Coworking spaces are a type of serviced office whose members are usually comprised of independent or unconnected workers or businesses. Using coworking space in Columbia offers a shared working environment that supports flexibility, collaboration, and networking. These workspaces have become increasingly popular in recent years, especially among startups, freelancers, and remote workers. But what are the benefits of coworking spaces for businesses? Here are three facts that every business should know.

Fact 1: Coworking spaces can boost productivity and creativity

Synergies – the “sparks” that fuel creativity when two or more colleagues work together – is a well-known phenomenon. With many workers left isolated, and working remotely, a feeling of looniness destroys that creative spark. It’s no wonder then, that the surgeon general’s framework on workplace structure encourages social interaction and connections. One of the main advantages of coworking spaces is that they can enhance the productivity and creativity of their members.

And when it comes to a more fulfilling working experience, Harward Business Review researchers found that an overwhelming number of respondents preferred to co-work. 64% and 67% of respondents found working from the office and home respectively more satisfying. The higher percentage of endorsement for third-site (coworking space) workspaces, therefore underscores the role of co-working today.

Fact 2: Coworking spaces can save money and resources

With the cost of owning real-estate on the rise again, renting co-working office space in Columbia can be a money saver for fledgling and established businesses.  Compared to renting a traditional office space, coworking spaces are more affordable and flexible. Coworking spaces also offer various amenities and services, such as internet access, furniture, equipment, utilities, cleaning, security, and reception. Additionally, coworking spaces can reduce the environmental impact of businesses by sharing resources and minimizing waste.

Fact 3: Coworking spaces are a growing trend

Coworking spaces are not a new phenomenon. The term first became vogue in the mid-late 1990s, when Bernard DeKoven used it to describe synergies from working in shared spaces. However, the use of coworking space in Columbia, like elsewhere across the globe, has experienced a rapid growth in the past decade.

According to Statista, the number of coworking spaces worldwide increased from 16,599 in 2018 to 18,287 in 2019, with a forecast to reach 41,000+ by 2024. The number of people working in coworking spaces worldwide also increased from 510,000 in 2015 to 3.1 million in 2019, with a forecast to reach 5.1 million by 2024. Clearly, opting to have your team co-work is about embracing a growing global trend.

Coworking spaces are also adaptable to changing market conditions and customer demands. They can adjust their prices, locations, layouts, and offerings according to the needs of their members.

Use Facts to Make Co-working Work for You

At the Maryland Innovation Center (MIC), we believe that coworking spaces are more than just places to work. They are places to work smarter. By renting co-working office space in Columbia, businesses can enjoy the benefits of increased productivity and creativity, reduced costs and resources, access to a growing trend, diversity and adaptability, and growth and success. These are three facts that every business should know about coworking spaces.