What is a Co-Working Space? Facilities, Amenities & Benefits

Co-working spaces are becoming popular, offering SMEs more options when setting up an office. In addition to providing the shared hardware and facilities, co-working spaces offer a unique working atmosphere emphasising networking between people¹. As a result, this has created a sense of belonging to a work community among workers, which a traditional office, with pre-existing rules and frameworks, cannot offer. 

What Is a Co-Working Space?

The concept of a co-working space is nothing new; it has been around since the 90s. For instance, during that time in Germany, like-minded people gathered and collaborated in what they called “Hackerspace”¹.  In the wake of the epidemic and the subsequent changes in how people work, some companies have complemented their offer of a “work-from-home” policy with co-working spaces, allowing more flexibility and office venue choices for their employees¹. 

When you step into a co-working space, it is common to see people working with their laptops, drinking coffee or brainstorming new ideas. The model of communal and shared working space adopted by modern co-working spaces has the following features: 

1.    Flexible Management Depending on Team Size¹

A few desks can already create a small workspace. When facing team size changes, a co-working space can flexibly plan and implement these changes. Similarly, when a team experiences expansion to a certain size,  extra desks or even a bigger room can be rented, ensuring flexibility in team size management. 

2.    Community Networking and Exchange¹

Traditional office designs tend to separate staff with partitions between desks. Contrary to that, co-working spaces opt for open designs that encourage exchanges and interaction between people, injecting vibrancy into the work atmosphere. A communal working space encompasses people from all walks of life; it generates more opportunities for collaboration and enhances creativity and diversity in business development. All of these can offer fresh perspectives and inspiration¹. 

Research from the US showed that, from the employees’ perspective, working in a co-working space is more socially fulfilling than working in a traditional office and at home². 

3.    Free and Autonomous Work Environment³ 

Generally, co-working spaces allow those who work there to roam freely in different areas. Employees can choose to work at their desks or conduct video calls or face-to-face meetings in cosy corners. The flexible and free working environment not only enhances job motivation but it also increases active engagement in the work at hand³. 

4.    A Melting Pot of Different Company Cultures⁴

Although co-working spaces are buzzing with energy, they may not be the most suitable for companies in industries that require a higher level of privacy or for companies that need to hire a lot of staff. After all, co-working spaces are where people from different companies, including competitors, gather to work. The level of privacy can be a challenge, and co-working spaces may struggle to offer enough room for a large number of employees. As different companies have different cultures, the chance of friction increases as exchanges increase. What is more? For those who require professional equipment for their work, co-working spaces may be unable to meet their needs⁴. 

Facilities and Services of Co-Working Spaces

Many co-working spaces are open 24/7 and 365 days a year⁵, allowing users to use the space to work anytime. In addition to basic facilities and amenities such as printer, toilets, WiFi access, meeting rooms, coffee machines, etc., some co-working spaces also offer outdoor activity space, table tennis tables, and even meditation rooms, etc⁶. Some co-working spaces even organise social or industry-related functions on a regular basis⁵.  

In Hong Kong, apart from co-working spaces run by private businesses, the government and some non-profit organisations also offer co-working spaces for various eligible groups, such as the Space Sharing Scheme for Youth and the Enhanced Social Innovation Co-working Space Subsidy Scheme, etc., providing additional options for different types of companies, as well as for entrepreneurs⁷.  

Are you planning to start a new company or a new business in a co-working space? DBS SME Banking is here to provide the financial support you need! Embark on your entrepreneurial journey and learn how to open a business account now! 

Article Published on 1 February, 2024

1Source：U.S. Chamber of Commerce - 5 Benefits of Leasing a Coworking Space for Your Business (https://www.dbs.com.hk/sme/disclaimer.page?url=https://www.uschamber.com/co/run/finance/benefits-of-coworking-spaces)
2Source：Harvard Business Review - Research: How Coworking Spaces Impact Employee Well-Being (https://www.dbs.com.hk/sme/disclaimer.page?url=https://hbr.org/2023/02/research-how-coworking-spaces-impact-employee-well-being)
3Source：Forbes - What Corporate Offices Can Learn From The Co-Working Space Boom (https://www.dbs.com.hk/sme/disclaimer.page?url=https://www.forbes.com/sites/forbestechcouncil/2021/10/05/what-corporate-offices-can-learn-from-the-co-working-space-boom/?sh=13142ca65b4c)
4Source：Forbes - The Rise Of Productivity As A Service In The Coworking Model (https://www.dbs.com.hk/sme/disclaimer.page?url=https://www.forbes.com/sites/forbesbizcouncil/2021/10/13/the-rise-of-productivity-as-a-service-in-the-coworking-model/?sh=20875b1ac438)
5Source：Harvard Business Review - Why People Thrive in Coworking Spaces (https://www.dbs.com.hk/sme/disclaimer.page?url=https://hbr.org/2015/05/why-people-thrive-in-coworking-spaces)
6Source：CNN - Co-working spaces around the world (https://www.dbs.com.hk/sme/disclaimer.page?url=https://edition.cnn.com/2012/09/20/asia/gallery/co-working-spaces-global/index.html)
7Source：Youth.Gov.HK - Co-working Spaces  (https://www.dbs.com.hk/sme/disclaimer.page?url=https://www.youth.gov.hk/en/startup/coworking-space.htm)

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