Coworking spaces are a relatively new concept that redefines the traditional office setting by offering an environment where individuals from different professions can engage in collaborative or independent work within a shared area.
With the rise of remote work, freelancing and entrepreneurship, coworking spaces have transitioned beyond mere functional workspaces and evolved into vibrant communities where creativity thrives.
While coworking spaces have gained popularity in recent years as an alternative to working from home or coffee shops, they may not be for everyone. To help you decide whether it’s worth the membership fee, here are the pros and cons of using a coworking space.
How Do You Find a Coworking Space?
The most straightforward way to find a coworking space is by entering the keyword on Google Maps and finding a location near you.
If you’re globetrotting and need a dedicated workspace in different countries or cities, try searching “best coworking space in (country or city name)” on Google. Sites such as Coworker can also be excellent places to explore different options.
Another creative way to find a coworking space is by using Facebook groups. Unlike review sites, which are often filled with paid reviews, Facebook groups typically offer more genuine opinions. Join a digital nomad or remote worker community in the city you’d like to work from. Then, create a post in the community asking for the inside scoop on the best coworking space to join.
What Do Coworking Spaces Cost?
The cost of working from a coworking space varies depending on the following factors:
— Location. Coworking spaces in prime business districts or trendy areas may be more expensive than those in less central locations. Coworking space costs can also differ from country to country due to the difference in the overall cost of living.
— Type of membership. Most coworking spaces offer three types of memberships: hot desk, cold desk and private office. Hot desks are typically the most affordable option, allowing you to choose any available desk in the common area on a first-come, first-served basis. Cold desks are more expensive than hot desks, but you get a specific seat that’s assigned to you. If you prefer to have your own enclosed office within the coworking space, you can opt for a private office membership, but it’s generally the most expensive option.
— Additional amenities. Some coworking spaces offer meeting rooms or Skype rooms where you can take calls without distracting others in the common area. Access to these spaces may be included in the membership fee or charged separately on an hourly basis. You may also have to pay extra for printing services.
— Duration of membership. Many coworking spaces provide discounts for members who commit to a longer membership. So, while a monthly membership may offer flexibility, it typically costs more than an annual one.
Based on the above factors, you could expect to pay anywhere from $200 per month to as high as $700 for a coworking space membership in the United States. If you’re working remotely from a country with a lower cost of living, such as Thailand or Mexico, a monthly coworking space membership can often be as low as $100.
[See: Best Remote Working Jobs.]
What Are the Benefits of a Coworking Space?
Here are a few reasons why you should consider working from a coworking space:
— Networking opportunities. “While coworking, I met fellow business owners from various fields, age groups and educational backgrounds. We exchanged business experiences, challenges and helpful tech tools from time to time. These experiences have widened my worldview and have been incredibly nourishing,” Sampada Chaudhari, a business and career transition coach, said in an email. Even if you don’t have time to socialize during your work hours, many coworking spaces host networking events after-hours or on the weekends so you can connect with like-minded individuals who could be your next project collaborators or business partners.
— Flexibility to scale for startups. “One of the things I like about coworking spaces is that there’s a lot of flexibility, especially for growing startups and small businesses. You can scale your space as your team grows without being locked into a traditional lease,” said Eva Chan, a senior career expert at Resume Genius, in an email. Her company’s marketing team operates in a coworking location called “Spaces” in Taiwan.
— Amenities and perks. If you’re looking for an escape from the monotony of a home office, coworking spaces offer a refreshing environment for creativity to flourish. Some coworking spaces in popular digital nomad locations such as Bali, Indonesia or Santa Teresa, Costa Rica, even include swimming pools, saunas, yoga rooms and on-site accommodations to elevate your work-life balance.
— Reduced feelings of loneliness. Working from home can get lonely, especially if you are self-employed and don’t have any co-workers. In fact, 64% of respondents said working from a third space, such as a coworking site, is more socially fulfilling than working in the office, according to Harvard Business Review’s recent survey of 819 employees, while 67% said more fulfilling than working from home.
What Are the Drawbacks of a Coworking Space?
While coworking spaces offer a communal and dynamic environment that can stimulate creativity, they also come with some downsides.
— Noise and distractions. Because coworking spaces typically have a dynamic open-plan layout, they often invite social interactions that can sometimes disrupt focus. If you’re easily distracted by others, coworking spaces may not be the best fit, unless you sign up for a private office.
— Lack of privacy. Another con of a coworking space is the lack of privacy. And while many coworking spaces have phone booths or conference rooms that you can reserve by the hour, competing with other people for access to limited space can be a hassle and create unnecessary stress. “Plus, having a two-hour-long Zoom call, perched in a cramped phone booth so that you can hear clearly, is a recipe for poor posture and frustration,” Kathy Robinson, a career coach and the president of CXO Directions, an executive branding and career strategy agency, said in an email.
— Safety concerns. When you work from home, you trust that your laptop and phone will stay in the same place when you take a trip to the bathroom. “At a coworking space, because so many people are transient, you need to find a locker, ask someone to watch your things or cross your fingers and hope your setup will remain untouched,” Robinson said. Before signing up for a coworking space, check that there are security cameras around the communal space. And if you need to leave your stuff at your desk, ask someone you trust to watch it for you.
— It can be expensive. Coworking space memberships can be costly, especially in metropolitan areas like Los Angeles and New York. If you’re on a tight budget, working from a cafe or public library may make more financial sense.
What If WeWork Goes Bankrupt? What Other Companies Offer Coworking Spaces?
Unfortunately, the once high-flying coworking startup WeWork has filed for Chapter 11 bankruptcy due to its increasing debts and hefty losses over the past few years. As stated in WeWork’s November 2023 press release, while the company will remain operational during the bankruptcy filing process, it’ll take strategic action to significantly strengthen the balance sheet and further streamline its real estate footprint. In other words, WeWork may begin closing some of its coworking spaces around the world to improve its liquidity.
Here’s a list of some alternatives to consider if you’re a current WeWork member:
— Regus.
— Workbar.
— Impact Hub.
— Upflex.
— Spaces.
— The Office Group.
— Othership.
— LiquidSpace.
— Serendipity Lab.
[Related:What Is a Toxic Work Environment — and How Can I Avoid It?]
Are Coworking Spaces Worth Joining?
Coworking spaces, much like any other thing in life, are not everyone’s cup of tea. Whether it’s worth signing up depends on your work style, budget and other factors.
Before committing to a coworking space, visit it in person. “You’ll want to get a real feel for the coworking space, its facilities and the general vibe before making your final decision, as online images and descriptions only tell part of the story,” Chan said. Plus, many coworking spaces now offer free one-day trials where you can work from the office for a day to test out the WiFi speed, try the amenities and experience the overall vibe of the coworking space.
So, don’t rush your decision. Spend a week or two trying out a few different ones before picking a winner.
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Should You Use a Coworking Space? originally appeared on usnews.com
