Entrepreneur Growth Hub Blog

It is without a doubt that the worsening Covid situation in Malaysia and ever-extending MCOs has thrown a spanner in the works for many coworking space operators, as many employees and freelancers are forced to work from home due to government restrictions or fear of contracting the virus outdoors. Even the most established spaces, like The Colony in KL Sentral, was forced to close its doors in order to cut down on costs.

Does that mean that this is the end of the road for coworking spaces? Far from it…there are still many compelling reasons why coworking spaces are still very much pertinent to the office work environment of the future.

1.𝗘𝘃𝗼𝗹𝘃𝗶𝗻𝗴 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗟𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲

According to a Gartner report, more than 60% of surveyed businesses revealed that they expect shared seating or remote working to be the new norm post-Covid. This would mean that key requisites like a seat booking system, clean-desk policy and employee management software are essential in order to properly manage and monitor the productivity and safety of any company’s remote workforce.

2.𝗙𝗮𝗰𝗶𝗹𝗶𝘁𝗮𝘁𝗶𝗻𝗴 𝗢𝗻𝗹𝗶𝗻𝗲 𝗘𝗻𝗴𝗮𝗴𝗲𝗺𝗲𝗻𝘁𝘀

Remote communications technology has become more advanced, affordable and widely accepted (e.g. Skype, Zoom, Webex), so it’s now much easier and faster for teams and businesses to connect with one another without physical meet-ups. Most coworking spaces are fitted out with suitable equipment and stable hi-speed internet, as well as on-site tech support to cater for virtual interactions.

3.𝗡𝗼𝘁 𝗝𝘂𝘀𝘁 𝗟𝗶𝗺𝗶𝘁𝗲𝗱 𝘁𝗼 𝗦𝘁𝗮𝗿𝘁-𝗨𝗽 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀

Coworking spaces don’t just benefit early entrepreneurs, many SMEs and large corporates and even government institutions also realise the advantages of being a member at these establishments because they have access to fresh ideas, creative freelancers as well as collaboration and investment opportunities with the start-up community.

4.𝗛𝗮𝗹𝗳𝘄𝗮𝘆 𝗕𝗲𝘁𝘄𝗲𝗲𝗻 𝗢𝗳𝗳𝗶𝗰𝗲 𝗮𝗻𝗱 𝗛𝗼𝗺𝗲

Some people don’t enjoy the office setting because it’s too traditional, others can’t concentrate at home because of too many distractions. A coworking space is delightfully balanced in the middle, it has all the resources that you’d require in a typical office, but informal enough for you to work without constraints. Research has shown that this has a direct correlation to improved motivation and productivity.

5.𝗙𝗹𝗲𝘅𝗶𝗯𝗶𝗹𝗶𝘁𝘆 𝗮𝗻𝗱 𝗖𝗼𝘀𝘁 𝗘𝗳𝗳𝗶𝗰𝗶𝗲𝗻𝗰𝘆

Coworking spaces offer the flexibility of paying for what you need, when you need it. This modular approach doesn’t just include the real estate, but also other add ons like printing, gym, and parking. It’s also very cost efficient because you don’t have to pay rental, utility bills, excessive petrol and toll and other overheads. According to Wapcar, Malaysians waste about 1 million hours stuck in traffic congestions every day; that translates to an opportunity cost of RM 10–20 billion annually.

6.𝗡𝗲𝘁𝘄𝗼𝗿𝗸𝗶𝗻𝗴 𝗮𝗻𝗱 𝗖𝗼𝗹𝗹𝗮𝗯𝗼𝗿𝗮𝘁𝗶𝗼𝗻 𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀

Successful businesses are established by building the right strategies with the right connections, and a coworking space is a hotspot for networking with like-minded individuals who’re all about innovation and business development. The reason why coworking spaces invest so much into workshops and events is simply because the intangible value derived from increasing your knowledge and networks is invaluable. According to Coworker, people who work in coworking spaces can collaborate up to 66% more as they’re more likely to reach out, ask questions, and network with other members..