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What is Co-working Space or Offices?
Co-working spaces are essentially shared work spaces. To a layman, it could also mean a having a collection of hot desks without any partitions in between and shared by individuals all from different companies and businesses. These are very often named as members in the co-working facility.
They offer a good alternative for individuals, especially digital nomads or remote workers who do not wish to work in a coffee shop, cafe or inside the confines of their homes.
These Co-working spaces offer besides hot desks dedicated desk ,also amenities like private meeting rooms, breakout areas, kitchens, free flow of coffee and some even beer !
Who and Why use Co-Working Spaces?
Due to the flexible and low cost nature of co-working memberships, this is a extremely popular option that are taken up by freelancers , startups or small businesses which either do not have much budget or often do not wish to commit their cash flow to paying high office rentals.
Co-working spaces are deemed highly suitable for startups which are not able accurately gauge their growth rate in the forthcoming horizon. Therefore they are able to scale their growth accordingly to what the co-working space can provides correspondingly.
In recent years, many large multi national companies have also began to place their teams in co-working spaces. This allows their teams to collaborate and learn with other members. This happens when these multi-nationals are building new products or a new team especially in the area of technology, Artificial Intelligence ( AI ) , FinTech or other forms of digital innovation.