How the Growth of Gig Economy Spurs Demand for Co-working Space

How the Growth of Gig Economy Spurs Demand for Co-working Space

By Rumzz Bajwa

The gig economy’s growth has given rise to a whole new way of working. More and more people are becoming more inclined to join the gig economy as freelancers, contractors, and solopreneurs. This has led to a surge in demand for co-working spaces. 

Here’s why co-working spaces are becoming more popular as a direct result of the growth of the gig economy and how it can benefit both workers and business owners.

Co-working Spaces as Flexible, Valuable Assets

Coworking spaces garner a lot of attention for being beneficial to side hustlers and remote employees, but they’re more valuable and versatile than that. These structures can potentially improve a city in various ways, from promoting additional economic and demographic growth to cultivating a more supportive professional community. 

The Gig Economy 

It has been observed that coworking spaces began to flourish about the same time that the gig economy started to develop.

Thanks to new technologies, people can now build their own enterprises from the ground up or rely on existing apps to make their services more accessible to the clients who need them the most.

These technologies also made it easier to work remotely, even in positions that previously would not have allowed such an arrangement. As a result, at least 1 in 4 Americans now work from home at least half the time.

That’s a huge chunk of the workforce working outside a traditional office environment. Even if you have set up your home office wonderfully, you’re bound to miss the company of coworkers, the convenience of private meeting rooms, and the proximity of your work environment to the city center. 

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Trying to lease an office on your own wouldn’t make sense from a financial standpoint. Thus, coworking spaces are the ideal middle ground for millions of professionals. It’s where you can concentrate on your tasks, meet with clients, and potentially find the partners you need to run your business smoothly.

Links Between Co-Working and the Gig Economy 

Coworking spaces enable gig workers to utilize a workplace as and when needed, even without costly and lengthy rental agreements.

Further, most coworking spaces also promote a sense of community, which is helpful if you’re working on your own and miss the company of your coworkers. 

According to research, 83% of people are less likely to feel lonely after joining a coworking space, and 80% seek aid or guidance from other coworking members.

This is likely because coworking spaces serve as the ideal environment for gig workers to meet and network. They often aid people in expanding their businesses and establishing important professional relationships.

Not to mention the complimentary tea and coffee that are frequently provided, as well as a slew of additional amenities.

Some coworking spaces target specific niche markets. They have even opened up in restaurants and hotels to accommodate the needs of the current workforce that are increasingly becoming more flexible.

Gig workers can help coworking spaces maximize their income by supplying the people needed to fill a space. 

Coworking is expected to account for 30% of all commercial real estate within the decade.

Community Support 

Many coworking spaces are more than just a place to work for freelancers, entrepreneurs, and remote workers looking for a traditional workspace. It’s also about supporting and encouraging entrepreneurship and nurturing the community.

These coworking spaces almost instantly evolve into community hubs where businesses and companies provide mutual support and connect with investors, mentors, and advisors who can help turn their dreams into reality.

Even better, more diverse coworking spaces create more small enterprises, established freelancers, and, ultimately, better economic conditions for everyone in the city—including the formation of even more coworking spaces, resulting in a snowball effect.

Real-Estate Considerations

Coworking spaces can also aid the commercial real estate sector develop and thrive. Converting a structure into a coworking space is a relatively simple process that allows astute real estate investors to capitalize on facilities that might otherwise go underused, such as vacant office buildings or even derelict factories. 

It also grants urban environments and real estate investors more options. Instead of being compelled to make a large purchase focusing on a specific niche, you can buy a property with diverse offerings for entrepreneurs, freelancers, and other potential tenants. 

There’s also evidence that flexible workspaces contribute to higher property value growth, boosting a city’s appeal and encouraging more people to take up residency.

Key Takeaways 

Technology is the key enabler of both coworking spaces and the gig economy. Many positions no longer require workers to be physically present in the office.

For instance, cloud-based technologies are enabling an increasingly mobile workforce where you only need to connect online to clock in. Also, apps like Uber help gig workers find potential clients.

Simply put, without the proper tools and working spaces, gig economy workers cannot find job opportunities, achieve their goals, or share their services with the rest of the world.

If you haven’t already, check out your local coworking space; you might be amazed at what you find there.

NB: Rumzz is a digital strategist and content marketer at Giggle Finance. She enjoys spending time with her family. She loves to go out and experience new moments whenever they came to light.