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8 Reasons Why Coworking Spaces are Better Than Traditional Office Space

Thrive Editorial

Advantages of Coworking Spaces

The contemporary, hybrid workforce deserves a contemporary, hybrid workplace, making shared workspaces a natural choice for any new business.

Getting an office space is a big achievement for any new company. And getting the right office space is crucial. Founders of new businesses are generally financially challenged and have a hard time competing in the commercial real estate market or have no desire to set up in metropolitan downtowns that have shed businesses in the wake of COVID. That’s why shared workplaces like THRIVE | Coworking excel, offering the advantages of coworking spaces that provide cost-effective solutions, collaborative environments, and networking opportunities, empowering startups and entrepreneurs to thrive in their business ventures.

Shared office space aids new businesses in a variety of ways, including with networking, collaboration, staff retention and productivity, all for a fraction of the cost of traditional office leases. If you’re still uncertain, read on for the advantages of a coworking space.

1. Social and Professional Connections

People are more likely to collaborate and come up with novel ideas when they share a work area. Coworking spaces quickly gained popularity as people realized the benefits of rubbing elbows with like-minded entrepreneurs from a variety of companies. Working in an environment where employees can set their own schedules provides the opportunity to meet and collaborate with other professionals whose expertise might be of use to both you and your company. And THRIVE makes it easy to get to know other members through special events such as monthly catered breakfasts, lunches and happy hours.

2. Easier Availability of Resources

In a shared office space there are amenities such as drinks and snacks, high-speed internet, conference rooms, break places, and more. Employees can take advantage of these amenities whenever they’re needed. And THRIVE locations are always set in vibrant, walkable neighborhoods, meaning easy access to shops, restaurants and transportation. People tend to get more into their job and make more of an effort when they are in desirable settings.

Advantages of Coworking Spaces

3. Increased Efficiency

In a coworking space, as opposed to a typical office, you’ll be surrounded by other professionals with different backgrounds and expertise who can serve as a source of guidance, ideas and inspiration when you’re feeling stuck. Surrounded by goal-oriented entrepreneurs, it’s an atmosphere that can foster drive and efficiency, where you can get more done in less time.

4. Retention of Employees

Workers want more than simply a high salary and a promising future at a company. Survey after survey shows that remote work, work/life balance, flexibility and reduced travel are all just as important as traditional workplace factors in retaining talented workers. What emerges from these studies and observations is that hybrid office spaces are the way to go for startups that want to recruit and keep good employees. Flexible work arrangements and shorter commute times result in lower employee turnover.

5. Decreased Expenses

Reducing overhead costs means a higher profit margin for any business, whether it’s a startup, a freelancer watching their pennies, or a multinational corporation cutting back on expenditures. The rent a business must pay each month is one of its biggest expenses. Utility bills, annual maintenance, repairs and infrastructure upgrades are all examples of expenditures that add up to a hefty price tag for a physical location. Also, in order to meet with clients, pitch ideas and seal transactions, you may have to travel quite a bit as an entrepreneur. Hotel rooms and other lodging options may provide a roof over your head, but they aren’t conducive to getting work done. A coworking workspace is the solution — they’re ideal for working and making connections.

6. Flexibility

When a business outgrows its space, it may have to reduce headcount and reorganize operations in order to accommodate events like meetings and conferences, both of which can have a negative impact on efficiency. It’s a different story with coworking spaces. Scale up or scale down as needed, without the burden of long-term leases.

Advantages of Coworking Spaces

7. Decrease the Likelihood of a Toxic Workplace

Many workers have complained about toiling in a hostile environment, and this has sent a sizable number of people in search of other employment. An unhappy worker is bad for the company, and it costs a lot to find and train a new one. To combat this, many businesses are turning to coworking spaces like THRIVE, which injects a breath of fresh air into the corporate atmosphere, providing a curated atmosphere that builds team culture and purpose.

8. Pick Your Own Location

If you work in a more conventional office space, you’re likely to spend a lot of time at the same desk. If you work in a shared office, however, you have the option of moving between flexi/hot desks, dedicated workstations, conference spaces, and even a coworking café, depending on your needs and your mood. The productivity and quality of your output, after all, are strongly correlated with your level of happiness.

As more individuals search for spaces where they can do more than simply work, the number of coworking spaces has exploded. And it’s no wonder — shared office spaces provide the perfect environment to work, study and socialize with individuals who share your interests and entrepreneurial spirit.

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