Big corporations have embraced the coworking practice, bringing demands to all-time highs. Large coworking spaces that can accommodate 30 or more people are highly in demand, and most of these spaces start turning profits in less than a year. If you want a piece of that coworking pie, you can partner with established coworking companies, or give it a go on your own if you have the confidence.
The Success of Coworking Spaces
The concept of coworking and coworking spaces began in 2005. Starting in San Francisco and eventually spreading to a handful of locations around the world. Coworking quickly began to be accepted by the public and by 2012, more than 2,000 coworking spaces were established around the world. Corporations, including big tech giants like Apple, Microsoft, Google, Facebook, soon took note of the practice and allocated part of their employees into coworking spaces. The increased demand from corporations created a boom in the coworking industry, with coworking spaces around the world now numbering close to 15,000. Even with the growing number of coworking spaces, the number of shared office spaces has yet to meet the increased demands, especially as corporations continue to adopt the coworking practice. Large coworking spaces
Establishing Your Brand
If you own large properties, you can quickly transform them into a coworking space. Otherwise, you might need to rent a spacious area which can accommodate 50 or more people. A smaller space may be less expensive, but it also limits the number of your members and might deter large companies from using your space. Coworking spaces have no resemblance to actual offices — so no cubicles and partitions. You need to create a free-flowing workspace with lots of space to move, recreation areas, lounges, a pantry, and a few other places to hang out. Devote a portion of your space for a conference room or two in case your members need a bit of privacy. High-speed internet is a must, and so are other office essentials like printers, scanners, and the usual office supplies. You’ll need to hire a few people for maintenance and secretarial work, especially if you’re planning to add concierge services. You might need to spend around $30,000 to $50,000 for your initial investment, but it only takes 1-2 years to get it all back if you run at 70 percent capacity.
Partnering with the Experts
Established coworking brands have tons of knowledge and experience, and partnering up with one is a lot easier than going solo. They can guide you on how to build your coworking space from the very beginning. After you’re done with the groundwork for your coworking space, the brand takes over and you won’t have to lift a finger. No need to manage your space or worry about the staff; the brand does everything for you. Partnering with an established coworking company makes your space a part of a large network of coworking spaces around the world, opening up your coworking space to more members as well as corporate clients which the brand might have.
More than 90 percent of all coworking spaces have already become profitable, and the demand for them keeps growing. By 2020, half of all large companies are expected to use some form of coworking, and the number of coworkers will grow to reach almost 4 million.