Co-Work Spaces: The Offices of Tomorrow?

Flexible space to account for half of office occupation by 2021

At Vantage, over the last couple of months we have seen some amazing, innovative and well equipped co-workspaces pop up around Manchester and the UK.

But before we start firing off statistics and projections on how co-workspaces are ‘disrupting’ the market, lets first define what a co-workspace is.

Definition:

“A co-working office space refers to sharing office space, and is a viable alternative to conventional, serviced or home offices for independently working individuals or small business owners. A co-working space offers office environment for such people where they can work collaboratively in a shared area.”
WeWork-South-Bank-London

 

 

 

 

 

A new office for a new age

Note the phrase alternative to conventional because that’s what really defines these new coloffice rublaborative workspaces. Gone are the days of traditional four walled offices all fitted with the same dreary carpet, intimidating boardrooms and never ending stacks of files.

Todays fresh young start-ups aren’t interested in the traditional 9-5 regime. What do they want? Flexabilty When do they want it? Now! And co-workspace has provided them with the perfect formula.

But why now?

The traditional infrastructure of an office typically works in a similar way to an ants nest. Every individual is assigned a job to do and through strict regulation or management everybody carries our their duties as efficiently as possible.

However, in todays digital age of creative freedom, anybody can start a company from the ground up all without having to leave their bedroom (I’m guessing there are a lot of smelly bedrooms at the moment). Files, meetings and work can all be managed and stored within a single laptop.

So without the need for a physical or traditional office or place of work. Young start-ups (admittedly with a bit of capital behind them) are flocking by their swarms to the newest, hippest co-workspace in town.

Why not Starbucks?

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Any modern co-workspace in todays hyper-competitive market doesn’t stand a chance in hell of attracting the new generation of entrepreneurs, if they fail to facilitate their 21st Century needs.  Typically, the more expensive a co-workspace is-the better equipped it is.

But fear not! Even the cheaper options come with free WiFi, kitchen facilities, refreshments and sometimes printing. But if you are willing to pay a bit extra, some co-workspaces come with everything a fresh young start-up would need to succeed. Including:

 

What’s the catch?

Now as is the way with capitalism, co-workspaces aren’t free. And relative to turnover, aren’t cheap either. The average monthly cost for a single hot-desk will set you back around £200-300 (inc VAT). If you are a larger company then a four man office will typically set you back around £1000-£1800 (inc VAT). And those are just the co-workspaces in Manchester. I’m guessing in the capital they will be fetching a far higher price.

However, think about this. Buying a coffee in Starbucks everyday will set you back around £150 a month. So for around £50 more you can get your own workspace, meeting space, leisure space, postal address and facilities. And more importantly, you are in the perfect environment to network and collaborate with likeminded entrepreneurs.

Co-workspace occupiers expect to see a rise of more than 20 percentage points to 56% taking it above serviced/furnished space and incubators/innovation centres as the most popular type of flexible space.”

VBClogo

At Vantage we have begun to focus on this new emerging market and propose it as a viable option to clients who are struggling to find commercial occupiers due to the sudden crash in the retail market.

If you are a commercial landlord struggling to find tenants then this could be your saving grace. Get in touch…we’re here to help!