Why Are Large Corporations Turning to Coworking Spaces?

Contrary to popular belief, coworking spaces are not limited to remote workers and start-up companies. In recent years, large corporations such as Microsoft and Bank of America have set their sights on using coworking spaces for their companies. Many large corporations have even constructed stand-alone coworking spaces designated for their company.  

The Appeal of Coworking Spaces to Corporations

A wide range of benefits come with using a coworking space, and large corporations don’t want to miss out on these advantages. Coworking spaces are an attractive working environment for large corporations looking to incorporate efficiency and convenience into their employee’s work lives. After the vaccine had become more widespread, coworking spaces have seen an increase in the demand for their facilities. Large corporations have played a significant role in this demand.

Lately, professionals of all sorts have been flocking to coworking spaces to escape working from home. As we reenter the in-person workforce as vaccines become more widespread, large corporations and companies have set their sights on coworking spaces as a flexible and convenient way for workers to return to in-person workspaces.

Reasons Why Corporations Are Turning to Coworking Spaces

There are many reasons why a large corporation may turn to coworking spaces to improve its workspace. The advantages of a coworking space make it an ideal working environment for companies to use. Professionals working in coworking spaces have access to a wide variety of amenities and services within a prestigious office environment without committing to a long-term lease.

Here are three reasons why large corporations are turning to coworking spaces:

Cost-Effective

Coworking spaces are significantly less expensive than traditional offices with long-term leases. Also, if a company has a lease longer than one year, this increases its liability costs. When working with a coworking space, a large corporation can save money by avoiding leases that require long-term commitments. Using a coworking space has proven to be the most cost-effective method for large corporations seeking to house their company, helping companies save 20-40% on funds directed towards office space.

Convenient for Employees

Using coworking spaces adds convenience for employees who live closer to these locations compared to the company’s traditional office space. Since there are coworking spaces all over the country, a worker could access, workers no longer need to endure inconvenient relocations to obtain a job position. If a talented employee decides to relocate, the company won’t risk losing them if they allow their employees to work in coworking spaces near their homes. 

Flexibility

With the uncertainty of the future due to the COVID-19 pandemic, large corporations are desiring workspaces that provide them flexibility in these uncertain times. The flexibility offered by coworking spaces gives companies some wiggle room when faced with unexpected lockdowns. 

As the delta variant cases rise, large corporations realize that traditional long-term office leases may not be the most efficient method for housing the company. Being locked into a long-term lease in the event of another stay-at-home order can be costly for corporations. A coworking space can provide flexibility in these situations, which is why more and more large corporations are turning to coworking spaces.

Encourages Collaboration

Since coworking spaces typically host various professionals and companies, it becomes easier for professionals to collaborate. This facilitates innovation and creates an inspiring environment for workers. Working within proximity of other businesses in a coworking space allows professionals to easily connect with people outside of their company.

The common areas of coworking spaces are excellent places for professionals to connect. Rather than being confined to an office exclusively with their coworkers, a person has a chance to be socially stimulated, which can increase productivity and inspiration.

Final Thoughts

Large corporations are turning to coworking spaces because they are cost-effective and provide flexibility around leasing terms. Companies choosing to utilize coworking spaces allow employees to take advantage of the many advantages a coworking space offers. Coworking spaces inspire productivity and give professionals a space where they can connect and collaborate with other professionals. 

Many coworking spaces have seen a significant increase of large corporations choosing to decentralize their office space by using coworking spaces. The convenience and flexibility that coworking spaces provide are ideal in the post-pandemic world. With an unpredictable future due to recent outbreaks of the delta variant, large corporations may continue to turn to coworking spaces.