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What is coworking space? A-Z about this explosive trend
A coworking space is a modern shared office model that is thriving brilliantly in major cities around the world. In 2002, Brad Neuberg pioneered the first official coworking space in San Francisco.
According to Statista, there are currently more than 18,700 coworking spaces globally, with a remarkable 158% increase since 2020. This substantial growth clearly demonstrates the significant demand for coworking spaces in recent years.
So what is coworking space and how is it operated? Let’s find out in the article below!
What is coworking space?
Coworking space is an office model that provides a shared working space for individuals and organizations to use together. Coworking spaces are usually fully equipped with necessary amenities such as desks and chairs, meeting rooms, communal areas, high-speed internet, printing equipment, kitchen areas, coffee shops, on-site support staff, etc., and many additional services.
Coworking space is seen as an alternative to traditional offices, cafes, or private homes, where people can stay away from distractions and isolation. In particular, the coworking space provides an ideal place to open up networking opportunities between organizations, businesses, entrepreneurs, and like-minded people. There they can meet, share experiences, and expertise as well as collaborate.
Who uses coworking space?
People who use coworking spaces are often called coworkers. Here are some main users of the coworking space:
Freelancers and Remote Workers
Freelancers and remote workers often choose a coworking space over working from home or a coffee shop. Because the coworking space brings them the sense of owning a private workplace, a dynamic and creative working environment without feeling too noisy or lonely when working alone.
Entrepreneurs and Small Business Owners
Coworking spaces offer small business owners and entrepreneurs an affordable and flexible choice to set up and run their businesses. They can work in a dedicated, comfortable workspace and a professional environment without spending too much money.
Startups often choose coworking spaces to solve temporary financial difficulties. Despite the small number of employees, they still need an ideal business address and a professional working space. Besides, thanks to coworking spaces, they have more opportunities to interact with like-minded communities and individuals.
Digital nomads are people who work remotely combined with travel. They often use coworking spaces as temporary workplaces in different countries and regions. That way, they can connect with like-minded people in the local community while still staying productive.
Independent professionals are commonly known as writers, designers, consultants, etc., who are working independently and looking for a productive workspace. Similar to freelancers and digital nomads, they choose to work in coworking spaces to take advantage of available amenities and find inspiration to improve efficiency.
How does coworking space work?
Despite having the same amenities as a typical workspace, coworking spaces are different from traditional offices. This model allows individuals and businesses to share and interact in the same space.
Coworking spaces are operated in the form of office rentals and expand their earnings to other services such as partnerships and memberships. However, shared office leasing still serves as the main source of income in most coworking spaces.
So what is coworking space operation feature? Consider the following special points:
Membership in coworking space
Coworking spaces offer membership packages to individuals and organizations so they can use the service at the most convenient time and take advantage of exclusive member advantages. Typically, coworking spaces will provide hourly, daily, weekly, and monthly rental options. These rental packages will be more affordable for coworkers who have signed up for the membership.
Services of coworking space
Typically, a coworking space will provide the following services:
Coworking Desk: This is the main service configuration type of coworking space, usually divided into two types:
- Hot Desk: A random seat you can choose to work in every day. This package is suitable for people usually on the move and prefers a different seating experience.
- Fixed Desk: Similar to an employee’s desk in a traditional office, Fixed Desk allows users to own a fixed seat for a certain period without the use of anyone else. This is an economical solution and is suitable for those who like stability.
Private Office: This service allows individuals or companies to work in a private office space. It also has all the facilities of a normal office but is still in the coworking space ecosystem.
Meeting Room: It’s common to find rental meeting rooms as an additional service or benefit for customers at a coworking space. They are typically designed with various sizes and styles, catering not just to the needs of organizing meetings but also serving other purposes such as training sessions, interviews, etc.
Event Space: To foster stronger connections between the digital nomad community and businesses, many coworking spaces offer large event spaces for rent or for self-organized events. These event spaces are designed to accommodate a variety of functions, allowing for networking events, workshops, seminars, and other gatherings that bring together professionals from different backgrounds.
Virtual Office: A service that provides a legal business address used for business registration papers. This service also includes transaction locations, phone numbers, company signs, reception, meeting rooms, and some other services.
Moreover, some coworking spaces offer additional services such as correspondence processing, front desk services, technical support, IT, and access to business resources. These services may be included in the membership fee or offered for an additional fee.
Amenities of coworking space
Each coworking space has modern and spacious facilities to serve customers. Essential services and equipment of a coworking space include high-speed wifi, air conditioner, desk and chair, beanbag, monitor, printer, projector, copier, microphone, personal locker, parking, water, etc.
Communal areas and relaxation zones include chill-out areas, outdoor terrace, kitchen, coffee shop, childcare room, gym, entertainment area, etc.
Operation time of coworking space
The flexibility of working time is one of the focal points of the coworking space that allows coworkers to choose a suitable working time frame. Therefore, they can work during the day, evening, or weekend, depending on the coworkers’ needs and preferences.
However, depending on the characteristics of each specific location or the policies of individual rental units, it’s important to note that some coworking spaces may only be open during regular office hours, while others may operate 24/7 to accommodate the diverse needs of their members.
Price of Coworking space
Coworking spaces often offer flexible pricing options, allowing individuals or businesses to choose packages that fit their budgets and needs. Costs may vary based on factors such as access level, type of workspace, facilities, membership, and additional services required.
Depending on the standard of living in each country and city in the world, coworking space rental prices may have a little difference. Here are some approximate ranges for average costs per hour, per day, per week, and per month in different parts of the world
- Hourly: $10 – $30
- Daily: $25 – $75
- Weekly: $100 – $400
- Monthly: $200 – $800
Work Environment of coworking space
Coworking space provides a professional and collaborative community ecosystem. This is a gathering place for individuals, businesses, and organizations from many different industries and fields. You can easily meet a lot of professionals, and like-minded people who may be active in or outside your field. Thanks to that, you will have many opportunities to make friends, exchange experiences, build cooperative relationships, and develop business.
In addition, coworking spaces often create networking opportunities for coworkers through events, seminars, incubator programs, intimate parties for members, private groups, community applications, etc., which is hardly found in any other office model.
Above is all the information defining “what is coworking space?”. Hopefully, the article has helped you better understand the general definition, ways of operation, and the main users of coworking space.
If you are working in Da Nang and need to find a reliable coworking space, consider giving Enouvo Space a try. As a pioneer in developing and bringing the coworking space model to Da Nang’s co-creative community, we provide an ideal coworking environment to help improve productivity and promote professional connections, organizations, and businesses.
Contact Enouvo Space to book now!