he workspaces of modern companies are constantly evolving, given that cutting-edge spaces are now the norm. Real estate has never gone through such a commercial phase and companies are loving it, but this hasn’t always been the case. In the past, startups aimed to find spaces at the most affordable price — which (you can guess) were not always great, especially after outgrowing their parents’ garages. The era of co-working space has ushered in a new concept of sharing an office with multiple companies, providing allocated areas such as lounges, kitchens, and other amenities that emulate house comfort while mixing startups of various industries. The concept sounds so enticing that you may wonder why it isn’t being adopted on all business fronts. The answer is simpler than it seems — people can get distracted easily. With that in mind, the question has to be asked: does co-working space work for all businesses and how do you find out about yours?
Investment
When it comes down to creating a modern workspace, there is a certain investment perspective of giving purpose to everything you get, which should always apply to your overheads. For example, if you think that installing a slide for your office is going to improve morale or provide your employees with a positive environment, then feel free to add that feature. However, if this will be an obstruction from work, perhaps it is not a good idea. The purpose of building an interactive workspace is for productivity to thrive, so investing in leisure and comfort in search of a positive environment can ultimately pay off. Manan Vohra, founder of Hadean Labs suggests that a key element in discovering what works for your business is in its fundamental nature; he says that “some businesses will always need their own offices because of the nature of their work. But, for a business like mine, our infrastructure isn’t fixed. It exists on laptops, or in the cloud – we can work from anywhere in the world.” This means that there isn’t a direct necessity for a workplace in many businesses, which is why the leased office should be for those that truly need it.
Networking & Social Settings
Having a business that can flourish while also having a social space is the dream of all startups. If your company can manage to work efficiently while connecting with other people, then the co-working space is your ideal setup. There must be a sense of discipline for the worker, given that staying on task can also be difficult for the co-working space, as the barrier of leisure and work starts to become hazier. Confidentiality is a big deal for some companies as well. Many businesses operate using a non-disclosure agreement with big name brands. It can be problematic for some to have their working computers seen, especially in the structure of the co-working space. One company that takes pride in creating these spaces is the Manhattan-based WeWork, which leases dynamic and cutting-edge office spaces to startups. Their business model for taking outdated, previously-owned spaces and redesigning them has made them the largest corporate occupiers of real estate in London. According to SoftBank executive Rajeev Misra, the idea of creating a “mingling” space for employees is more alluring than ever before and has a projected $35 Billion valuation.
Administration & Control
When looking at the logistics of handling a co-working space, there’s ample room for things to get out of hand. The biggest bid for a private office has been the control and composure that can be applied to the office environment. Keeping employees stress-free and entertained creates harmony in the workplace, which also increases results. With the pursuit of overhead expenses for employees to develop loyalty, the proposal of an unorthodox workplace that will empower creative workers is growing. Modern co-working spaces for startup companies are on the rise, promoting a different vibe than that of the traditional office and empowering new generations of businesses to get creative and build strong networks.
