Coworking or “shared spaces” are taking over the office sector and creating new businesses, work structures and offices around the world. As the way we work continues to evolve, so do the spaces we work in. From larger companies who engage employees in different areas to work remotely, to smaller start-ups and freelancers looking for a temporary solution, coworking spaces can offer flexibility when a long-term lease in a building may not be feasible.
– Room to Grow
– Network / Community
Flexible | Access on your own terms
While the 9-5 structure still exists, the ability to work remotely is changing when people work. With the line between work and personal life becoming ever more blurry, accessibility and convenience is key. More of a night-owl than an early bird? Traveling in a new city and don’t have a quiet place to work? No problem. Many coworking companies have created membership models that allow people to use offices whenever and wherever they are (much like that of an Anytime or Lifetime Fitness.) This provides people with a “home” office but gives them the freedom to continue working no matter where they are. Timing is everything and offering this type of freedom is a big draw to many people and companies.
Short terms and no leases
Many coworking models use a month to month or yearly pay model with the ability to add or remove factors as needed. This flexibility gives the tenant options and takes a lot of the risk out of leasing or purchasing an office that may under or over fulfill their needs.“Coworking space offers flexibility for staffing increases and decreases, especially for smaller companies looking to potentially double or triple in size in a short amount of time,” explains Teresa Lingg, Associate with Colliers International | Minneapolis-St. Paul.
We aren’t looking to sign long-term agreements with companies, but two three years is a long time in the eyes of a start-up company. So why create constraints. With the start-up culture taking off in Jersey City, coworking spaces are a great way for companies to “office on demand” providing them with a useful work space yet giving them to opportunity to grow at their own pace without having unnecessary wasted expense.
Connections are big in any business, and working alongside a variety of people and companies creates a lot of opportunity that may have not previously existed. The collaborative aspect provides many benefits for freelancers, teams and companies alike, allowing there to be creative overlap and insight into how other people and companies work.
There are various pricing structures at the moment ranging from:
No Membership Fees for Open Desk Space, Private Office or Large Executive Offices
Each company has their own terms and conditions but most are on a month-to-month pay plan based on size, number of members and privacy. Benefits and amenities are what set these companies apart; with most offering free wifi, conference rooms and secure access; while others have coffee bars, storage solutions and concierge. Coworking space may offer solutions for smaller companies, but it’s not ideal for everyone. “There are groups in these spaces that appreciate not having to buy a printer or hire a receptionist, but they’re being charged for these things,” explains Lingg. “And when you’re being charged per piece of paper that you print, those prices can add up – and fast. Sometimes, what may seem like a great solution is not necessarily the most cost-effective.” Still, coworking offers yet another option for businesses looking for creative, collaborative space, with minimal commitment upfront.
Different Spaces, Different Styles
There are a variety of coworking spaces available, even in the Jersey City mark. Business’s including WorkSocial have all set up shop in the Jersey City Area, each offering office space for individuals, teams and businesses alike. “The nice thing about the established coworking spaces around town is that each site has its own style, which differentiates each of them,” adds Lingg. Many companies already have multiple locations in single cities, giving prospective people and companies even more options to fit their wants and needs.
How these types of spaces will continue to affect the overall office market remains to be seen, but coworking space is a growing trend that’s here to stay.