Modern workplaces are evolving rapidly, and a recent infographic by MBA Central illustrated that the changing nature of business and the workforce is fueling demand for co-working spaces.
Flex work has become more the norm than the exception, with temps, freelancers and contractors accounting for 4 in 10 jobs. Going forward, that trend should continue: 80% of companies currently offer flexible working arrangements, including telework.
While nearly 90 percent of businesses have adopted some cloud computing, nearly 8 in 10 large corporations plan to expand their flexible workforce rosters, suggesting that everyone–like it or not–will be working in the cloud, sooner than later.
The evolution of the workplace environment and the forces behind it were the catalysts behind iQ Office Suites in 2012.
Before starting iQ, we saw a major shift in the way work was getting done. That changing dynamic led to a wave of professional workers seeking shared work environments that contained modern amenities and upscale, design-forward spaces with the efficiency offered through participation in the sharing economy. Our two locations, set in character buildings in downtown Toronto are favored by the area’s rising population of millennial professionals.
Millennials, by nature, prefer a collaborative work environment that offers flexibility and easier access to decision makers within their own companies. Another highly desirable aspect of co-working is the ability to network with like-minded professional firms. Sharing space within historic, landmark buildings is another attractor, we’ve found – for millennials and also for professional service companies, law firms and larger companies launching satellite offices in our market. In simple terms: if a company’s clients like the space, there is a strong likelihood that their employees will enjoy working there as well.
Other components spurring the co-working phenomenon are more subtle: Citing multiple sources, the MBA Central infographic noted that 70% of people utilizing co-working environments said they focused better and felt happier.
Community is important
Those statistics mirror our own experiences and feedback from our clients. One freelance Member at our historic Dineen Building at 140 Yonge Street said having a place to “work got him going in the morning”. He liked the “feel” of the building, and the sense of shared belonging among other Members. And the weekly happy hour? A great opportunity to network socially and professionally.
Working from home can be isolating and lonely. It can zap motivation and sap creativity. A recent global study pinpointed the negatives associated with home office work: 37% of Canadians working from home say they feel lonely and 65% say they miss the human interaction, especially mixing with fellow professionals.
Demand for flexible workspaces continues to grow, according to Forbes, noting that entrepreneurs and small business owners are on a mission to harness costs and redirect cash flow from costly, long term rental leases to more critical business functions.
For many, co-working is the right solution for balancing work-at-home arrangements with the on-site demands of the corporate world. With its flexibility, advanced office technology and amenities, upscale design elements and proximity to convenient downtown locations, iQ Office Suites is a viable alternative for firms seeking competitively-priced, sophisticated commercial space that can handle their ever-growing needs in an rapidly changing business world and workplace.
For more on the evolving trends in co-working, check out the infographic bellow and visit MBA Central for more information.
If your firm is exploring expanding, downsizing or more flexible office options, please contact us or let us know in the comments.