What Is The Coworking Space Industry

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When one thinks of a coworking space, what comes to many minds is a vibrant open workspace that hosts nerdy engineers and entrepreneurs in their 20’s and 30’s, all of whom working and socializing non-stop with one another, and some may be shooting billiards or playing ping pong or nerf basketball or cursing at their favorite video arcade machines during their break time. Some may even be seen napping on large bean bags due to a notoriously hectic work schedule with high pressure deadlines. While there are many coworking spaces that fit this description and especially in cities and countries where a strong and vibrant tech community thrives, it is not the entire story. 

Coworking spaces are shared workspaces. In a world where Central Business District (CBD) rentals are expensive, coworking offers affordable office space for those looking to escape the isolation of a home office or a too noisy coffee shop and yet still have the advantage of a prestigious business address. Another key advantage of co-working spaces is the ability to rent out only what you need versus an entire private office space, which can be expensive when you include furniture, fixtures, equipment and general fit-out costs. 

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Shared workspaces often have many amenities, including receptionist service, fast and stable internet connections, call-forwarding services, use of private conference rooms and offices, office kitchens and canteens that offer a relaxing experience that can be enjoyed over coffee and snacks, and all the while socializing with co-workers and other professionals. Oftentimes, the shared workspaces community consists of chief representatives of international organizations, professionals like accounting and law firms, business entrepreneurs, government organizations and /or embassies and consulates, country representatives of non-government organizations (NGOs), start-ups and small teams that want to take advantage of a flexible workspace.

Various membership based models are often available and often meet a company’s rental budget. These include options for daily fees or monthly fees. Membership costs also differ based on whether you have a shared desk or a dedicated one. Also, it doesn’t hurt that global trends show that working professionals can work anywhere, anytime, and anyplace, and a smaller office environment is conducive to higher productivity. This has become even more relevant in these challenging times. 

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In addition to the usual suspects mentioned above, there has been a recent adoption of coworking spaces by large and forward thinking companies that continue to utilize coworking spaces where possible. Coworking spaces offered by companies like International Work Place (IWG) and its brands – Regus, Signature by Regus, SPACES, HQ, No. 18, OpenOffice, BASEPOINT – are prevalent globally. In fact, IWG and its brands have over 3,100 locations around the world, and its members can freely visit and use IWG facilities in any location where it is located – a key advantage for managers and executives who travel far and often and rely on having professional and temporary office and meeting services that impresses clients. For specific franchise terms and conditions for brands like IWG and Regus, contact us for details.

Author: Author: Sean T. Ngo is the CEO and Co-Founder of one of Asia’s leading franchise consultancy (franchise brokerbrokerage), VF Franchise Consulting. He is Vietnamese American and has been living in Vietnam for over 16 years. You can reach him at [email protected] or [email protected].

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