The coworking industry is projected to grow by 12% year over year, driven by an increasing number of companies adopting hybrid work setups. Coworking spaces like Bamboo are specifically designed to facilitate flexible, hybrid work arrangements and make excellent headquarters for your team.
According to a 2023 study, nearly 74% of US companies are planning to implement a permanent hybrid work model. As studies continue to evolve, it is believed that hybrid work environments can enhance wellness, productivity, and suit the preferences of many employees. For recent insights on the impact of hybrid work, refer to this Coworking Space article that discusses over 30 studies.
Coworking is an ideal solution for those seeking flexible work options without the challenges of committing to a long-term lease. Here are several reasons why more companies are opting for coworking spaces as their new headquarters.
- Smaller Private Office Footprints Available: Companies that have downsized their real estate footprints can benefit from coworking offices. These offices are private and configured for teams of various sizes. Smaller footprints are readily available in coworking spaces, offering comfort, privacy, and dedicated team spaces. At Bamboo, we've observed teams of 40-50 people utilizing private offices intended for 10-15 individuals, with a rotation system that's not only cost-effective but also favored by the team.
- Ability to Scale Footprint Up or Down Monthly: Unlike traditional leasing arrangements, coworking doesn't require a long-term commitment. It's designed to accommodate flexibility. Large teams can opt for monthly coworking space memberships to test out a return-to-work or hybrid work model. Flexibility is inherent to coworking, allowing teams to easily expand or reduce their space each month by adding additional offices or desks. This is an advantageous option for rapidly growing teams or those transitioning into a hybrid work setup.
- No Build-Out Costs Necessary: Coworking spaces eliminate the need for teams to invest in costly build-out expenses. When exploring commercial real estate options, tenants typically need to make substantial upfront investments in items such as furniture, kitchen facilities, conference room technology, labor and materials, etc. Coworking spaces are pre-equipped with premium amenities, offering move-in ready solutions without the need for upfront or build-out expenses.
- Hybrid Work Amenities Already In Place: Coworking spaces have always catered to individuals and teams with on-demand space requirements. Consequently, coworking spaces usually come equipped with all the necessary amenities. At Bamboo, we provide private phone rooms, conference rooms, training facilities, event spaces, fully stocked kitchens and cafes, as well as technology for booking rooms or sharing desks with your team. This not only creates an enjoyable and dynamic work environment but also ensures a seamless transition for your team.
- Space on Demand for Meetings: Upon enrolling in a coworking space, you gain access to spaces for hosting team off-site meetings. This is one of the most significant advantages of coworking for remote or hybrid work teams. Booking a space for an end-of-year gathering or other events becomes a simple process.
- Closer to Home Locations: While many team members may opt to work from home part of the week, coworking spaces are now extending their presence beyond prime downtown areas to cities and neighborhoods. This expansion offers more options that align with your team's preferences. If your team is spread across the country, you can even provide coworking passes so team members can select a coworking space closer to their location.
In conclusion, larger teams and companies are increasingly embracing coworking to reduce costs while offering flexibility and amenities to their employees. We are excited to welcome these new teams to Bamboo's locations in Metro Detroit and assist them in tailoring a space that suits their needs.
Uncertain about whether coworking is the right fit for you?
Feel free to reach out to discuss the available options today.