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Working in a coworking space in Los Angeles and other cities across the US has become a necessity in recent years. As the world transitions into the freelancing workforce, some professionals are prompted to ask if using a shared office space is worth it. Some business owners may feel that it’s more expensive. And some freelancers may hesitate to join an active community in a co-op workspace.
However, considering the potential returns and benefits, a shared office space can be a better option than leasing a traditional office. Below, you’ll find some facts and figures that can help you decide whether it’s worth it or not.
The US Chamber of Commerce recommends coworking spaces for professionals who work alone or remotely and businesses with smaller teams of 30 or less. Estimates show that 12 members or fewer teams can save around $2,700 a month by switching to a shared workspace. They also estimate that companies with 30 or fewer employees can find coworking offices to be 70 percent more cost-effective. This means renting a Los Angeles shared office space can provide small enterprises with plenty of monthly savings.
In addition, business owners can avoid long lease contracts, which can become significantly expensive. A traditional office lease often comes with a pricey break clause, where you may be penalized for moving to a different office before the lease expires. The short-term lease agreements set up with coworking spaces can help reduce the monthly cost for your business and allow you to scale your operations easily.
Unlike traditional offices, coworking spaces have a community of individual remote workers, freelancers and small business owners. These professionals bring a wealth of experience, work ethic, talent and enthusiasm into the work environment. These professionals can collaborate as they perform their tasks, often inspiring one another as they reach greater heights in their career.
When you work in a coworking space in Los Angeles, there is little room for internal politics or direct competition. This is because each professional in a co-op workspace undertakes separate enterprises, which allow them to focus on their career paths.
Nevertheless, the collaborative environment allows everyone workers to help each other. Anyone can use their unique skill sets to benefit others. You can find inspiration in the community spirit and the achievements of other professionals, seeing their achievements as your potential success in the future.
The future of the professional working environment includes a massive growth of shared workspaces. There were only a little over 4,000 shared spaces in the US back in 2017. That number grew to over 16,500 the following year. A few years later, there will be more than 28,552 coworking spaces by the end of 2022. Further, it’s projected that there’ll be close to 42,000 coworking spaces by 2024.
This movement into the shared office environment can be traced to the growth of the work-from-home and freelancing workforce. Today, 31.4 percent of the global workforce are freelancers, and the projected growth rate of this industry will be over 65 percent in the next five years. Economists also predict that over 50 percent of workers in the US will be freelancing by 2027. These figures show that there will be a huge demand for coworking spaces in the future.
Coworking Los Angeles professionals can enjoy more workplace autonomy compared to working in a traditional office. For instance, a Los Angeles shared office space is usually accessible 24/7, which allows workers to choose the time of the day when they can begin and end their shift.
They can opt to work in a quiet, dedicated office space to focus on their tasks. However, they can also work in collaborative open spaces where interaction is encouraged, allowing others to share their ideas and provide input.
Some workers can choose to work longer hours to complete tasks or speed up the progress of their tasks. At times, workers can also take a midday break to work out or attend to personal necessities.
You can also decide to work from home instead of a coworking space in Los Angeles without repercussions. It’s a doable option if you need to stay home for some reason, such as attending to a sick family member or meeting a repairman to explain what needs fixing in your home.
Coworking Los Angeles professionals gain many opportunities for networking with like-minded people. You may be doing business with different clients, but you’ll be working in an office with people dedicated to the success of their enterprise.
You can also find potential business opportunities at the shared workspace. Further, there may be professionals in a coworking community who are subject matter experts you can turn to for detailed insight about your project.
An Oxford study reveals that happy employees become 13 percent more productive. Compared to working alone from home, people working in shared office spaces tend to feel happier because of their professional connections. Studies show that 75 percent of these professionals feel less lonely and more engaged in their work. They get a strong sense of interconnectedness when they interact with fellow professionals.
Freelancers can use the coworking space address as their professional address. Some shared offices also have dedicated meeting rooms where you can meet prospective clients and provide presentations. In addition, you can use fully furnished meeting rooms to hold conferences or important meetings with business partners and prospects.
Some coworking venues sponsor training, workshops and other events. These events can help you upskill and learn new subjects to help you in your profession. They can also be excellent opportunities to interact and network with potential clients and business partners.
Freelancers, startups and small business owners can save costs, boost productivity and enjoy the other benefits of the best coworking spaces. At Cross Campus, we provide world-class dynamic shared spaces in the South Bay area to suit the different needs of each professional. Fill out our contact form today to book a call and learn more about the many options available.
