Over the past decade, coworking spaces have become mainstream and even commonplace for a lot of companies. Then, the COVID-19 pandemic caused an upheaval in traditional workspaces, leading many teams to let go of their office buildings, opting instead for remote and hybrid teams, and forgoing benefits of coworking spaces. However, that doesn’t mean they’re the right choice for every business.
What Is Coworking?
The unofficially-official definition of coworking is: the use of an office space or other working environment by people who are self-employed or working for different employers, typically so as to share equipment, ideas, and knowledge.
You may also hear coworking spaces referred to as shared workspace, collaborative workspace, or collective workspace. No matter what you call it, most spaces have a similar membership offering. You’ll typically find community spaces, dedicated desks (i.e., reserved), private offices, private phone rooms, conference and meeting rooms, and much more.
Whatever your company needs, you’ll probably find it in a coworking environment.
The Benefits of Coworking Space
Most of your employees don’t think about what it takes to maintain an office – things like the internet, technical support, climate control, cleaning, storage, and supplies. But in a coworking space, these details are handled for you– allowing you to focus on the work at hand, not the day-to-day operation of your office.
Overhead is one of the largest expenses most businesses contend with, especially when it comes to renting or owning a traditional office space. With a coworking membership, your team can do their work without having to worry about who’s going to fix the bathroom, buy ink for the printer, or refill the coffee.
Another benefit of coworking space is flexibility. Coworking spaces give you the option to scale amount of space you use (and what you pay for that space) much easier than dealing with a static lease. For example, you can start with dedicated desks for three people, upsize to a private office for six people for a few months while you work with a special project team, add an open work membership for a freelancer, and downsize back to dedicated desks for your core team when your project wraps. You can’t do that with a conventional lease.
With a coworking space, you get a professional image from day one without having to suffer through the stress, strain, and expense of doing it yourself. When you’re a consultant who needs a legitimate mailing address or you’re an entrepreneur hosting meetings and events, coworking spaces can help you up your professional look. At Versa, we curate our space to look beautiful for our members and their guests.
Community and Connections
One of the most important benefits of coworking space is the freedom to work how you want without the isolation of working from home or from a noisy coffee shop. In a coworking space, you’re in a community of hard-working people. A shared space also gives you access to a network of other professionals without going out of your way. Your next client, partner, or vendor may be right next to you while you’re refilling your coffee or checking your mail. It’s a very real possibility when you work at Versa.
So, Is Coworking The Right Fit For You?
Whether you’re a freelancer, an entrepreneur, a startup, a small business, a large corporation, or anything in-between, coworking could be right for you.
There are some important factors to consider when deciding if coworking is the right fit for your company.
Is your company changing in size?
If you’re a start-up or even an enterprise team getting ready to expand, being locked into a traditional office setting can limit your growth significantly. For teams that are rapidly growing, downsizing, or satellite teams, coworking can offer a much more flexible workspace that can scale with your team. Instead of searching for new traditional office space in a highly competitive market, coworking spaces offer a variety of memberships that you can customize to fit your team’s needs.
Plus, coworking is a membership – not a lease. If the pandemic has taught us anything over the last two years, it’s how quickly things can change. For new businesses or businesses that need to pivot their model, a traditional lease can be a major roadblock when it comes to growth.
If your business is just getting started, optimism and can-do attitude tell you, “Of course! We are going to be a raging success and grow like crazy! Better get a bigger space to grow into!” but we have seen this over and over again. Owners end up signing a long-term lease that doesn’t fit their business in a year and then they are stuck with it. A long-term risk like that can take away the freedom and control you need to make smart decisions for manageable growth.
Instead of being locked into a 3+ year lease in a traditional office, coworking offers a much less high-stakes option.
Do you have remote or hybrid workers?
When it comes to building your team, you have to think about rightsizing your office space. Does every employee need their own square footage in a traditional office or do you have a hybrid work model?
As the remote and hybrid model continues to rise, workers are looking for flexible work environments. The days of the in-office 9 to 5 are dying out, so how do you sustain a traditional lease when your workforce is logging in from home or from across the country?
Coworking offers the option to have a dedicated space without the cost of a full-sized building to maintain or security to worry about.
With a coworking space, member services coordinators are equipped to handle a constant flux of building access and can help you quickly add or remove people from being able to access your space. No more tracking down keys and door codes.
What could your office offer?
Let’s be honest, landlords aren’t likely to carve up premium space for smaller users on shorter terms because they don’t have to. They can often fill entire floor plans before the buildings are even out of the ground with high credit tenants on 10-year terms.
These large users can afford to build out their offices with all of the bells and whistles for their own use – beautiful conference and collaborative spaces, team cafés, etc. But what about the rest of us? Small businesses and growing companies want to be in the hot areas and be able to offer first-class amenities to their employees (and potential employees), too.
Amenities are huge for both attracting the talent you want, and keeping the talent you have. As younger generations enter the workforce, offices are hard-pressed to stay up-to-date on the latest workplace trends as to what these future leaders want out of office space.
Coworking spaces are a great option for businesses of all sizes to enjoy top-tier amenities without worrying about providing them on your own. From private meeting spaces to networking opportunities, free coffee to wifi connections, coworking spaces take the hassle off of your plate.
What if I already have office space?
Even if you already have a place to work or lease your own office, there are so many ways to benefit from a coworking space. Here are just a few scenarios:
- Hiring seasonal or project-based employees
- Entertaining clients
- Housing your business while moving
- Outgrowing your current office
- Utilizing temporary office space during construction or renovation
- Setting up a satellite team
- Expanding your business to a new state or city
- Renting conference space
- Hosting an event
Versa Is Your Space For Growth
At Versa, we’ve curated our space with the intent to inspire you. The space is brought to life by thoughtfully designed and well-appointed amenities and a dedicated team of on-site staff.
Situated at 1201 Dublin Road in Grandview Heights, Versa’s iconic four-story tower building boasts 37,000 square feet of flexible workspace featuring modern private executive office space, comfortable and collaborative community workspace and lounges, designated private areas for team meetings and phone calls, and fully-equipped event, conference, and corporate meeting spaces.
Versa Grandview features a scenic lakefront view and a bright and open layout. The location also offers exceptional convenience with ample parking, easy access to major freeway systems, and close proximity to the restaurants and shops of Grandview Avenue.
Schedule a tour today to see everything that Versa has to offer.