Innovative Professional Offices (www.InnovativeProfessionalOffices.com), a top provider of executive offices and support services, is commenting on a new report that shows co-working spaces are growing in popularity.
Co-working spaces are growing in popularity with both small and large businesses. According to a recent report from CRBE Group Inc., 40% of companies that responded said that they either currently use or are thinking about using co-working spaces. (Source: Stribling, D., “Co-Working Space Growing Rapidly,” Commercial Property Executive web site, January 19, 2016; https://www.cpexecutive.com/post/economy-watch-co-working-space-growing-rapidly-2/.)
“There has been a lot of talk about how co-working spaces are going to be the future of the workplace, but these new results confirm that this is already a reality,” says Eshai Hirshberg, director of Innovative Professional Offices. “When you have nearly half of all companies saying they are using or considering using these spaces, that’s a pretty big result.”
Co-working spaces have traditionally been popular with startups, freelancers, and entrepreneurs. However, the new report found that there was increasing interest for and use of co-working spaces among Fortune 500 companies.
“In the past few years, we’ve really started to see major companies taking advantage of these spaces,” says Hirshberg. “There are a lot of benefits, in terms of cost savings, increased employee satisfaction, and access to superior facilities, like training rooms. A lot of bigger companies have been using co-working spaces to enter new markets and access new labour forces.”
In response to the increasing interest, co-working spaces have been opening throughout North America. New York and Washington have seen their co-working spaces double within five years while business has been increasing in Canadian places like Ottawa and the Greater Toronto Area.
“You used to just see co-working spaces being used by startups,” notes Hirshberg. “The reality is that a lot of businesses are now seeing the benefits, particularly for innovation. Employees generally enjoy these spaces more too, as it gives them more opportunity for collaboration, networking, and training.”
Based on the report, co-working spaces are expected to grow by 21% over the next five years. Millennial workers and high real estate value in major cities are expected to fuel the growth and popularity of these shared office spaces.
“Every indication right now is that these spaces are only going to become more popular,” says Hirshberg. “It won’t be long before co-working spaces are the first choice for employers and employees alike.”
Innovative Professional Offices offers virtual office services, office rentals, and administration services, primarily to small- and medium-sized businesses that don’t have a need for an office on a daily basis.