What is a coworking space?

A coworking space is a shared workspace where individuals from different organizations and professions work together in a communal setting. Coworking spaces are designed to provide a collaborative and flexible work environment that allows people to work independently or as part of a community.

Hot-desking is a workspace arrangement in which workstations are occupied on an as-need basis by various people at various times. Usually, the goal is to reduce redundant office space in order to maximise space efficiency and lower real estate costs. Hot desks can be used in both coworking areas and private offices. Hot-desking is frequently associated with an increase in employee productivity and cross-disciplinary collaboration.

6 Benefits of Shared Office Spaces

Post on October 20, 2023

Even in today’s world of coworking spaces and hybrid work, there still exists some uncertainty about shared office spaces. Many companies avoid shared offices because they assume certain things, like they are more distracting, or not as customisable. The truth is that shared offices offer a great deal of benefits that an increasing number of companies around the world are catching on to.

Here, the workbuddy team have provided a quick summary of points that may address your concerns or help you consider a new way forward for your company.

For the company

1.Affordable Rents in Prime Locations

Renting a private office space in Singapore’s Central Business District is going to cost you a lot. Even with the benefits that come from establishing your business in a central location, the ever-increasing rent becomes a burden that is difficult to bear.

A shared office space such as a coworking space is cheaper because the rent is shared. So, if you rent a space for your team within a coworking space in Singapore’s CBD, for example, you get all the benefits of the central location for a much more affordable price.

See our list of partner coworking spaces in the Central Business District

2. Cost Savings with Lower Overheads

Having your own private office means you are solely responsible for fitting the bill for all the office equipment and furnishings. And, if you ever need to change your office space, it will be costly to move everything to the next place. If you don’t bring it with you, you may lose that money as a sunk cost.

The great thing about shared offices like coworking spaces is that they come fully equipped, and usually with better amenities than most individual companies would budget for. With no need to buy printers, video conferencing facilities, ergonomic chairs, etc, your budget is freed up to be reinvested in the growth of your business.

3. Better Agility

In a fast-changing world, companies need to be able to move with the times. “Moving” may mean a different service, a different structure, or a different space. A new space is most often required when scaling up, to accommodate more people, and when scaling down, to save costs. However, most private offices come with long-term lock-in contracts that can cost the company dearly when a change is required.

Shared office spaces offer more flexible, short-term contracts that make it easier to move with the times. And, since the space comes fully equipped, the stress and expense of moving offices can be avoided. There’s also less disruption to productivity as your team can get working right away.

For the people

1.Productivity

At first, the thought of a shared office may seem like a busy space with a lot of distractions. However, countless reports show an uptick in productivity and enthusiasm when a company moves into a coworking space.

This is because of two main factors:

Space design: Most coworking spaces are designed in a way that supports productivity, based on research on the way people work and the impact of their environment on their productivity. Coworking spaces have the luxury of providing different types of spaces for different types of work - whether collaborative or focused individual work. And they accommodate different preferences. Most private offices are limited to one layout, which isn’t conducive for all types of work.
Another factor is something called “body-doubling”. Many people find they can focus for longer if other people around them are working too. This has become a more important factor with the rise of remote and hybrid working, where people find their productivity is boosted when they work from a coworking space rather than from home, or from the office at non-peak hours, because there others working around them.

2. Creativity

Shared offices can help creativity flow more freely, firstly because the spaces are designed well and secondly because it’s easy to meet people outside the company who have different ideas and different perspectives. There is a lot more stimulation for the imagination in shared offices. Private offices where the same people work in the same way every day can quickly feel stale.

Many large companies move teams into coworking spaces for exactly this reason. The ease of networking made possible by shared offices fuels the sharing of ideas and possibilities for collaboration in a way that private offices simply cannot offer.

3. Well-Being

Shared offices contribute to employee well-being by providing a better working environment with well-designed facilities and amenities, more opportunities to network and socialise, and often a calendar of events that run the gamut from physical workouts to professional development. All these things require effort and expense - something that many companies can’t afford or don’t prioritise. Shared offices take that on, so individual companies don’t have to.

If you’re looking for a more flexible office space, workbuddy is here to help. We’ve helped hundreds of companies reap the benefits of flexible office space around Singapore and Hong Kong. Contact us today for a free consultation.