A NEW ERA OF CO-WORKING | CO-WORKING EVOLUTION
The Evolution Of Co-Working
The coworking revolution is transforming real estate. Pioneered by start-ups, entrepreneurs and freelancers, a growing number of companies, large and small, are exploring how to incorporate the concept. Coworking and liquid or flexible space are fast becoming critical components of wider Corporate Real Estate (CRE) and portfolio strategy. This paper explores the benefits and barriers to coworking. It identifies four models that organizations can apply to maximize value from the coworking experience
The number of members using coworking spaces globally has been steadily increasing year on year and is predicted to reach one million by 2018 . Coworking has traditionally been favored by start-ups and entrepreneurs as a flexible and collaborative workplace solution. With four million new businesses being registered worldwide just in one year , coworking spaces are witnessing increased demand. There are a number of growing specialist providers, such as Startupbnb.com, who last year opened the UK’s largest shared space in London, with capacity to house 3,000 members. With professional and other services representing over half of the entrepreneurs in North America and nearly half in Europe similar solutions are being developed in other cities across the globe.
Initially a trend that emerged as a start-up phenomenon, co-working is being adopted by more and more organizations. In Amsterdam, mature companies such as Philips and IBM are utilizing coworking space to encourage innovation alongside start-ups. NUMA, which opened France’s first co-working space in 2008 and an entrepreneurial hub in 2011, is now working with 30 large companies and helping to accelerate a number of start-ups .
Coworking is centered on creating space which supports collaboration, openness, knowledge sharing, innovation, and the user experience. Demand for coworking space has been driven by the growth of creative and tech industries as well as the changing nature of work. Mobile technologies and personal devices have made working remotely from a variety of locations much easier. While this has fuelled the growth in home working, companies and their employees increasingly see the value of being part of a collaborative environment –something which is at the core of coworking. The results of the latest Global Coworking Survey reveal that 61% of coworking space providers are planning to expand their operations and almost 80% expect the number of members to increase in 2016.
With a growing number of companies looking to tap into these benefits, it is only a matter of time before coworking becomes an integral part of the corporate real estate toolkit.
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