South Korea According to the Global Coworking Growth Study, the number of coworking spaces worldwide is expected to exceed 40,000 by 2024. Currently, the Asia-Pacific region has the largest number of shared offices. At the same time, the average number of people per shared office is 114, which is also the highest in the world.
What is eye-catching about these statistics is the composition of tenants in Asia. Once dominated by start-ups, solopreneurs and SMEs, the customer base has increasingly shifted to mid-sized and large corporations, including multinational companies. More than half of Asian coworking customers are now corporate tenants.
Why are large companies in Asia choosing coworking spaces?
1. Economical and flexible use of space
Many companies started working from home during the pandemic. As work styles have evolved and both companies and employees adjusted to remote or decentralised work, more people are embracing non-traditional office spaces. In many cases, productivity is seen to be higher.
Many companies try to accommodate to a variety of work styles, but flexible work arrangements often leads to under-utilisation and a waste of space. But that doesn’t necessarily mean companies can downsize their office space as they like, for they are usually already contracted to long-term leases and face very high penalties if they break their leases early. This makes it difficult for most offices to be agile and scale their office space as required.
Thankfully, coworking operators like JustCo offer a solution. The ‘Core and Flex ’ model allows you to operate space economically and flexibly.
‘Core and Flex’ is a model where ‘Core’, the main office space, and ‘Flex’, a sub-space, are operated separately. A long-term leased office is employed for the ‘core’, while flexible work spaces (the ‘flex’) such as hot desk areas in a co-working space allows employees to comfortably check into work as and when needed. Since most coworking spaces provide meeting rooms and basic office supplies, operating a ‘flex’ is very simple.
By implementing this model of space management, companies can reduce their contractual burden and expenditure, while simultaneously enabling their workforce achieve greater productivity and work-life balance. This creates positive results both economically and in terms of employee satisfaction.
2. Networking opportunities
Networking is an essential activity for companies striving to keep up with market trends. Coworking spaces are fantastic places to network. Since these spaces are co-shared by people across a wide and diverse range of industries, they make it easy for company employees to connect with those of other companies. Comfortable common spaces like lounges allow for natural conversation, which can lead to unexpected business partnerships.
These networking opportunities are not restricted to large businesses, of course. Even if you work at a hot desk, there are countless opportunities to meet with other members who use the same office space.
By holding regular networking sessions with experts in various industries, companies can increase brand awareness and even generate potential leads.
3. Increased job satisfaction and work efficiency
According to the Open Survey Work Life Trend Report, 8 out of 10 people who experience work-from-home (WFH) are satisfied with their work. Additionally, if flexible work arrangements are offered again, 81% of office workers answered that they choose WFH again next time.
The choice of where to work is highly liberating. Choosing your own work location has a very positive impact on employee satisfaction and morale, which leads to higher productivity at work.
Instead of small and crowded offices, flexible coworking spaces and offer employees much-needed peace of mind. On days whe working moms or dads need to pick up their children, having a coworking space to check into near their child’s school makes a huge difference to their schedule and concentration. Additionally, a co-working space closer to home helps employees with long commutes to spend more time at work and less time on public transportation.
At the same time, having a proper office set-up at a coworking space helps to prevent the blurring of boundaries between home and work. A coworking office space with optimized for work with ergonomic desks and chairs improves concentration and productivity.
Additionally, coworking spaces are open 24/7 and are equipped with security systems. Company employees can use them freely with confidence at any time without any restrictions of time or space.
Unlike a traditional office, well-designed coworking spaces allow employees to be productive whatever their work mode. For example, the centres at JustCo are designed around the different work modes that you go through during a typical work day – Focusing, Learning, Collaborating and Socializing. This environment can lead to high-quality ideas, improve work quality, and even bring profits to the company.
Coworking spaces are no longer just a solution for small companies. It is a practical solution that all businesses, including medium and large-scale organizations, can benefit from in terms of cost and human resource management.
If you are interested in an economical and flexible coworking space, contact JustCo right here to explore innovative solutions your employees will love!
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