The coworking industry continues to evolve and is considered one of the fastest-growing industries in the world. Coworking hubs continue to roll out in cities all over the world, attracting not only self-employed individuals and freelancers but startups, agencies, and companies as well.
Coworking spaces offer people choices that a normal office space can’t provide: workspace amenities, flexible access options, and tailored pricing. The industry continues to grow as it provides physical locations where like-minded individuals can meet and learn from each other.
In fact, some of the coolest coworking spaces offer healthy food, games like ping-pong, yoga and running classes, and allow members to bring their kids to work. Some even entertained the idea of ‘co-living’ which allows people with shared aspirations to live under one roof.
Clearly, the coworking practice has transformed cities into better places to work and live; encouraging a better work-life balance by allowing people to work where, when, and how they want. Coworking also made it possible for people to choose the work they find most fulfilling.
The growth of the coworking market shows no signs of slowing down. By 2022, there will be 30,432 spaces and 5.1 million coworking members worldwide according to a Global Coworking Unconference Conference forecast.
Impact on startups and companies
Coworking contributes a lot to the speed of growth of startups by making collaboration possible without worrying about overhead expenses and the need for a physical office.
It allows startups to focus on their strengths and build relationships with other entrepreneurs of similar interests and skills, which makes it easier for everyone to operate without having to position themselves as one-stop shops.
For corporations, it is a very interesting evolution because realistically companies don’t need coworking spaces. Not only are coworking spaces a solution to the rising real estate costs for companies but they're also valued as innovative spaces, disruptive spheres, and content creation platforms.
We have seen some companies use coworking spaces to showcase products and meet with clients. In fact, a Danish corporate which makes buildings smarter through energy efficiency, sent some of their employees from all over the world to a co-working space for three months to let them build new business models.
Internet giants Amazon, AirBnB, and Google utilized coworking spaces last year for meetings and events. The practice made networking possible even outside of
an organization.
Impact on client-agency relationships
The ability to create an atmosphere where creativity is welcomed is a huge benefit for individuals and groups in the creative industry. That’s why some agencies have also opened their doors to coworking; they are allowing their creatives to collaborate, create solutions, brainstorm ideas, and think outside the box aside from the four corners of a typical workplace.
We are also seeing a trend wherein agency account managers conduct meetings and pitches in coworking spaces. Coworking provides an inviting atmosphere traditional meeting rooms and coffee shops don't have.
Doing business in multiple countries and building relationships with clients is now easier than ever before. With coworking, location is not an issue as long as there are account managers (or a team) responsible for nurturing clients in a certain city
or country.
Agencies are able to address international markets, allowing business expansion and diversity -- of course, with the advent of new communication technologies.
It is also becoming easier for agencies to find their next client and business idea from a coworking space. They have more opportunities than ever before to network with other business people whose companies are in various stages of growth – growth that creative agencies specialise in facilitating.
