The pandemic has changed the way people work. Most tech companies like Facebook and Google are allowing their employees to work from home indefinitely. Other companies are adapting mixed setups and only requiring employees to report to the office two to three times a week.
According to a survey conducted during the pandemic, 96% of employees say that they would like to work remotely either completely or some of the time. With this shift in work setup, more people are wondering whether it is worth investing in coworking spaces or they should just save that money and work at home.
The answer is it depends. There is no short answer to this question; Each individual has his or her own circumstances which may make coworking spaces a worthwhile investment or not.
Signs that say you should rent a coworking space
You work with other people.
When you constantly work with other people and need to communicate and collaborate with them, a home office may not be the best location for you to work in. At the same time, if you’re only working with a handful of people or a small to medium-sized team, it is impractical to rent an entire office. In these instances, paying for a subscription to coworking spaces is a good option and may just be worth the investment.
You’re considering renting an office.
If you’re a startup, a small to medium enterprise, or even a multinational company thinking of renting an office for your team, it may be worth considering a coworking space instead. Not only is monthly overhead likely to be cheaper with coworking spaces, coworking also opens up a whole slew of opportunities for your team members. They can be more productive, they have the opportunity to meet new people, and they get to be part of a larger community of passionate individuals from whom they can share their knowledge and learn from others’ as well.
You’re looking to grow your business.
Coworking spaces are more than shared offices where you get things done; they are hotspots for startups, professional individuals, and freelancers. Depending on which coworking space you choose, you can also surround yourself with multinationals and large enterprises. If your business is at a stage where you’re looking to grow, putting yourself out there by joining a coworking community is a great method to network and market your business. This will give you the opportunity to meet potential employees, partners, investors, and clients.
You need a change of environment.
When you’re constantly working in the same environment, you might notice your productivity suffering. Particularly for people in creative jobs like product design, videography, and writing, they might experience a creative block which prevents them from doing their jobs.
One of the quickest fixes for a creative block is a change in environment. If you start working in a different environment, it gives you new ideas to draw from and oftentimes stimulates your creativity and improves your overall productivity.
If you need a constant change of environment, a coworking subscription might be worth investing in so you can work in different workspaces, in different rooms, and in different branches.
Signs that mean a coworking space is not for you
It’s out of your budget.
Though there are many benefits to coworking, it does cost money. If you’re tight on money and renting a coworking space is out of your budget, that’s a sign that it’s not worth it and you have more pressing matters to consider. Get your finances sorted out first and once you free up some money and coworking is within your budget, then you can consider subscribing to them.
You need privacy.
If you’re working by yourself and have no need to constantly interact with people, a private office may be a more suitable option. If your work requires you to concentrate or if you deal with confidential information and require privacy, a coworking space may not be worth it. You can consider renting a private office.
Unless you need a separate location for your private office space for work-life balance, renting a coworking space will only expose you to distractions and possible privy eyes that could detrimentally impact your work.
You have a huge team.
Coworking spaces nowadays are huge and can accommodate large teams. However, if you have a huge team of say, more than 50 people, paying for 50 subscriptions may undermine the benefit of coworking and you’re better off renting an office all to yourselves.
You need customisation for your workspace.
While most people need the same things from their workspaces, a table, sockets, good lighting, and internet, there are certain kinds of work that need more from their offices. Photographers and artists need studios, chefs need kitchens, and mechanics need their equipment. Unless you find a coworking space that specifically caters to your niche and provides you with the amenities you need, renting a coworking space may not be your best option. Though there are coworking spaces that accommodate customisation depending on your preferences, there are limitations and restrictions that you would have to adhere to since you will be sharing the space with other people. If you need a place all to your own and you need a lot of customisation, getting your own place might be a better choice.
If you’re unsure what type of office space rental would best suit your needs, please don’t hesitate to consult us. Send us a message or chat with us on Whatsapp! Our space experts are ready to help you make the best decision.
General Manager for APAC
Bachelor of Commerce, ANU
Enterprise APAC region sales (Singapore, Australia, Malaysia, Hong Kong, Philippines, Indonesia and Thailand). Expertise in property tech and coworking. Ander’s enjoys sharing his journeys and experiences in commercial property, lean startup, training, operations and general management. Connect with Anders on social media.