A workspace revolution is taking root across the United States and around the world, and Arizona is fertile ground. Co-working is a rapidly burgeoning concept that sees entrepreneurs, innovators and their companies, from small startups to established businesses, operating out of flexible working environments that are designed to inspire people to think, create and collaborate within shared spaces.
THE CO-WORKING ENVIRONMENT
The key to successful co-working spaces is the way it can transform the way people work. Distinct from cookie-cutter, closed-door office settings, these types of offices offer dynamic environments that empower people to be creative and work collaboratively. They are designed for flexibility, with contemporarily stylish open-door settings; wide-open spaces that encourage clientele to communicate, collaborate, and get to know one another; as well as more traditional private offices and meeting room for when clients need more privacy.
THE CULTURAL & ECONOMIC BENEFITS
From large corporations and Fortune 500 companies to startups and entrepreneurs, business leaders from companies of all sizes are choosing to operate out of co-working spaces rather than get locked into a long-term lease.
Not only does co-working space allow businesses to scale up or down seamlessly, it also provides a built-in community of like-minded and inspiring colleagues. These networking opportunities are an invaluable resource for growing businesses. Many of these types of office locations maintain social and learning events designed to engage professionals and clientele. These TED-style events can cement a true sense of community.
FOR THE REAL ESTATE PROFESSIONALS
Such co-working environments, and the sense of community that they inspire, are fast becoming a viable alternative to traditional office settings for an array of industries, including real estate. Indeed, for a field populated by professionals who spend much of their days out showing properties and connecting with clients, the realities of maintaining a standalone office in a traditional setting no longer makes sense.
A co-working space encourages specialists from across the industry – agents, brokers, lenders, insurers, inspectors – to work together, side-by-side, and help each other excel.
ALL IN THE NUMBERS
In the end, as its name implies, co-working is a truly inclusive way of working. It also appears to be the future of office space – for the real estate industry and many others. The co-working sector is projected to tally a compound annual growth rate of nearly 24 percent from 2016-2020. Meanwhile, a recent report from the real estate services firm JLL, predicted that, “by 2030, 30 percent of corporate real estate portfolios will comprise flexible space, including co-working, incubator and accelerator spaces.” Another survey found that just over half of businesses that adopted a flexible workspace model were driven by a desire to reduce occupancy costs, while 38 percent wanted to be more agile as they seek to grow. And what business doesn’t seek to grow?
For a good look at what that all means, just raise your eyes toward the sky above Renaissance Square in Phoenix. The co-working future is already here.