What is a Coworking Space: The Only Guide You’ll Need

Table of Contents

What is a Coworking Space?

How Much Does Coworking Cost?

About Office Hub?

Coworking Space

Before you step into a coworking space, it is essential to understand it first. Here’s a guide that can provide you all the information you need to begin that search for a flexible workspace including the structure, types, benefits, and average costs according to your region.

What is a Coworking Space?

A coworking space allows people from different backgrounds and companies to come together and work in the same space with certain shared facilities, services, and tools. This reduces the cost of running an office for smaller companies for whom work space is always being wasted. Coworking spaces can be best understood through the following example; imaging a balanced mix between a café workspace setup, a traditional office space, and shared office spaces where different businesses come together. Get the picture?

Unlike the traditional setup that you are familiar with, a co-work space consists of members that may belong to different companies, or several private office spaces in a larger shared building. They may also include community events and a range of other commodities you need. A coworking space allows more collaboration which is a great way to increase productivity for those workers who learn better from the ideas of others. As opposed to traditional headquarters with long-term leases, these arrangements are cheaper and much more flexible to suit modern-day work expectations. So if you need a workspace for a few days a week, a couple of months, or a private space for the longer term, you can definitely rely on coworking spaces to meet your needs.

Here are some statistics to put it in perspective:

More than one million people in 2022 were reported to use coworking facilities in the US.
Women accounted for 40% of the coworking demand in 2020.
Of the people who joined coworking spaces, 55% stuck to the same space in 2022.
The market for coworking spaces was valued at $14 billion in 2022 and it is forecasted to reach $37 billion by 2028.

1M people

Coworking in US

40% Women

Coworking demand

55% Retention

Throughout 2022

$14B in 2022

Forecasted to $37B by 2028

What are the Different Types of Coworking Spaces?

Coworking spaces come in many different shapes and sizes. If you want to get an idea before you start searching, here are some common types you may come across;

Hot Desk

A hot desk is popular for freelancers that might not need a permanent desk space. This allows them to come in, grab a free desk in a coworking area, and get to work. If you just need a temporary desk space for your coworkers, this is the best and cheapest option. All you need to do is show up and grab the space you prefer. If you don’t specifically require privacy, hot desks are a great solution.

Dedicated/Fixed Desk

If you are looking for a more permanent fix, consider a dedicated desk. A dedicated desk, also called a fixed desk, is best suited for those wanting the communal vibe and open-plan setup but prefers to leave their equipment in the office space overnight. As the desk is dedicated to you, you can personalize it whilst taking advantage of networking and sharing the room with other businesses. Dedicated desks are a great option if your business is still growing and testing the coworking waters. You can also get fixed desks for multiple members in a team until you figure out the size you require.

Private Workspace

This option is usually availed by businesses that have established themselves in the industry and are looking for a longer term agreement. It is all about providing your business with the peace, privacy, and freedom to work in a shared building.

You get your own office suite with a lockable door and fully fitted workstations. It’s a much more cost-effective option compared to traditional offices as you get access to all the coworking perks such as meeting rooms, relaxation spots, kitchen facilities and several other amenities such as end-of-trip facilities!

It essentially allows you to keep your brand intact as private spaces often offer personalized corporate branding on the doors.

What are the Benefits of a Co-Work Space?

The benefits of a coworking space far outweigh the costs. Here’s how;

Flexibility and Making the Impossible, Possible

Flexible work seems impossible nowadays. After all, it is getting increasingly hard to measure employee productivity when there’s virtually no way of measuring the time they invest into their work. The best thing about coworking spaces is that office hours can be set according to your convenience. All you need is a couple of time management tools and you can be well on your way to hiring employees from around the globe. Encouraging people from multiple cultures to work together can help you reap the benefits of inclusivity.

Avoiding that Hole in Your Pocket

Let’s face it; wasted resources are the heaviest burden on your finances as a business. What if we told you there was a way you could optimize your workspace for the highest efficiency? It is possible to save cost by relying on coworking spaces as you are only going to lease the space you absolutely need; no more, no less. As you welcome new employees, or say goodbye to old ones, you can simply increase or decrease your space without having to worry about the investment or sunk cost.

Creative Minds Think Alike

If you want to welcome more creative ideas to the table, you need to be able to think like creative workers. Give them the space they need to be truly creative. Consider investing in a space that is constructed for creative workers. This allows your people to step out of the box and come back with much more innovative solutions.

Allows You to Mix and Mingle

Humans are inherently social, without a doubt. However, regardless of whether their social skills are honed at home, it is still essential to be able to meet their coworkers or even people from other businesses to be able to collaborate. Many coworking spaces are known to hold networking events for their workers to help them grow. This is also a great opportunity to network for your business and also to reach for new business opportunities.

