Coworking has been on the rise in the recent decade. It brings together a diverse mix of professions as well as industries in one shared workplace. The offices are pre-made and offer lease terms. When the coworking culture came into being, the locations mostly harboured start-up enterprises as well as freelancers. However, today the larger companies have also taken advantage of the office model, especially when they expand abroad.
The coworking industry has been rapidly growing in the Philippines. At the moment, there are 135 coworking offices in Metro Manila alone. It is estimated that by the year 2030, around 30% of the commercial real estate will become coworking space. The key drivers behind this growth of coworking culture are start-ups, multinational corporations and the millennial generation
Why do Millennials prefer coworking options?
The traditional aspect of the word space is not appealing to young workers nowadays. It has been observed that over 80% of the Millennials in the Philippines participate in the ‘gig economy’. These youngsters are seeking convenience, flexibility and freedom when working. Therefore, coworking suits their preferences while allowing them the flexibility they are looking for. People are free to lease out the space for as short as an hour even. Many coworking spaces also provide options such as permanent desks, temporary desks, private offices or shared tables.
Most of coworking spaces are open round the clock and are present in several locations allowing youngsters to work when they want and where they want.
The youngsters in today’s generation also care about the design of the workplace. Over half of them have mentioned that the workspace design impacts the motivation levels, job satisfaction and the speed of their work. Most coworking offices have a multipurpose inviting layout. There are spaces designed for collaboration, socializing, individual work etc. Beyond the typical office section, coworking spaces also have napping areas, game rooms, gardens, gyms and lounges.
What is the benefit of opting for coworking spaces for start-ups?
Most start-ups are low on resources. Affording an office space of their own can become very difficult. Coworking space not only gives them a flexible office solution, but it also gives them an office at very affordable rates. These places remove the hindrance of looking for office space and fitting it with all the necessary furniture and equipment. Start-ups can also rent the workstations and plug and play offices. These flexible coworking terms allow start-ups to grow very quickly. The coworking offices allow start-up companies to establish themselves in prime locations, giving them easy access to other reputable companies.
The collaborative atmosphere present in the coworking spaces is another huge advantage. Core working allows start-up companies to collaborate with other companies and grow their network. A lot of coworking offices also offer free rent for the first six months to promising start-up companies.
A flexible workplace is a very enduring trend in the current scenario, and coworking spaces Philippines is expected to grow for years to come.