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5 Great Benefits of Coworking Spaces

Coworking spaces are becoming increasingly popular in today’s economy. Since 2015, the number of Coworking spaces in Singapore has tripled in square footage. From 1.2 million square feet in 2015 to over 3.7 million square feet and growing, the upward trend is clear.

Because coworking spaces offer a unique sense of community, and a variety of professional benefits, many companies are choosing to set up their own coworking spaces for their staff and thriving businesses. It is also important to note that these spaces offer a wide range of great benefits. Here are 5 that you may or may not know about.

1. Set up and Completely Equipped for Business Activities

First off, you need to know that today’s coworking spaces are designed with specific business activities in mind. The level of luxury and extra amenities, however, depends on the space you choose and prefer. For instance, some working spaces are equipped with roomy conference rooms, luxurious lounges, the latest marketing communication technologies, and high-quality reception assistance.

2. Cost-Effective Options for Small and New Businesses

Most small and new business (SBN) owners are usually looking for cost-effective options to operate their business activities. This is because renting or buying a building for work activities can be quite expensive and time-consuming for new and thriving companies.

To cut the cost of renting a space, business owners can opt for coworking spaces. These spaces are not only less expensive than traditional office spaces, but they also offer a wide range of features that are not available in many traditional office buildings. To find out more about the different types of spaces, visit https://www.justcoglobal.com/au/.

3. Built for Flexibility and Scalability

Operating a business comes with many different challenges. One of the most important challenges is to ensure that the business is able to adapt to changing needs and requirements. For instance, if a company is planning to expand its operations, it can choose a shared coworking space based on the number of workers at that specific time. Also, as they grow, they can request coworking space that is suitable for a larger number of workers. Unlike renting or buying a traditional office building, it is not always easy or possible to scale up to accommodate the increases of a growing business.

4. Idea for Collaborating with Vendors and Third-Party Agencies

The face of today’s workforce is vastly different than when the original office buildings were designed. Today’s workforce is composed of a wide variety of different types of job types and functions, including professionals who work in contract and freelance positions. As a result, the office building needs to be able to accommodate this change in needs, particularly a centralized location where all players can be involved onsite.

With the increasing popularity of coworking spaces, business owners and their staff can schedule specific days and times to get together. For instance, if a team of developers needs to walk thru the code of an application before it is deployed, it is easy to schedule a meeting without having to worry about the time, the places, and the added expenses involved.

5. Building Social Networks

Another key benefit to coworking spaces is building social networking. The ability to connect with other professionals in the same or different industries is invaluable. Also, because of the upward trend of sharing co-working spaces, people can choose the environments that they prefer to work in. For example, if you prefer face-to-face contact with other freelancers, you may want to make coworking spaces your primary choice. Unlike working from home, you will have the opportunity of meeting new people all of the time.

Summary

As mentioned above, there is an upward trend of businesses and individuals using coworking spaces. And, there are many great benefits to being a part of this growing industry. Some of the most notable include the built-in flexibility and scalability that these spaces provide, fully equipped working spaces, ideal for collaborating onsite, and a great way to build face-to-face social networks.