Co-Working: Reinventing The Office21-08-2018
With an increasing number of companies moving to a more flexible style of working, there is the question of whether we have the need for traditional style offices, especially for startups and SMEs (small-to-medium enterprises). Co-working is on the rise, with 156 co-working spaces in London alone and that figure is rapidly rising. It’s becoming the norm for startups and smaller companies who would prefer to use their capital elsewhere rather than on the expense of a long-term lease.
The average price of a co-working space in London ranges from £400 to £1,000 a month1 depending on the location and perks such as roof terraces, breakout areas and games tables. There are usually options to include add-ons like hiring meeting rooms, printing facilities and access to refreshment areas. Even after calculating all the additional costs, the total can be a drop in the ocean compared to some traditional offices which can cost considerably more once you factor in the rent, bills and other expenses.
Now let’s explore 4 benefits of co-working;
1. You have company!
For an entrepreneur, life could be pretty lonely especially if they are confined to a room at home, in fact studies show that people who have little human interaction are most likely to suffer from depression or anxiety. Co-working provides a fantastic way to conduct your business with other like-minded people by your side. Human interaction is important for a healthy mind and body, so whether it’s taking a lunch break together or sharing ideas, it’s good to talk.
2. Network with your neighbours
Everyone in a co-working space is business driven and always looking for new opportunities to help their business excel. This is the ideal environment to network, for instance, your business may be within the printing industry and your neighbour could be in the publishing world – this could lead to business or referall prospects for both parties. A meeting like this is far less likely to happen in a traditional office setting or if your office is based in your home.
3. Work mode
Working at home comes with its benefits, like not having to pay for travel to an office, however it may not be the right working environment for everyone. Distractions such as pets, the TV and your family can get in the way and interfere with your work. Whilst co-working doesn’t mean sitting in a room with no noise at all, having one environment purely dedicated to ‘work’ is beneficial to get you into the right zone.
When you’re starting up a business, you don’t know how quickly it’ll grow so signing up to a 2-year lease on an office may not be the best solution for you. It could be difficult to work out how many desks you would need and this could leave you with vacant desks for a long period of time, or, not enough desks for all of your new employees. A co-working space provides you with the flexibility to rent your workspace on a short-term basis with all your bills included in one easy payment. If you recruit more employees, it’s not an issue accommodating them in a co-working space.
Office Profile have worked closely with Techspace who have a number of co-working spaces around London, including in Luke Street, Commerical Road and Leman Street, as well as internationally in Berlin. We have vast experience in completing the design and refurbishment for flexible, functional workspaces that cater for all types of ways of working.
If you would like to see how Office Profile could help you reinvent your office space, contact us by clicking here or via the form below.
Here are a selection of photos from the Techspace projects: