With the increase in self-employment and the growth in micro businesses, demand for coworking space across the United Kingdom is likely to exceed four million square feet in the near future and is predicted to rise rapidly over the next 10 years, according to a report released by DTZ. The growth of online, creative and technology industries, as well as independent workers has led to coworking moving from a niche market to a legitimate alternative to a traditional office for many people.
Coworking is when two or more people are sharing the same workspace but are not necessarily working for the same company. Coworking hubs allow independent workers to have a sense of community that they may not have if they worked exclusively from home.
This work model will likely appeal to Millennials, who have stated in studies that having a flexible working schedule is very important to them. They also want to work in a collaborative culture, as opposed to a closed-door environment, and the coworking space will satisfy both of these desires.
Depending on the design of the coworking space, between 10-20 percent may be dedicated to areas where workers can socialise, share ideas and make important connections for their careers. In some buildings, the socializing space can take up about half the floor space.
The new generation of workers is also interested in finding a work location that will combine office space, retail, residential areas, as well as cultural attractions. As this model becomes more commonplace, investors are changing both the type and location of buildings in which they wish to invest.
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