Nowadays things are changing rapidly- people’s lifestyle, work culture, working environment, and other personal and professional aspects. This changing era gave birth to coworking spaces. Coworking spaces culture are very different from traditional office culture as they are much more engaging, employee friendly and cost effective. Nowadays, the young generation is leaning towards startups and want to utilize their talent for themselves rather than working in a company as an employee. These coworking spaces are like a bliss to these young brilliant minds, coworking spaces provide them with equipped, professional and engaging work spaces at a very cost effective rental plans, One can rent spaces as per their requirement on the basis of number of desks and working hours. Not only startups even big fishes like Microsoft, Dell, E&Y and others are also utilising coworking spaces over traditional offices for various reasons as described below.

PROS

Reduced operating cost:

Coworking spaces reduce the operating cost by 20%-30% as compared to traditional offices as coworking spaces offer equipped office, shared cafeteria, security and other necessary amenities. Corporate Real Estate Trend states that 77% executive feels pressure from their senior officials for cutting operating cost.

Flexible lease term:

Coworking spaces offers both short and long term leases to the occupants. If you are a traveler or freelancer and want a workplace for few days even for few hours coworking spaces even have spaces for you. Almost any company can find a suitable plan in coworking space according to its requirements.

Pre-assumed spaces:

Companies have option to increase or decrease their spaces as per their requirement. If a coworking space occupant need extra space to hire few more employees to work on a specific project for a specified duration they can ask for it depend on the availability of the space.

Overall development programs:

Coworking spaces also conduct workshops and seminars for the personality development of the employees both on personal and professional fronts. If your motto is work hard and party harder, then coworking spaces are the right place as most of the coworking spaces organize weekend parties and also have gym, yoga and conduct other personal and professional development activities for the overall development of an individual.

Collaboration and innovation:

In coworking spaces various professionals and companies with different and unique expertise work under one roof. So, they get an opportunity to share their ideas and improvise their work which leads to great innovative ideas.

Work Environment:

Work environment plays an important role in the productivity of an employee. Employees working in a good and motivated environment delivers the best of them.

Coworking spaces follow the same rule they provide the occupants with a comfortable, motivated and jolly working environment in which new startups and working professionals can emerge with flying colors.

Culture:

Established companies, new ventures, entrepreneurs, freelancers, working professionals coexist within these coworking spaces therefore one can experience a mixture of different work cultures under the same roof that is not found in any traditional office space which helps the occupants to learn and improve their working culture

Preplanned and Equipped Space:

When an individual or a company opens a new working space they have to take care of a lot of things which are necessary to set up and run an office. Therefore they have to spend a lot of time and money in planning for it. Coworking spaces offers a preplanned and fully equipped working space which helps these individuals and companies to set up their businesses without any hassle and it also helps them in cutting operating cost.

CONS

There are many benefits in opting for co-working spaces over traditional offices but as it says, “every coin has two faces”. Similarly there are some problems which people face due to the model of co-working spaces but these issues are not a big problem if managed properly.

Cultural Clash:

In coworking spaces there are many companies with different cultural and work ethics coexisting under one roof due to which at times people may face some clashes but it can be overcome with proper management.

Strict and Specific Requirement:

Coworking spaces are pre planned, equipped and designed on the basis of economical

operational amenities so that it can suit everyone’s pocket but there are some companies which have some specific requirement so they have to deal with such issues.

Privacy:

In coworking spaces people have an option of renting a dedicated desk on a shared table therefore one may face problems like annoying sounds, lack of concentration due to distraction. If you need to make a call you’ll have to move to quieter place as you can not expect cooperation from everyone sharing the table all the time. But for those whose privacy is at most priority coworking spaces also offers private cabin if you are ready to spend more on the name of privacy.

Competition:

In Coworking spaces there are many companies working together who share common goals and consumers. So, due to transparent model of coworking spaces they cannot freely do experiments on their innovative policies.

Strict and Specific Requirement:

Coworking spaces are pre planned, equipped and designed on the basis of economical and above average operational amenities so that it can suit everyone’s pocket but there are some companies which have some specific requirement so they have to deal with such issues.

Security

Cyber security is one of the growing challenge for organizations working in coworking space as these organizations share same network. Coworking solutions need to implement effective cyber security concerns. Though not a major concern as CCTV cameras are available but still premises security can be another potential challenge.