Coworking spaces have grown in popularity in recent years, as they enable people to work and collaborate in a shared workspace: this environment offers many benefits, from increased productivity to enhanced networking opportunities.
In the UK’s post-pandemic climate, coworking has not only increased, but it is also positively thriving! While the economy took a hit when the Covid lockdowns began in March 2020, the coworking sector grew by 4% later in the year as people began to filter back to work.
Business is booming
The trend for shared workspaces has continued to grow, as business owners, sole traders and SMEs realise it suits their needs better than traditional office space.
Globally, coworking is booming, with the market size expected to grow by 16.4% to £28.3 billion by 2027, according to the Coworking Space Global Market Report 2023, published by the Business Research Company.
London remains the thriving hub of coworking in the UK. In particular, coworking space in Farringdon is in high demand. The area is in the midst of a new business improvement programme, aimed at optimising opportunities for development.
The average desk price is incredibly affordable for businesses and freelancers aiming to grow and collaborate. In addition, there’s a vibrant local economy, a high concentration of tech firms and superb rail links.
When it comes to coworking, Farringdon has become a hub for companies in the tech and creative sectors. One of the major advantages is that people thrive in coworking spaces, with workers saying they particularly enjoy the community environment.
Coworking spaces can provide professional growth opportunities such as seminars, training sessions, workshops, networking events and mentorship programmes. Members can develop their skills and move forward with their careers by accessing a wide network of professionals, especially in the creative and tech sectors. As a result, there are plenty of opportunities for job referrals and new business ventures.
Flexibility and independence
The flexibility and freedom of a coworking environment enables users to work on their own terms because a coworking space offers 24/7 access, unlike traditional 9-5 offices, so employees can work when they choose. Facilities such as a high-speed internet connection, dedicated meeting rooms and a high-quality printer enable members to concentrate on their work, without distraction.
Collaboration and networking
Coworking spaces bring together like-minded people from different sectors and backgrounds to create unique opportunities for collaboration and networking. Individuals from different companies can interact and connect, forming a sense of community. Members can share their experience and expertise, while learning from others, which enhances innovation. Networking is vital, as building connections with other professionals will benefit both parties, creating a strong support network, leading to more impactful connections and, ultimately, greater business growth.
Research reveals that coworking spaces are more productive than traditional offices. A coworking space offers a distraction-free environment in the shape of a variety of workspaces. This fulfils the needs of members who may need quiet areas for concentrated work, while the collaborative spaces are ideal for group projects and brainstorming. The flexible environment means workers benefit from an improved work/life balance, leading to less stress, greater job satisfaction and, consequently, improved productivity.
A coworking space nurtures a sense of belonging, which is beneficial for mental health and well-being. The opportunities for social interaction can help to reduce stress and improve emotional health. Many coworking spaces also provide amenities such as a gym, meditation sessions, yoga classes and healthy snacks.
Why is wellbeing important within business?
Employees with a sense of wellbeing will thrive in their work, compared with colleagues who have little job satisfaction and more stress. Research has directly linked employees’ health with their performance at work.
The most common cause of stress in the UK is related to our job, according to research by Statista, with 79% of respondents saying they often feel stressed in the workplace. Of those who suffer from stress, 74% have felt so bad that it has “overwhelmed” them, leaving them unable to cope with their normal day-to-day life.
Statistics from the National Institute for Health and Care Excellence reveal 13.7 million working days are lost annually in the UK due to work-related stress, depression and anxiety. This costs the economy £28.3 billion a year in sick days and reduced productivity.
Enhancing employee wellbeing reduces feelings of stress and creates a positive working environment, enabling individuals and the organisation as a whole to thrive. Experts say good health and wellbeing are a key enabler of employee engagement and company performance.
In conclusion, the numerous benefits provided by coworking spaces can help employees to thrive in both their professional and personal life. Coworking offers a unique, supportive environment to enhance the chances of growing and succeeding.
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