Gone are the days of freelancers and startups being isolated in their home offices or garages all day. Coworking, an office space that hosts independent workers along with larger companies, is becoming more and more of the solution in today’s stressed out, busy, and lonely workforce.

The Global Coworking Unconference Conference (GCUC) and other industry analysts have observed a significant evolution beyond the earlier projections. While the 2017-2022 forecasts provided a strong foundation, the actual growth has been even more nuanced and adaptive. Instead of focusing solely on the sheer number of spaces, the focus has shifted towards the quality, specialization, and integration of coworking within the broader workplace ecosystem.

A work style that is becoming much more than just a passing fad, coworking attracts members from all walks in the corporate world, from freelancers and people who work from home, to global businesses who need an innovative way to keep their team connected and thriving.

Hybrid Work 

The rise of hybrid work models, accelerated by the pandemic, has fundamentally transformed coworking. It's no longer just for freelancers and startups; large corporations are strategically using coworking spaces as flexible hubs for distributed teams.Companies are implementing "hub-and-spoke" models, utilizing coworking spaces as "spokes" to supplement their central "hub" offices. This allows for greater employee flexibility and reduces commuting times.

Startups & Massive Corporations Demands

The need for workplace flexibility and creativity is quickly growing, as startups, self-employed workers, and even big companies look for a way to refresh the workplace environment. Coworking offers a way to keep leasing costs down, maximize creative space available, and cultivate innovation through teams and networking.

The number of self-employed workers is expanding globally, and while they might not have a need for a classic office space, coworking provides an environment that promotes productivity and problem-solving, while avoiding the pitfalls that come with working at home and being surrounded by distractions.

Corporations are shying away from long-term leases more and more as their workforce requires more flexibility and agility to navigate than ever before. Several global offices, different teams working remotely on special projects, technology is making it easier than ever to pursue coworking environments with the only strict workplace requirements being an internet connection and a laptop.

Technology Integration

Forget the generic. Today, it’s all about finding your tribe. We're seeing coworking spaces pop up for specific industries and communities, from biotech labs to creative studios. This means better networking and real, relevant connections.

We're talking smart spaces, with AI-powered management and video that actually makes remote teams feel connected. Advanced 3D printing and VR/AR, are becoming more integrated, particularly in innovation-focused coworking hubs. Enhanced Cybersecurity is a standard feature due to the increase of hybrid work, and the need for secure remote connections.

Shift in Workplace Philosophy

As more and more companies go global and have offices spread all throughout the world and time zones, coworking spaces are leading the charge in changing workplace philosophies. Often, employees need only an internet connection, their laptop, and a pair of headphones to be productive and in communication with their international team.

With plenty of internet and desks to go around, coworking is enabling more companies to embrace the global workforce while providing an environment that promotes productivity.

Coworking spaces are also filling the need for community and personal connection that people are needing more and more in this day and age. Working from home or in a loud coffee shop might not be sustainable anymore as people are struggling with loneliness and isolation in both their personal and professional lives. 

Networking is a natural product of coworking spaces. What better way could there be to grow business connections and circles of influence than in a collaborative community like a coworking environment? When Haworth published a coworking study, they reported that freelancers who chose to start working in a coworking space reported their business network increasing by up to 80%. Choosing to work in an environment like coworking, where your team is surrounded by like-minded individuals who are all working passionately to achieve their goals and can build connections together, versus an environment like a bland cafe where your only connection point is your next cup of coffee, is a no-brainer.

Coworking is here to stay and is quickly becoming the smart choice for companies that want to encourage collaboration, teamwork, and networking in their employees. TenantBase can help you find the perfect coworking space that works for you.