eGuide: Let's Work Together: A guide to designing your coworking space

Let’s Work Together: A guide to designing your coworking space officeworkspace.com

Designing a successful coworking space involves curating appealing workspaces for a range of situations and users, with careful consideration of the needs of the people and teams that use them.

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Let’s Work Together: A guide to designing your coworking space

Space to experiment: The growing appeal of coworking Coworking spaces have grown in popularity enormously in recent years. They’ve gone from being a niche option for independent workers and small start-ups, to becoming one of the most desirable workspaces for a breadth of businesses and employees alike.

As more businesses are opting for cost-effective hybridisation solutions that meet the demands of the modern workforce, the need for new coworking spaces is on the rise. In the first quarter of 2021, it was revealed that the majority of companies utilising WeWork’s coworking spaces were corporate businesses.

Having initially appealed to solo entrepreneurs and small-scale start-ups, the idea of coworking is now a widespread solution that larger corporates are getting in on: as flex space to accommodate growing headcounts and new teams; as a way of breaking into new geographies with minimal set-up costs; as a way of connecting with the interesting ventures and talented individuals that occupy these spaces.

With pricing models ranging from designated spaces to individual memberships with globally flexible access, and even on-demand solutions, coworking spaces offer something for everyone, and can easily be tailored to the needs of different organisational profiles and use cases.

Understanding the opportunity for coworking providers Now is a good time for businesses looking to break into the coworking spaces market. If you’re looking to develop your own coworking space, there’s a lot to consider in ensuring you get it right.

Most spaces aren’t profitable in their first year, and so you need to plan an offering with enduring appeal and the ‘stickiness’ factor that will keep your clients coming back.

Designing a successful coworking space involves curating appealing workspaces for a range of situations and audiences, with careful consideration of the needs of the people and teams that use them.

Read on for our guide on how to design and build an effective coworking space.

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Coworking spaces explained

Coworking spaces are dedicated areas that incorporate a range of workspaces which can be rented flexibly by individuals and teams, who only pay for the space and time they need.

These are designed with a range of amenities that suit a variety of companies or individual workers, all in one building.

Many coworking spaces provide monthly subscription services, while others can involve more long-term rental fees. Coworking subscription levels can include: • Part-time hot desk use • Dedicated desks • Private individual offices • Office suites • On-demand workspaces • Global access office spaces

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Let’s Work Together: A guide to designing your coworking space

The coworking concept offers a host of benefits, for both users and providers:

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Using coworking spaces

Businesses that provide their workforce with coworking memberships enable employees to filter in and out of on-demand spaces as they need.

Coworking spaces offer shared amenities for their users, reducing business costs while providing flexibility and networking and collaboration opportunities.

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Monetising extra office space

A business with surplus office space may choose to develop a coworking area themselves. They can then sublet the transformed coworking spaces out to businesses as required. This is an appealing solution for those looking to turn a profit on extra office space they no longer need, instead of giving it back to the landlord.

Developing coworking spaces

With demand on the rise, coworking space provision is a growth market, with existing providers expanding their portfolio, along with a growing number of developers looking to start up new coworking ventures to meet demand.

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Harnessing the reciprocal benefits of the coworking model.

Why develop a coworking space?

Before entering the market as a coworking space provider, you need to be clear on how the business model is going to work for you, as well as how you’re going to provide value to your target audience.

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Only by putting yourself in the mind of your potential clients will you be able to build an offering with enduring commercial appeal. Here, we break down some of the key considerations, both from your perspective as a coworking provider, and from the point of view of the businesses and individuals you hope to attract to your space.

Let’s Work Together: A guide to designing your coworking space

Benefits for providers Coworking spaces provide flexible workspace solutions for businesses and individuals that need them, whether they are moving into new geographies, undergoing periods of change or growth, or moving away from traditional ways of working. As such, they can be highly sought-after spaces with the potential to bring in a great deal of profit and future expansion opportunities.

Profitability The demand for coworking spaces is set to rise each year as companies realise the benefits of flexibility, innovation and collaboration they provide.

Clients are prepared to pay a premium for short-term, flexible space that may for them be more cost-effective than having to renegotiate a lease or move offices to a larger floorplate.

Successful coworking providers that meet these demands can become highly profitable if they get the formula right.

Potential for growth Any company looks for growth in determining their project’s potential. The idea of coworking spaces alone is full of opportunities for expansion.

A successful coworking space will be able to continuously evolve as you re-invest profits, grow your portfolio and capture new clients.

Resilience of concept While the impact of the pandemic devastated many UK businesses, the flexible office industry saw a growth rate of 4%. This demonstrates the concept’s endurance despite the hardships faced across other industries, and its unique ability to thrive in times of upheaval and change, by helping businesses to do the same.

Capture emerging markets Now is the optimal time to start developing your coworking space, as attitudes towards the traditional office continue to shift. With record numbers of businesses now looking for flexible office options, you’ll have the opportunity to capture these emerging clients before they sign new leases or make deals with other coworking providers.

