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Since people have been working in offices, trailblazers have been searching for different ways to structure the workplace. Well, maybe that’s a bit of an overstatement, but it’s undoubtedly true that innovators are always looking for different ways to engage with their environments. Naturally, that extends to the work environment. Enter coworking in Los Angeles, stage right!
In a nutshell, coworking is the practice of shared workspaces. Multiple unrelated companies work in the same building, often using the operator’s administrative and amenity functions. In today’s modern and ever-changing office world, the fastest growing alternative to the traditional office space is a coworking space.
Co-working has definitely kicked off in the last few years. In Los Angeles, we’re seeing many businesses, both start-ups and established companies, looking to work out of creative, shared environments. TechSpace Los Angeles (located in Westwood) pairs inspiring, collaborative, and professional offices with a visually beautiful location. Easy access to Santa Monica, Beverly Hills, and Downtown LA makes Westwood a prime spot for everyone looking to be in this desirable neighborhood.
But it’s not just in Westwood. Since TechSpace – one of the very first operators in the coworking space industry – was established in 1997, the coworking industry has become a global phenomenon! Around 2008-2010, more operators joined the market, but in recent years the industry has veritably exploded. According to Emergent Research, over 1000 new coworking spaces opened in the second half of 2018 – nearly half of which are located in the U.S.
So, where do coworking spaces fit into the tradition of office spaces? The way people work and want to work has changed over the years with the increased capabilities of technology. In order to attract top talent and younger demographics, many companies are ditching traditional spaces in favor of the more flexible coworking model.
Typically, new or growing companies don’t have the funds (or desire) to start in traditional spaces, but they also don’t know where their company will be in one year, let alone five. Two to five-year terms are standard minimums for traditional offices. Most start-ups don’t want to tie up their capital with office leases; they like the flexibility of shorter terms provided by coworking spaces, as they can easily accommodate growth and change. However, large enterprise companies are now housing divisions of their companies at coworking spaces.
What kinds of companies are best served by coworking spaces? Turns out, many industries are quite well-suited for the coworking environment. TechSpace Los Angeles is home to a variety of companies and industries all across the spectrum. Being in LA, we definitely see a trend of media, talent and app companies, but everything from architecture, finance, and law firms to various biomedical or biotechnology companies have found a home at TechSpace. Despite the different sectors in which they operate, all businesses need a superior technology infrastructure like the one we provide.
Additionally, UCLA is just a few blocks away from our Westwood location. This draws in both graduates and start-up companies. The close proximity allows alumni to work out of the office, with just a short walk to campus to work out of the labs.
Employees thrive in coworking spaces due to the aesthetically intriguing, inspiring architectural designs of the spaces themselves, as well as floor plans maximized for productivity, and of course a thriving community of like-minded individuals.
How good is coworking for networking? The community in Westwood is all about networking and socializing. The members love when we host events such as lunches or happy hours as they bring everyone together. Business relationships are developed during such events or even while getting a latte or cappuccino in the kitchen. Members love interacting with each other and friendships and/or business relationships can easily take off in this coworking atmosphere.
“Did I mention the views? Being on the 17th floor in beautiful Westwood allows members to take in sights like the spectacular ocean views and sunsets, depending on the time of year. The industrial-modern décor and professional yet casual environment is an added bonus. You get a professional feel without the stuffiness!” – Rebecca Garcia, Site Manager at TechSpace Los Angeles
As with any major decision, there are important factors to think about when choosing a coworking space in West LA. First, look at the size of the office spaces and compare them when looking at other operators. All five-person offices are not equal! Some operators, like TechSpace, have more spacious suites, so what is listed as a five-person office could actually fit up to seven depending on how much space you feel each of your employees actually needs!
You also must consider whether or not the space has room for your company to grow. You may only need a small office now, but as your company scales, can they scale your office space? Customer service is important, too: not all operators are equal when it comes to helping their members. Make sure you will get all the support you need for your business!
Coworking in LA isn’t just for large companies or start-ups, though. What other uses can coworking spaces provide? At TechSpace Los Angeles, our on-demand conference rooms are a popular amenity among members and non-members alike. (That’s another TechSpace bonus: you don’t have to rent an office or be a member to book a conference room.) Each of our three conference rooms provides a stylish and private environment to take care of business.
For those who are working at home but need to meet clients in a professional environment, coworking spaces are ideal. At TechSpace, you can book by the hour for a variety of size meeting spaces. TechSpace also offers virtual services, such as mailing addresses and business phone numbers, and call answering by a professional receptionist.
So what’s in store for the future of coworking? Since the industry is expected to continue to grow in popularity through 2023, a few predictions include:
Is coworking in Los Angeles the right path for your start-up or growing company? Find out more about why TechSpace’s coworking offices can be the right fit for your business!