Quite a few people believe that shared office spaces and co-working spaces started as a fad. But the fact is they were ‘invented’ because of growing problems in the conventional model of owning or leasing office spaces, some of which are spelt below. These are especially true for small setups, startups and individuals.
While the spiraling cost of buying a decent commercial space or taking it on rent, is an important reason, there are other equally important reasons.
Buying is a long-term commitment and leasing too normally involves at least mid-term commitment. For many this may sound like getting bonded for long time, which they may not want. Co-working spaces can be rented by months, weeks, days or even by the hour. Giving one the flexibility to move in and move out practically without notice.
Amount of space is dictated by availability, so may be little too big or little too small for their current need. Often one has to compromise on the actual usable space, as it may be only option available at that time.
As these are fixed spaces, quick scaling up or scaling down, based on evolving needs is not possible. And if possible, would mean significant costs, time and effort.
Very importantly, the maintenance of the premises and housekeeping would entail high expenditure and dedicated resources would be required to manage them. In a well organized co-working space, these services are handled as a matter of routine by qualified professionals assuring speed and safety.
Supports for running the business, like repro services, delivery, security, pantry etc all have their costs and running them efficiently needs dedicated efforts and time.
The list goes. It is precisely to answer these needs that co-working spaces came in to existence and with more and more people realizing their importance, their numbers growing rapidly.