There has been a rise in the number of shared office spaces in Pakistan over the past year. These spaces aim to provide a convenient location for entrepreneurs, freelancers, and telecommuters to work together.
Additionally, a significant increase in people entering the freelance sector was observed due to job losses or forced home confinement due to lockdowns at academic institutions. The popularity of shared office spaces increased along with the rise in freelancing.
People from various professions and industries work together in an office setting in a shared office space to complete their assigned tasks. Everyone works; some are self-employed, and some are independent contractors. In order to maintain focus and generate creative or innovative ideas, they can use this place as a professional setting.
What is a Co-working Space?
Coworking offices, also referred to as shared office space, give freelancers, small business owners, and other professionals access to all the amenities of traditional office space without the need for a conventional lease or any of its associated hidden fees.
Commonly, shared office spaces are open-concept settings; tenants pay on a monthly basis to use the space they require, which gives them access to a combination of private and communal spaces. This method of operation provides greater flexibility because it enables a company to expand or contract as necessary with contracts as short as one month.
A coworking office can increase productivity. According to a survey, 71% of employees feel more creative in a coworking environment, and 68% report being able to concentrate better.
Advantages of Shared Office Space
- Save Money
Renting shared office space allows businesses to avoid the hassle and expense of maintaining their own building. In a shared office setting, you won’t have to worry about signing a long-term lease or paying the associated fees.
- Enhance Networking
Due to their communal nature, shared office spaces are great for expanding one’s professional network and striking up fruitful conversations with anyone, from prospective customers to established business associates.
- Increase Creativity
Creative community cultures, frequent educational events, and perks like indoor gyms and game areas all contribute to the productive atmosphere of shared office space.
- Impress Clients
Use a prestigious address as the setting for your company’s most crucial meetings and conferences.
- Increasing Flexibility
Shared office spaces provide contracts with a minimum duration of 1 month.
- Speed Up Market
Simply sign the rent, pack up your office, and move in the same day to start using the space’s plug-and-play amenities.
- Expand Business
Maintain operations from as little as a single desk, with room to grow as required. Consequently, you can expand your team as rapidly or slowly as you see fit.
- Use Lastest Equipment and Facilities
The majority of coworking spaces come fully equipped with everything from desks and chairs to high-speed Internet and teleconferencing equipment.
- Penetrate into New Industries
Without the constraints of a fixed location, you can explore untapped markets, industries, and municipalities. Shared office space can be found in almost any major city around the globe.
Who Needs Shared Office Space?
Here are the types of people who need or want to work in shared office space:
- People who work from home but would prefer a professional setting may choose shared office space
- Business travellers require a quiet place to get some work done while away from the office
- Individuals working independently would benefit from working together, making connections, and saving money by using shared office space
- Entrepreneurs with a small company who are trying to cut costs while maintaining some degree of flexibility
- Startups looking for a flexible office that can accommodate future expansion
- The majority of the workforce prefers the more traditional office environment
- Companies with a large number of employees who frequently travel have a need for dedicated office space
- Businesses that need a temporary office solution for a project team
Shared Office Space Vs. Serviced Offices
Shared Office Space
- Wide-open, team-oriented, and replete with both personal spaces and common ones
- Have a tendency to be less formal and more frequently aim for motivational effects. They typically feature additional lifestyle amenities like cafes, gyms, and tuck shops.
- Determined by the shared office space – managers are there to help members with adoption.
- It is membership and monthly-based, with a minimum contract size of 1 month
- Giant corporations with more private workspaces that are each occupied by a single company
- There is less obvious branding and more of an austere atmosphere in serviced offices, which are designed for the business world
- according to the company or product name that currently occupies the area
- Contracts are usually 6-12 months