Helps You Get Work Done

It is true. Productivity is greatly increased for a worker who feels relaxed. Although the shift to remote work did lead to a rise in productivity for some time, it wasn’t long before working from home became a nightmare. It’s ever so hard to focus amongst fussy babies, household responsibilities, or just the general distractions that come with being at home.

Escaping into a coworking space allows your workers to enjoy the amenities and still be able to increase their levels of productivity, away from the noise that at-home workspaces are often associated with.

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How to Find the Ideal Coworking Space for My Business?

There are a variety of factors you should consider when looking for a space for your business.

Accessibility

Where the coworking space is located can be of critical importance to your workers. You must ask the necessary questions which include whether the coworking space is easy to find, how long it takes to commute from the city hub, the convenience stores or restaurants available nearby, and the average commute.

Amenities

Your workers need a coworking space that allows them to focus. It is essential to provide them with everything they would need to do so. Having the right kind of amenities doesn’t just reduce stress; it also encourages productivity. Do your workers require some relaxation or a coffee break after working long hours? It is up to you to ensure the workspace allows for that luxury. Does it have secure Wi-Fi, adequate technology, break out zones, and a kitchen with necessary appliances?

Pricing

Ask about the pricing before you set your mind on it. Joining a coworking space should ideally cut costs for you instead of leading to more expense. Understand your membership plan and pick one that aligns with your preferences. Ask about hidden costs, things that may lead to extra charges, and the amenities that are included. Touring a few different options is essential to know which coworking space is THE one. It is always advisable to seek advice from your flex space broker regarding pricing and terms.

Aura

Get a feel of the space. A coworking space should ideally reflect the same values and brand image that your company holds true. Think of the community you would want your workers to be exposed to and make sure you enquire about the space’s current members, networking events, and culture.

Flexible Leases

Ask about flexible terms. Most coworking spaces work because they allow more flexible contracts when compared to alternatives. You should ideally be asking whether you can expand your office space and how conveniently and efficiently you can do so. Submit questions regarding any office furniture you require or extra features so that you have all the information before you decide.

With Office Hub, searching for your ideal coworking space is easier than ever before. All you need to do is use our search bar and look for the 1000s of coworking spaces available in your area. We also provide complete information on the facilities, any helpful photos, and rates. Speak to one of our helpful Flexperts for unbiased, FREE advice.

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How Much Does Coworking Cost?

Coworking rates have been on the rise for the past few years. The average monthly price of a desk worldwide was between 127 and 285 US dollars in 2022. However, the desk or office space price depends entirely on your unique requirements along with the region where the search is based.

⟶ Help me discover flexible offices in .

Comparatively, a coworking desk costs CA$ NaN on average while a high-end desk in an enterprise suite may cost up to CA$ NaN . The choice is yours! However, whatever option you choose, consider the fact that longer leases are often going to offer you lesser rates compared to monthly memberships

⟶ Explore listings in with a variety of price ranges.

CA$ NaN /person

Coworking

CA$ NaN /person

Enterprise Suite

⟶ It all depends on the type of desk space you need to rent. Office Hub provides spaces in at an average price ofCA$ NaN per month, per desk. However, our virtual offices may cost you up to CA$ NaN per desk.

About Office Hub?

Office Hub is the world's No. 1 marketplace for flexible office spaces, boasting an extensive network across 110+ countries. They offer a 100% free service, providing expert assistance and a "Best Deal Guarantee" to help businesses find their perfect, hassle-free office solution. The growth of the workspace industry in the last five years has continued to surprise both the industry itself as well as people who have benefited from flexible spaces. It was just a few years ago that we received projections about the coworking space industry to double in size between and 2024. This growth has had a drastic impact on how productivity is defined in office spaces today. We don't measure it in terms of how many hours a worker spent at their assigned desk space anymore. With the updated metrics that have flooded the industry today, it is getting much easier to measure worker performance.

Have you been looking for an increase in worker performance lately? Have you considered shifting to a hybrid system yet still need your workers to keep that semblance of a routine in their work lives. Are you tired of typing away "best co-work space" and being met with line after line of incomplete amenities and spaces that just don't align with your brand?

Office Hub has stepped away from the painful and often disappointing reality of commercial offices and has introduced to the world a new way to work. We specialize in shared spaces, co-work spaces, and serviced offices which encourage workers around the world to maintain a work-life balance through flexibility and offices you want to go to everyday!

For us, customer requirements come first. Be it a start-up, a medium sized business, or a large enterprise, we ensure we get the requirements right the first time. Listening to our customers is what we are known for.

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