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MAXIMIZING THE TRANSFORMATION EFFECT OF CO-WORKING | CO-WORKING EFFECT

Published on April 19, 2019 by Hassan_Rajput

Organizations are embracing the concept of coworking in order to take advantage of burgeoning innovation and benefit from the so-called collaboration curve.

Coworking is being used by companies to support the wider strategic agenda around collaboration, innovation, flexibility as well as talent attraction and retention. These strategic pressures around performance and efficiency are encouraging companies to focus more intently on workplace strategies and coworking solutions.

Collaboration

Coworking is conducive to knowledge sharing, provides access to new networks, and allows companies and their employees to tap into ideas they would not normally have exposure to 42% of companies expect collaboration with entrepreneurs to accelerate disruptive innovation and 63% of companies say the main reason for using shared office space is the ability to collaborate.

Innovation

A growing number of organizations are utilizing coworking models to tap into innovative ideas, technology and to collaborate with start-ups. A collaborative work environment has long been linked to innovation, which is one of the key drivers of business growth. Coworking space can provide a positive atmosphere for creative thinking and access to new ideas, approaches, or technologies. Innovative companies across the world generate higher total shareholder returns compared to their peers

Flexibility

Companies are being challenged to support more mobile and flexible forms of working. There is also growing pressure to bring more flexibility to the real estate portfolio and create greater volumes of on-demand space. Coworking spaces can help satisfy this growing demand for agility, fluidity, and liquidity of space, whilst allowing companies to experiment in a ring-fenced environment without the need for organization-wide change. 64% of CRE leaders noted growing appetite to drive flexibility through the real estate portfolio.

Talent

The war for talent remains intense, with 73% of CEO’s citing availability of skills as a serious concern.7 At the same time, growth in mobile technology and changing employee preferences mean that companies need to provide a range of work settings tailored to the new way of working. Coworking can provide employees with the mobility and flexibility they are seeking, in an aesthetically appealing environment, 56% of CRE leaders reported increased demand to support the wider corporate agenda around talent.

Cost reduction

Companies continue to face intense pressure to reduce the operating expense of their real estate portfolios. Cost reduction is not typically the primary driver of coworking; nevertheless, it can create an opportunity for more efficient utilization of space, helping companies to reduce costs without compromising on the quality of workspace. Coworking hubs can even act as a revenue generation opportunity, when approached in the right way, 77% of CRE leaders report increased demands from senior leadership to reduce the operating expense of real estate portfolios.

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Category: Coworking