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 as well as the way people want to work. In order to attract top talent and younger demographics, many companies are ditching traditional spaces in favor of the more flexible coworking model.
What kinds of companies are best served by coworking spaces? Many industries are actually well-suited to work in coworking spaces, but some of the most common include technology, real estate, oil and gas, energy, government, and PR/media/advertising. Coworking spaces are popular among start-ups, too. As new companies, they typically don’t have the funds to start in traditional spaces, but they also don’t know where they 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.