The growing popularity of coworking spaces is best explained as the method of building a network of professionals without the need to invest in their physical onboarding process. From the workers’ point of view, having the chance to stay in your home town while working for a company located thousands of miles away is a highly welcomed perk. As coworking established itself and took a rising trajectory, it began an evolution process, changing in accord with the needs of both businesses and free professionals.
How will coworking spaces look like in the year ahead of us is an important question for those who seek an opportunity to benefit from this practice. In this article, we are going to inspect some indicators that could reveal the future of coworking and give us a heads-up about what we can expect in 2020.
More locations at lower cost
According to data-infused predictions, more than 75 percent of the workforce is going to include millennials by 2030. The new generation of workers, developed in the age of digital technology, prefers flexible working conditions, ability to work outside headquarters, while a large group of young professionals looks at freelancing as a perfect way to secure income and build up their skill set for future entrepreneurship endeavors.
As the number of freedom-loving workers increases, so does the need for new locations and better conditions. Usually, whenever there’s a growing need for a certain service, there is a larger competition because everyone wants a piece of the cake. With the larger competition on the market, membership prices should be expected to go lower and the provided features should increase in both the quality and quantity.
From the employers’ perspective, hiring a group of professionals that live abroad or far away from the company HQ is cost-effective and broadens the pool of potential talents that they can acquire. This is especially practical for online business, assignment help agencies, and small business startups that need extra hands on deck for a while. Instead of building extra office space, paying for home or travel expenses, business owners can even save up some money to hire better workers or invest in future projects.
If we take a look at what large coworking space providers are doing, we can notice that the expansion of low-cost, hi-tech coworking venues is growing with plans for further expansion. Along with everything we’ve said, this trend is setting a firm foundation to the idea that in 2020 we’ll have more low-cost places for remote work with loads of features to attract the growing millennial workforce.
Specialized coworking spaces
A lot of startups require specific working conditions that aren’t cheap to set up, especially not for young entrepreneurs that are just looking for a way to promote their idea and build a name for themselves. Regular remote working spaces don’t offer all the necessary conditions needed for product testing, for example. Moreover, food industry requirements are not easy to fulfill, which is why there aren’t too many coworking spaces that provide the resources to set up a shop.
Industry-oriented spaces, built to provide all the necessary gear for businesses that require more than just a cozy setting and a fast Wi-Fi connection, will surely rise in the following year. The IoT market alone is worth billions but it requires testing room for product development and upgrades. It’s only reasonable to expect that in 2020, there will be more room for these types of industries, especially those that have a large impact on the market.
More room for corporate innovation groups
Sometimes, when a large company wants to start up a new line of products or expand its market reach, they startup an innovation group, which is a group of professionals that work on research and development. What separates an innovation group from your everyday R&D team is that these people are not working directly for the corporation but perform independently, using the funds provided by the HQ.
Taking into account that innovation groups mainly consist of freelancers, large corporations can benefit from coworking spaces because it reduces the cost of the project. In other words, if the project fails the company has reduced losses to a minimum. If the project succeeds, the investments were minimal, which is always good.
Working in an R&D team is all but impossible if you’re on your own at home, especially if your team is working on a physical product. Furthermore, the best ideas are usually a team effort and a consequence of exchanging ideas with like-minded individuals. Providing room for these people is one of the largest concerns that coworking space providers should have in the New Year.
Cost-effective, practical, and marketable, coworking spaces are more than just a trend. With large players looking to expand and new brands trying to get into the game, we can expect nothing but the growth of this industry. We hope this article has revealed at least a small fraction of what the future is holding for us and that you can see your chance in this future.
Justin Osborne is a writer at assignment writing and resume help, he loves to share his thoughts and opinions about education, writing and blogging with other people on different blogs and forums. Currently, he is working as a content marketer at grademiners review and essay writing service.