Co-working office spaces are on the rise

SMEs account for 99.3% of the private sector business, and have become to backbone of the British economy. However, with the UK ‘s productivity currently the worst it’s ever been when compared to the other six G7 nations, a staggering 76% of SME decision makers consider the need for productivity when choosing an office space.

With this in mind, the need for productive, working office spaces is on the rise.

Co-working office spaces are on the rise across the UK, with these unique, communal spaces perfect for freelancers, entrepreneurs and the self-employed. They can offer a cost effective, creative and social atmosphere, with community at its core.

Co-working spaces, defined as membership-based workspaces were diverse groups of freelancers, remote workers and other independent professionals work together in a shared, communal setting, are opening up all over the country and transforming the small business office dynamic.

As well as trendy open plan environments, with hot desks and access to meeting spaces, many feature free extras like endless tea and coffee, superfast Wi-Fi and a range of inspiring ways to co-operate and interact with fellow coworkers.  The unique set up means that as well as planned community events, unlike traditional office spaces there is an atmosphere that’s relaxed yet professional, collaborative and creative, with community at its core.

Not only does sharing a working space with fellow entrepreneurs, freelancers, self-employed give more control over their working lives, it also provides cost effective, social workspace that can massively help those starting up in business and those wishing to expand without renting  office space.

According to Small Business Labs, the number of people renting these types of spaces will grow globally from just under 1m in 2016 to nearly 4m in 2020. In fact, brands such as Starbucks are encouraging people to use its space for co-working, with the ultimate goal to become, what they have coined as the Third Space, i.e. Home, Work and Starbucks.

Mike Davis, Head of SME at AXA PPP healthcare says: “A flexible modern working environment where employees can flourish is key to building and maintaining a high-performing workforce and, at the same time, it safeguards your business from the costly risk of losing valuable people.”

Photo by Jeff Sheldon on Unsplash