need to sign on to a 20-year lease on a building when you purchase passes to a coworking location, as you can cancel whenever you’d like.
3. Employees can network
Another major benefit of coworking spaces is that the employees within those spaces can network with one another. Being from different companies, it’s possible that employees could share helpful tips with each other that make your own workforce more productive.
The Drawbacks of a Coworking Space
On the other side of things, it’s important to also look at the drawbacks of coworking spaces before investing in the cost. The most notable of these include the following:
1. Potentially more security risks
One of the biggest drawbacks to a coworking space is that companies who constantly deal in sensitive data will not be able to use the space. While there are coworking spaces with closed offices, they are hard to find and even if they are found there’s no guarantee employees will use them.
2. Less sense of an office community
Employees may be in an office with other people when they are in a coworking space, but they are not in an actual space with other employees from the company. This can take away the sense of community that often comes from a traditional office, which is something some employees may want.
3. Reduced productivity in some situations
Without management from your company monitoring employees, it’s always possible that productivity will falter as a result. Especially if a coworking space in a certain area has a lively atmosphere, employees may find completing tasks difficult.
4. Foster a healthy work environment today
Coworking spaces will suit a large number of companies around the world, but they may not be the right choice for your business. At the end of the day, it’s important to do what is best for your workforce. To determine this, think about taking a poll that involves all of your employees to see who wishes to stay remote and who wishes to return to the office. Aim to provide flexibility wherever possible but focus on appeasing the majority of your employees.