Will Coworking Be the New Norm?
With the property market getting more insane by the minute, it’s now becoming increasingly harder for new businesses to secure the ideal office space. Not to mention, there has been an increase in start-up businesses within Australia. In fact, according to FundSquire, over 65,000 new businesses entered the Australian market in 2019 alone. With more and more new businesses popping up and fewer office spaces available, options are becoming limited. However, there’s a saving grace in this situation – coworking spaces. Given this growing market, it presents the opportunity for people to develop new coworking spaces, and here are some of the reasons why they appeal to new and small businesses
The main appeal of coworking spaces to a startup company is the offered flexibility. First of all, coworking spaces offer flexible leasing options, making it far more cost-effective for them as there isn’t a large commitment to signing onto a long-term lease. In addition, the process of breaking a lease is often less tedious, with some co-working spaces only requiring a month’s notice. Although this may not sound ideal for coworking space owners, the over-supply of competitive rental applicants eradicates this worry. Another benefit that appeals to potential residents is their flexible accessibility, meaning your tenants aren’t restricted to general office hours. As statistics from Forbes state that the success of a coworking space is unpredictable, coworking spaces ensure flexible memberships so residents can upgrade or downgrade office sizes depending on their situation. Lastly, an appealing factor to tenants is the affordance of a prime postal address at a more affordable price
However, when designing a coworking space, the bar is set high regarding the included amenities. Residents are now expecting them to be state of art due to the variety of coworking spaces available. Coworking offices should include facilities such as communal spaces for residents to mingle, luxurious bathrooms and more.
BUILT BY UNITA | Christie Spaces Queen Street, QLD
Christie Spaces Queen Street office is a prime example of this. Built by Unita and designed by Collectivus, Christie Spaces features a comprehensive list of amenities, featuring a lavish end of the trip facility and best of all, they offer dry cleaning, concierge and mail services. Their end of trip facility accommodates commuters by including bike storage, private showers and “get-ready” amenities where residents can comfortably prepare themselves for the day. By including all of these bonuses, Christie Spaces truly exceeds traditional coworking spaces by providing clients with phenomenal value-for-money amenities that don’t require residents to outsource them.
BUILT BY UNITA | Cove Cowork, QLD
Another reason why startups and small businesses consider coworking spaces is that they offer their residents the opportunity to be a part of a larger community. Businesses can network with other residents of the building. Located in Newstead, QLD, Cove Cowork (built by Unita and designed by Collectivus), includes several communal facilities and activities to enable networking. Amenities like the communal kitchen and multiple meeting rooms make Cove Cowork the ideal space to discuss ideas with like-minded business owners. Even better, Cove also host professional events and seminars for its occupants to attend – another benefit for residents of the coworking space.
With many benefits, including flexible leasing options, top of the line facilities and networking opportunities, coworking spaces are a hot commodity for new and small businesses. Given this popularity, coworking spaces are the ideal solution to the property market and more need to be built to accommodate the rise in new businesses. Unlike traditional rentals, coworking spaces make for an all-inclusive experience that reduces the hassle of having residents needing to outsource additional services. With the spaces offering more than what a stand-alone office can, they’re also sure to impress potential residents and their clients. All in all, we’re excited to see whether co-working spaces will become the new norm for small and start-up businesses… and possibly established businesses.
