Cowork spaces are no longer just for startups and small businesses. In the past year we’ve seen a surge of larger companies, especially in the tech industry, taking advantage of the benefits that cowork facilities offer. Why? Shared office spaces provide Fortune 500 tech companies with increased access to innovation and talent, flexible terms, and reduced real estate costs.
Access to Innovation and Talent
Coworking spaces, especially those who cater to tech companies and startups, are often hubs for new technology and innovation. It makes sense that bigger companies want to be part of these collaborative spaces and keep an ear to the ground—both for potential disruptors in their industry, but also possible acquisition targets in the future. After all, big names like Instagram, Spotify, and Uber started out in cowork spaces.
The flexible nature of shared office spaces is another advantage for large companies. For example, if a business is working on a special project or testing out new satellite locations, they may not want to commit to leasing an office of their own for a fixed period of time. On the flipside, coworking facilities also provide the opportunity to expand as needed.
This flexibility also extends to the company’s employees, who may enjoy having the option of working in the head office or a more convenient cowork location.
Reduced Real Estate Costs
No matter the size of the company, choosing the right cowork facility can help a business save big on the costs associated with leasing office space: the rent itself, furniture, utilities, office equipment, and so on. Even large companies seeking to enter new markets typically start with small and agile teams, so it makes sense to use cowork spaces to keep costs under control.
Similarly, the cowork facility takes care of managing the office space so that the company can conserve its resources for other areas like business development.
The Coworking Trend Continues
Although shared office space was once the domain of freelancers and startups, it’s easy to see why big companies are increasingly following suit. Along with the universal benefits of flexibility and reduced real estate costs, cowork facilities are providing big companies with direct access to the latest innovations and top talent.
alternawork is a dynamic cowork facility serving the thriving tech community in the Greater Toronto Area (GTA). To book a tour or discuss your office space needs, contact us today!