Real estate experts find that coworking spaces are growing all over the country thanks to the younger workforce pushing for more flexibility to maintain a healthy work-life balance.
According to Cushman & Wakefield’s 2018 Coworking Report, while coworking only took up 1% of commercial office space in 2017, it is expected to triple to between 5% and 10% across several markets.
Coworking growth and technological advancements both play a role in how people have come to expect flexibility.
“The smart phone, the internet, transportation options, and the sheer range of offerings in retail enable us to have more flexibility than ever before,” according to the report. “This is now extending to the lives of millions of office workers as well …. The fundamental concept of coworking is simple and ingenious: create accessible, fully fitted out, communal office space on short-term leases.”
With economic uncertainty coming to a boil, companies are favoring flexible office spaces in place of traditional offices with long-term leases.
According to the same report, another factor that has contributed to the boost in coworking spaces are freelancers and contract workers, which increased from 10% in 2005 to 17% in 2015. As of late 2018, Forbes reported that independent freelancers take up nearly 30% of the workforce.