Remote working under lockdown has transformed workspace models and brought a new way of thinking with regards to flexible co-working space or what is also known as “co space”. When the concept of renting shared office space first reached the shores of South Africa, most people viewed it as an opportunity for self-employed entrepreneurs to make a move from their kitchen into something more professional.

It was almost unimaginable that, by the end of 2020, both professionals and corporates would be looking at swapping their large corporate offices for shared office space! The current pandemic has seen corporates increasingly investigating co-working and flexible office space that is available to rent. Businesses have recognised the following benefits of sharing office;

• Reducing office space rents and related service costs.
• Entering more flexible lease agreements to easily increase or decrease the office space required.
• Exploring synergies with other like-minded business people.
• Exchanging ideas.
• Increasing sales leads and productivity.
• Connecting and networking to increase business opportunities.

It has also been interesting to realise how many different types of businesses at various stages in their lifecycles are already successfully using the benefits of the fully-serviced office space that they rent. These types of businesses include;

Freelance Entrepreneurs

This type of business person is used to working on their own and has quickly adapted to the co space working model. They are now able to reap the benefits of sharing their ideas with other similar professionals and expand their business networks accordingly.

Outsourced / Remote Workers

The pandemic increased the incidence of remote working, and employers observed how their remote employees were able to function just as effectively as in a traditional office. However, they still required access to copiers, faxes and meeting rooms from time to time.

Employees requiring a satellite office for limited periods have also been drawn to the concept of shared workspaces/co space. This model allows these types of workers to operate from any professional workspace that is available for rent and offers all the daily business facilities that would be required.

Early Start-ups

Even start-up companies need a place to meet with each other and to plan their business strategies. Professional workplaces, such as the fully-serviced shared office spaces that The Business Exchange rents out in Sandton, Rosebank and Mauritius, are the perfect platform from where these start-ups can gain exposure to more experienced businesses and learn from them.

Corporates

Larger and more well-established businesses have already recognised the flexibility and associated savings that providers of prestigious office space can offer them. Fewer employees at the office due to rotational or shift-working under COVID-19 conditions, may imply that vast office space is no longer as big of a requirement as it once was. Smaller, leaner yet well-equipped offices that are available to rent on short-term leases are becoming far more popular.

SME’s

Small to Medium Enterprises probably enjoy flexible office space the most since they are not tied into lengthy lease contracts. They are also among the first types who take advantage of all the events on offer and facilities at their disposal. Events, such as those held at The Business Exchange, include networking and mentoring events and tenant have access to facilities such as onsite gyms, meeting rooms, cafes and restaurants.

Thoughts about traditional office space rents and centralising the workforce are becoming more outdated as companies and industries of all sizes see the many advantages that flexible, shared office space has. Human Resource trends are mainly responsible for driving these changes as work-life balance, and health concerns become more predominant.

Transformed workspaces are the new way of collaborating.

To find out more about the benefits of co space, contact The Business Exchange.