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Benefits for users As with any business venture, considering the drivers, goals and pain points of your intended client base is essential to enable you to optimise the experience of the end user. When developing your coworking space, understanding what your intended users will want to achieve in utilising it will enable you to include all the appropriate elements and features that will drive demand for and use of the space.

Improved people performance Over the course of the pandemic many businesses moved to remote or hybrid working, with some going so far as to give up large amounts of their office space permanently. Although working from home brings benefits to businesses and workers, many have also experienced isolation and diminishing levels of productivity over time. This has put a renewed focus on the importance of connection and collaboration in person, with 85% of people stating they preferred a ‘hybrid’ approach to purely home or office working. Coworking spaces are ideally placed to provide this combination of connection and flexibility.

Rationalised business costs Right now, with the benefits of flexible and hybrid working in the spotlight, many businesses are looking at functional alternatives to their expensive fixed office spaces. Many are using coworking spaces to provide stimulating environments for staff, without the additional overheads involved in leasing and running a large floorplate.

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Space optimisation Coworking spaces offer business owners the potential to optimise the office space they do keep.

In a way, their coworking memberships are like ‘outsourcing’ workspaces that their employees can make the most of elsewhere. The remaining space saved at the office can be used for more industrybased pursuits, innovative technology, repurposed for a profit or handed back to the landlord.

Engaged workforces Those operating within any coworking space will recognise the level of engagement found amongst workers. The power of networking in these spaces is a key part of their attraction, enabling teams and individuals to engage with others in related fields, creating opportunities to collaborate and innovate, as well as providing a potential source of talent for in-house recruiters. Working within carefully designed spaces that cater to like-minded people can also offer a boost in creativity.

Shared amenities Small-scale start-ups and individuals benefit from the high-end shared amenities offered within coworking spaces. These groups can make the most of shared kitchens, bathrooms, activity areas, and tech included within their coworking membership, avoiding the large set-up costs required to provide such facilities.

Let’s Work Together: A guide to designing your coworking space

When developing your coworking space, understanding what your intended users will want to achieve in utilising it will enable you to include all the appropriate elements and features that will drive demand for and use of the space.

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Plan to succeed.

Once you have a firm idea of your vision and your business model, you need to plan out the details before embarking on your project. Here are some of the key issues to consider.

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Let’s Work Together: A guide to designing your coworking space

Build a budget

Optimise space performance

No cost is too small to consider, even at this stage. Thinking way beyond the build of your space can help you budget into the future.

Considering the effectiveness of your coworking layout, look at whether you’re using each space to its full potential. At Office Workspace, our strategists have a deep expertise in optimising space performance for businesses, formulating spaces that make the best use of all available space, enabling you to maximise your profit potential.

• Marketing – creating your brand, advertising, PR • Operating costs and overheads – rent, utilities, running costs • Technology – computers, wi-fi, industry-specific tech, printers • Design – furniture, fittings, décor and branding • Facilities – kitchens, tea points, bathrooms • Maintenance – security, cleaning, maintenance and upkeep • Staffing – reception, management, marketing, IT

Identify your market Creating any successful product or service involves identifying your target market – then getting to know exactly what they need.

Undertake in-depth target market research that pinpoints what your audience are looking for in a coworking space. This involves not just understanding what your users want from a space, but other key factors such as location, their budget, and the competitor landscape.

Develop your coworking brand Once your target markets are identified, you can begin developing your brand. Consider what your competitors are doing, and how you’ll stand out. Identify what your USP will be, and how you’ll get the word out there. Devise your company’s philosophy. Outline a vision, and how you plan on achieving it.

Secure a space for success Securing the ideal space for your coworking venture can make all the difference in its success. It needs to be in a good location with plenty of nearby transport links, and should work with your intended layout. You’ll need to factor repairs into your budget, while ensuring you agree to a deal that works in your best interests even in the long term.

Consider: • Location & transport links • Floorplate and layout plans • Potential for expansion • Property managers and landlords

Think flexibly Plan with flexibility in mind, so that you can provide a space that meets the needs of a range of different clients and use cases. This means creating adaptable spaces that can flex with user needs, with modular furniture and embedded technology that does the same. You’ll likely have a range of different industries working within your one coworking building, and some of the more niche technology required for each may work on a multi-purpose basis. Instead of investing in specific devices for each space, consider whether they can be used flexibly without too much detriment to user experience.

Engage with your clients Identifying your target market is one thing.

Understanding how they work best is another.

Before making any design plans, it’s imperative that you get to know your target market. If a large corporate business is looking to invest in your coworking space, get to know how their workforce functions first. Workplace consultancy specialists can carry out all the necessary work to identify which solutions will work for you and your clients in your new coworking space.

Work with experienced developers If you manage to create a coworking space that ticks all the boxes, word is likely to spread.

Choosing the right workplace developers to guide you through your project can help you create a successful coworking venture from the start.

At Office Workspace, our workplace consultants have decades of experience in conceptualising, planning and delivering high-performing workspaces for tomorrow’s businesses.

