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July 22, 2020

Large Companies and Corporations are Making the Move to Coworking Spaces

The shared office space trend has been gaining momentum since 2005 when Brad Neuberg coined the term “coworking” for his shared workspace community in San Francisco. During the financial downturn in 2008-2009, shared desk spaces proved a viable, flexible solution for businesses trying to navigate recession uncertainties. As the popularity of coworking spaces accelerated during the past decade, larger companies started taking advantage of the flexible monthly contracts for remote teams. In 2018 and 2019, large companies and corporations, seeking the best of a traditional office setting and the innovative spirit of coworking spaces, began renting whole floors of shared office spaces. At the Enterprise level, some shared office spaces are leasing entire buildings to corporations. While shared flexible office spaces are pivoting like other businesses to adapt to the COVID-19 pandemic, according to ShareMySpace, the shared workspace industry is still expected “to balloon to 30,000 coworking spaces with five million members by 2022.” 

Larger companies will drive the increase but it will take some time 

The report cited that larger companies moving into coworking spaces will drive the increase in flexible shared office spaces but that it could take some time for corporations to fully convert to the shared office space model. Emergent Research reported in their 2018-2022 Coworking Forecast, that although they expect an acceleration in the US coworking market in a few years due to corporations “embracing coworking,” that for the next couple of years, growth in the market will continue to come from the usual suspects, “independent workers and startups.” What’s in the shared office concept for large companies and corporations besides the chance to interact with entrepreneurial types and keep their employees engaged?  

Massive savings 

Keeping large companies and corporations running smoothly is a full-time job in itself. Renting space at shared office spaces cuts labor overheads and equipment purchases and maintenance. In traditional corporate office installations, office design can cost a significant amount, considering furnishings, signage, and art that make your brand pop. Additionally, purchasing and installing office equipment and maintaining that equipment requires investing another large chunk of money into your office. Then there’s your technology to consider. Most shared office space environments employ hard-working community managers that keep everything running in these turnkey spaces, including providing coffee, tea, and water for your staff, as well as enlisting cleaning services for your office space. These spaces also feature top-notch Internet connections.

More focus on matters that matter

Without the need to dispense responsibility and money on operational procedures that shared office space personnel excel at, large companies and corporations can use their talent to focus on their core values, such as product development and technological advancement. 

Spaces that fit your needs

Often, in traditional commercial leases, companies don’t use some of the space they lease, except for conferences and meetings. Companies in shared office spaces can access full presentation-ready conference and meeting rooms on an hourly basis when they need them. Some membership plans include a certain number of conference room hours, with more available at an hourly member rate. Plus, companies can customize their plans to fit the actual space they need.

Flexible contracts allow for expanding or decreasing your space 

Most corporations and large companies in traditional commercial leases are locked in by contracts for three to five years, on average. In shared office spaces, monthly contracts allow companies to increase or decrease their space requirements as needed for particular projects and teams or as they grow out of the space they currently rent. 

A wealth of in-house resources 

Corporations and large companies can take forever to vet talent to join their forces. From recruiting and phone interviews to in-person interviews, second interviews, and so on, hiring employees takes up the time your company could use, working with new hires. In shared office spaces, however, independent contractors and freelancers make up a good portion of the membership. Working alongside these contractors, corporation personnel get to see these workers in action, and even if they don’t know them yet, other members can refer contractors that you can hire as needed. If you’re looking to hire full-time employees, the same holds true. Corporations and large companies already know something about the chemistry of potential hires. 

Remote teams 

Large companies and corporations have been dipping their toes in shared office space environments, as a solution to bringing together remote teams. Renting space in shared office spaces saves companies a significant amount of time and money by not flying remote teams in from all over the country or globe and not needing to shoulder the expense and overhead of setting up a regional office. Also, companies wanting to expand into new markets can establish a presence in the local business community by joining a shared office space. 

Connection and collaboration

In shared office spaces, corporations and large companies can combine the structure of traditional office environments with the magic that sets traditional offices apart from coworking spaces in the first place. The interaction with a diverse community of people from a variety of industries breathes new life into the dynamic of a traditional office. Employees can connect with other members who inspire them towards more productivity and a more positive work outlook, while companies can keep abreast of the most current innovations in the tech field and others that could lead to collaborations. All in all, large companies and corporations moving into shared office spaces benefit from integrating the structure of traditional office spaces with the energy and possibilities embodied in shared office spaces. 

Venture X shared office spaces are The Future of Workspace

At Venture X, we are excited about working with large companies and corporations at the Enterprise level. Our locations in major cities all over the US and around the world cater to your needs as you connect with our diverse communities. We can customize our design-forward, upscale contemporary office spaces to your specific needs. 

 

Contact us for a tour and make the move to Venture X!