Business Trends: Why Big Businesses Are Now Using Co-working Spaces

Lorna Bailey Blog

Co-working spaces started becoming popular for startups and freelancers around 10 years ago. However, more recently, big businesses have started taking advantage of the benefits associated with co-working office spaces. As a result, big conglomerates and tech giants have been moving experienced employees into co-working environments.

Why are big businesses doing this?

Mainly tech-firms are forming partnerships with smaller business in the form of co-working spaces to make it easier for them to stay on top of technological innovations and top talent. In addition, it also makes it easier for firms to keep an eye on what is going on in their industry by sharing some valuable information which can reduce costs for both parties with the opportunity to attract top talent as well.

Microsoft made headlines when they decided to give 30% of their employees in New York City access to WeWork locations. This allowed them better access to their client base as well as being more motivated as a workforce. Around 84% of those surveyed believed access to WeWork makes them more productive during their workday. This demonstrates the range of benefits to the business from better access to customers to the motivation and well being level of employees. Recent surveys indicate that 44% of corporations are already using some form of a flexible open platform office solution while the studies also show they expect to see continued growth in co-working among large firms.

Even large companies trying to enter new markets usually start with relatively small and agile teams. This makes sense for big businesses in order to keep costs under control. Firms are also being more and more apparent of the opportunities in the growing co-working space trend. It allows them to tap into the local innovation of start-up companies while also recruiting top talent by partnering with co-working spaces and forming relationships to provide startups with resources while at the same time keeping an eye on their industry to potentially new and disruptive technologies.  

Benefits to small businesses

Flexibility and an open space is also crucial for small businesses. This setup also allows small business to worry less about basic services like Wi-Fi and printers. In addition to basic services, companies like Spaces and WeWork provide networking opportunities and resources to allow them to grow as a business. A small location may only be needed for smaller start-up companies saving extra costs that would have previously been spent on a private office.  

Similarly with big businesses, co-working allows small businesses to be more productive with fewer distractions than if they were working from home.

How to choose a good co-working space

When looking for a good co-working space it is important that you evaluate the benefits and drawbacks to your company specifically. Apart from obvious factors to consider like location and budget, there are also other things to think about. For example, the type of security in the space is important as you will be sharing the office so it should be established straight away the policies that should be in place.

Co-working spaces are also a short term plan while trying to grow your company while getting to support and information you need.

Also consider your work environment, your surroundings and the amount of distractions they bring are a huge determinant of how quickly progress will be made.

You should also consider the people you’ll be working around as having good people around you will motivate you to go into the office each day. The social aspects of an office will help you grow as a business through the advice and additional information that could be gained.

Flexibility can empower workers which is what co-working allows both big businesses and small businesses which is why more larger firms are opting into co-working. It brings larger businesses similar benefits as smaller ones while also keeping up to date with their industry while reducing costs.