Our dedicated planning experts will guide you through every step of the process, so your coworking venture is set up for success from the beginning.

• Surveys and repairs • Negotiations 11

Designing your space The design of your coworking space should reflect the values you’re trying to communicate to those that use it.

First and foremost, it needs to be a place people want to return to. Designing solely for productivity is no use if your clients are deterred from their first visit, while spaces that hinder productivity will lose clients in the long run.

Achieving a co-ordinated balance between effective working conditions and inspiring visual environments is key.

Your workspaces should be designed to suit the user, instead of forcing the user to adapt to the space.

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Nurture workplace communities Those turning to coworking spaces often seek a sense of community as part of the offering.

Independent workers may look to engage with those outside of their individual space, seeking the social benefits that are often taken for granted as being part of an office. Corporate clients may seek to enhance their workforce’s ability to connect with complementary industries and brands, building connections that can strengthen the company as they go. Both the physical layout and visual cues can foster a sense of community within your new space.

Configure considered layouts Considering end user requirements, what’s the best way to configure your spaces? Think about whether your intended clients are large-scale corporations or solo entrepreneurs – your target market might even differ between floors. You might opt for an entire floor of on-demand hotdesking suites, or a combination of dedicated desks and private offices. Having an idea of the relative demand for different types of space within your overall offering will help you to get the balance right, and it’s always a good idea to leave room to adapt if the reality turns out to be different to your predictions.

Let’s Work Together: A guide to designing your co-working space

Optimise spaces for productivity

Invest in flexible furniture

On a more granular level, consider the tasks and preferences of employees within each type of space. Your workspaces should be designed to suit the user, instead of forcing the user to adapt to the space. Flexibility and adaptability are once again key here, allowing you to tailor the environment to different users over time.

The initial coworking space you design might

Embed your brand into the space As the developer of a coworking space, you should have a compelling brand that successfully encapsulates all that your business stands for. Create a welcoming sense of character by infusing visual elements of your brand into the design of your coworking space.

Promote creativity with a feature wall that matches your brand’s colour palette. Include considerations that also represent your brand’s purpose. If you’re all about building connections, instil a sense of community with multi-team break hubs.

not be the one you’ll be working with in ten years’ time. As we’ve witnessed, the way we work can change over time. Habits fluctuate, and technology is likely to advance, shifting how we may use offices in the future. Choosing adaptable furniture is worth the investment in order to provide longevity to your space. This sense of adaptability is also key to ensuring your coworking business is a successful one. If you do find a certain layout or space doesn’t work for your audience, you’re then free to adjust it without additional expenses.

Enhance experiences One of the many perks of coworking is the shared amenities. From high-end staff kitchens and refreshment points, to bathroom facilities, wellness rooms, cafe-style spaces and the ubiquitous beer tap, the collective funding you’ll receive from clients provides the opportunity to develop higher-end facilities than your coworking users might otherwise get to experience. This can enhance their

For a sustainably minded space, make the most of natural elements and repurposed materials.

perception of your brand and your offering, providing a sense of prestige.

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Bringing your coworking space to life.

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Let’s Work Together: A guide to designing your coworking space

Focus on flexibility While you should have a dedicated strategy set out before your build even begins, it is likely to evolve as your space develops. Be open to changes regarding the way workforces, and your clients in particular, are operating.

Marketing matters Putting your coworking space out there is perhaps the most difficult part of the process.

Beyond the initial strategy, design and build of the development is the marketing of the concept and the business of generating demand for your business.

At Office Workspace, we know there’s much more to curating an appealing workplace than just the design of the space itself. We are able to offer advice and assistance in marketing your space, from helping you plan your message and identify your target market, to helping you to put together marketing materials and collateral that showcase your business at its best.

Take responsibility If things aren’t quite working for your clients, you need to be prepared to act on their feedback.

Finding out what works and what doesn’t and adjusting accordingly, is vital in order to continually improve your offering so that you remain competitive as the market’s needs and expectations evolve.

Record feedback from clients on a multi-level basis.

Don’t just ask the corporate manager of a client how it’s working for them – engage with individual team members. This is key to evaluating where you need to make changes in order to keep your coworking space a success.

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At Office Workspace, our goal is to enable your people to achieve more – to be more productive, more connected, more engaged, more creative. To work better.

We create workspaces that deliver on these promises, bringing together the latest insights in workspace psychology, evidence-based design, innovative workspace technology and proven change management techniques, to help drive improved people performance.

Modern workspace strategies are all about people. By providing choices in where, when, and how people work, we empower them to find the best way to achieve their goals, enabling them to flex and adapt to the opportunities and challenges they face.

Successful businesses recognise the value that a future-ready, people-centric workspace can bring. At Office Workspace, we can help guide you and your people to a better way of working.

To find out more about how we can help your business to perform better, get in touch today on +44 (0) 20 8309 0000 or email hello@officeworkspace.com.

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Let’s Work Together: A guide to designing your coworking space

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Let’s collaborate.

Request a callback from our team on +44 (0) 20 8309 0000 or email us at hello@officeworkspace.com.

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