At the fundamental level, coworking spaces are significantly more affordable than renting your own office. Let’s look at some numbers. In prime real estate markets - think New York, Boston, Chicago - full-time memberships range from $300-600 per month. And that’s if you want to be there 24/7.
Coworking spaces offer a range of memberships to best fit your needs. They range from a few days a month to full-time access. At Workbar, memberships start at 5 days per month, and extend to 24/7 access to your favorite location. And you’re not just limited to one location.
A membership at a coworking space allows you to access a network of locations. This means you can vary where you work based on your schedule. With a full-time membership at one Workbar location, for example, you can work from any other network location for five days out of the month.
This enables you to work across Massachusetts and Rhode Island for much less than renting multiple offices. Furthermore, coworking spaces don’t require huge upfront commitments. At Workbar, for example, an individual only needs to leave a deposit for their last month. If you’re lucky, you may even be able to benefit from a newcomer promotion. And opportunities to limit your costs don’t stop there.
Several coworking spaces offer referral programs. These benefit existing users and newcomers alike. When referred to join Workbar by an existing member, for example, you can get a free month of membership. And your friend will get a nice credit as well. These referral programs provide opportunities to reduce costs, and to build your network.
Affordability is just one of the economic benefits of coworking. Coworking spaces also allow members to lower costs by offering flexible, no-commitment plans for both private offices and memberships.
Thanks to their flexibility, coworking memberships offer a significant economic benefit. Rather than committing to a multi-year lease, you can sign up for much shorter periods of time.
At Workbar, for example, memberships are month-to-month. You can choose to move on with just a 30-days notice. And there are additional benefits. The advantages of flexibility extend to space. As your organization grows, a coworking space will allow you to easily expand into the space available. Similarly, it’s straightforward to reduce the amount of space you need.
This means you won’t be stuck with unused space. Altogether, this flexibility allows you to be agile with your workplace needs.
3. Service Model Benefits
Many of the economic benefits of coworking spaces arise from the service model by which they operate. For one membership fee, coworking users can benefit from a range of services and amenities. This makes it easy for you to plan your costs, focus on your value-add work, and build your network.
Low startup costs
Coworking spaces eliminate many startup costs traditionally associated with moving into a new space. You won’t have to hire an architect to design the space. You won’t have to buy furniture. You won’t even have to pick out artwork. Instead, you can focus on your core business right away, in a space that’s optimal for you.
Leading coworking spaces are designed to boost your productivity. With activity-based designs, they ensure you’ll find the right space for your task at hand. At Workbar, the Neighborhoods concept offers you four different zones. You can choose the pin-drop silent Study for your focus work, or the lively Café to get creative. Prefer the comfort of your own spot? You can sign up for a dedicated desk too.
Included space management
A great advantage of coworking spaces is that running and maintaining the space is taken care of by the coworking staff. In contrast to renting your own space, you won’t have to hire a facilities management team. You won’t have to fix the HVAC. You won’t have to clean the space yourself either. This frees you up to focus on your work, and creates cost efficiencies.
Complimentary amenities & supplies
The membership fee at a coworking space includes a variety of amenities. Coffee and tea, for example, are complimentary at the majority of spaces. Office supplies like post-its and paper are provided at most spaces too. At Workbar, you also get meeting room hours, printing credits, and snacks! All considered, this means that few additional costs will sneak up on you.
The economic benefits of coworking spaces extend to the events that are offered. Coworking spaces organize events to socialize, learn, and have fun. Better yet, these events are free with your membership. At Workbar, each location offers weekly events, ranging from bagel breakfasts to lunch & learns. These provide great opportunities to network, learn, and expand your business.
The economic benefits of coworking are plentiful for members. Among them are affordable, flexible memberships. These give you access a network of locations, and allow you to benefit from many service efficiencies. Altogether, coworking spaces enable you to limit costs, adapt quickly, and grow your business.
About Tobias Froehlich
Tobias Froehlich is a workplace consultant. He applies design strategy principles to enhance the workplace experience with organizations in and around Boston. Visit his website to learn more.