A viable alternative to home offices and rented office space, co-working spaces are a popular option for freelancers, entrepreneurs, and independent contractors. Unfortunately, co-working spaces suffered a great deal due to the pandemic in 2020. However, with vaccinations underway in the UK, professionals are likely to start using these spaces once the Coronavirus threat diminishes.

Most outdoor co-working spaces charge a fee. However, if you rent an apartment with a co-working space, you can get free access. Many Build To Rent establishments offer work zones that tenants can use. Read on as we discuss the benefits of shared office space and why you should rent an apartment with a work zone.

1. What Is a Co-Working Space?
2. What Are the Benefits of Co-working Spaces and Shared Work Zones?
3. Conclusion

1. What Is a Co-Working Space?

A co-working space is a fully-equipped office space with essential equipment and an internet connection. Users must pay a membership fee. In exchange, they can access some or all of the following:

• Shared office space with 24/7 access
• High-speed internet connection
• Conferences and boardrooms
• Shared printing, copying and scanning equipment
• Phone equipment
• Shared restrooms and kitchens

In 2018, the average cost per desk in an outdoor co-working space was estimated to be as follows¹:

For co-working spaces in Build To Rent establishments, the cost is usually included in the rent and you can access this facility without paying a hefty premium.

2. What Are the Benefits of Co-working Spaces and Shared Work Zones?

Renting an apartment with a shared work zone offers many advantages.

It Enables Significant Cost Savings

If you are an entrepreneur looking to kick-start their business, renting an apartment with a co-working space can help you save a significant amount of money. On average, start-up owners require £5,000 to launch their business in the UK. Beyond this, their annual costs in the first year of operation can be as much as £22,756. These costs alone can crush a new business and 42.4% of small businesses do not survive beyond the first year².

If you rent an apartment with a co-working space, you can avoid these expenditures at the onset. Once your business starts earning more money and you hire more employees, you can expand to a dedicated office space.

Co-working spaces also benefit employees working from home. Remote work is more flexible than working in an office and you get to avoid a long and exhausting commute. However, it does come at a cost. These include:

• Higher energy bills: Heating and cooling bills can double if you are working from home. In 2019, average energy bills were £104.50/month or £1,254/year³. We can assume these costs increased in 2020.
• Higher speed internet: You can make do with a patchy internet connection if you are not home for a large part of the day. However, an in-home office requires you to install a high-speed internet connection to carry out video calls and complete other work-related tasks. The average cost of a fast broadband connection is usually up to £24 per month and £292 per year⁴.
• Home-office equipment: If you are working remotely, you may need to buy a dedicated desk and chair.

Remote work has become the new normal due to the COVID-19 pandemic. Even if the pandemic subsides, there is a possibility most businesses will adopt remote work permanently. If this happens, you can opt to rent an apartment with a co-working space instead and cut back on these costs.

It Offers Unmatched Flexibility

There is a great deal of flexibility attached to a shared office space. Instead of remaining confined to a desk or a cubicle all day, you get to stretch your legs a bit and take a break. Renting a Build To Rent apartment with a co-working space offers even more flexibility here. These establishments offer numerous other amenities such as a gym, communal gardens, rooftop terraces, and a lounge with a TV.

Using these facilities is great for your health and well-being. Moreover, if you find yourself stuck on a particular task, you can go to the gym or a communal garden and unwind a little until you get that stroke of inspiration that was missing.

Outdoor co-working spaces charge a premium for these facilities, which is usually built into the membership fee. In comparison, Build To Rent offers them free of cost.

Click here to learn more about Build To Rent and the amenities you can enjoy if you rent one of them.

It Allows You to Collaborate With Your Neighbours

Working from home can get lonely. Your job is challenging and sometimes you need a little bit of emotional support and the opportunity to let off steam with like-minded people. A co-working space offers the perfect outlet for this. You can interact with your neighbours and even seek their advice on work problems.

You can also collaborate with them to generate new leads and use them as a sounding board for any ideas you have about your job or business. Once you get to know your neighbours a bit, you can use a shared office space to arrange fun events. Even if you are not part of the same organization, you can still have some fun and organize a team event of sorts or go for a ‘happy hour.’

It Keeps Distractions to a Minimum

Working from home can be convenient and flexible, but it can also be very distracting. This particularly applies to people who have trouble maintaining focus. You may be tempted to take a break and watch a little TV or take a short nap. You may also consider vacuuming or doing the laundry.

A co-working space gets rid of most of these distractions. It lets you separate your home life from your work life and helps you stay on track. You can finish your work more quickly and call it a day.

You Can Show Off Your Location to Clients

As costly as it is, most entrepreneurs need to rent a professional office space to win over clients. A home setup is economical, but clients won’t be tripping over their feet to work with you. You will also have to make preparations like cleaning up the house and making sure your pets or children don’t walk into any meetings.

A co-working space offers a great alternative. You can use a professional workspace that leaves a better impression on clients without having to spend a ridiculous amount of money on it. You also get access to all essential office facilities which send the right message and ensure your clients take you seriously.

You Can Start Your Business Quickly

Starting your own business requires a great deal of effort. You need to get your business registered, find a suitable office space to rent, get an internet connection and a phone line, etc. Even if you hire someone to do all this, you are still paying good money to get your business off the ground.

A co-working space simplifies these aspects. It provides you with an established office set up with everything pre-installed. Instead of losing time and money on setting up your business, you can focus on more productive tasks such as generating leads, procuring clients, and selling your products and services.

You Can Use Them to Scale Up More Quickly

One of the advantages of shared office space is that it allows start-ups to scale up more quickly. There are a number of reasons for this. To begin with, it allows employees to maintain flexible work hours and be more productive in the process.

Employees also get to engage in inspirational discussions with other professionals, which can boost their creativity and encourage them to think outside the box. You get to cut back on operational costs and your workers remain happy and motivated. All these factors can improve the overall profitability of your business and help you scale up faster.

3. Conclusion

A co-working space offers numerous advantages to remote employees, entrepreneurs, freelancers, and independent contractors. It allows you to save a significant amount of money while gaining access to a professional office space.

Renting an apartment with a shared work zone adds to these benefits. You can start your business quickly, explore new networking opportunities with your neighbours and minimise the distractions of working from home.

Do you want to rent an apartment with a co-working space? Visit www.buildtorent.io and view listings for Build To Rent apartments that offer shared office space to tenants.