As part of Vancouver’s efforts to keep pace with global changes in working trends, the city has become home to a growing number of coworking spaces in recent years, enabling solo workers and small companies to share desk space in a communal and collaborative environment.
Some people believed coworking and shared office spaces were just a fad that started around four years ago and would quickly fade away. These same people are surprised that they are still around and are among one of the fastest growing commercial real estate segments.
The reason shared office spaces are successful is because they began around the same time as many of the new tech startups and collaborative think-tanks. Another factor behind the growth in shared work environments is due to number of Millennials entering the workforce, compared to the number of “Baby Boomers,” who are retiring.
Seven years ago, “Baby Boomers” were the predominant worker, but this is slowing starting to change. Within the next three years, Millennials will simply outnumber “Baby Boomers,” and within the next eight years make up approximately 75% of the entire workforce.
When it comes to Millennials, since they grew up with technology and have easily adapted to mobile technologies, their idea of work environments is completely different from “Baby Boomers.” Millennials are perfectly content at working in an open, shared area alongside other individuals.
They would rather work in this type of environment than behind closed office doors or semi-private cubicles. Part of the reason they enjoy the open work environment is it gives them the opportunity to co-mingle with other people from other types of businesses and industries, often opening up new opportunities for collaborative projects. When privacy is desired, most shared offices do provide access to private rooms of various sizes.
Another reason Millennials are causing a surge in shared office rentals is they like the flexibility it provides. While assigned work areas are offered and available, they do not want to be tied to a specific workstation or desk, and actually like being able to choose from whatever space is currently available.
Aside from Millennials, another factor increasing growth in shared office spaces are changes at major corporations. Many bigger firms are starting to explore different types of working environments for remote employees. Instead of having employees work from a home-office, corporations are discovering it is better to have smaller groups of employees work in a shared office environment because this increases productivity and workplace collaboration.
Furthermore, coworking spaces are a more cost-effective option for bigger companies to expand into new markets, without the risks of long-term rentals or leases. As such, it allows larger firms the opportunity to set up a local branch office much more quickly, yet without all the added costs of office equipment, furniture, and so on.
To learn more about shared office rentals, meeting and conference rooms, event hosting, and virtual office solutions for your business, please feel free to contact iQ Office Suites at 416.238.1111 today!
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 coworking 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.
Starting a new business requires careful planning and preparation, as well as raising capital and securing other resources. Some people find private investors to fund their new startup and in return, give them partial ownership in the business or pay them back once the business starts making money. Other people fund their business startup out of their own pockets by keeping their current full time job and building their business part time. Some people even apply for small business financing through lending institutions.
No matter which methods you use to start your business, you are going to need an office space when you’re up and running. Commercial real estate prices in central urban locations are often very expensive, especially in the early days of a new business venture. Most new business startups do not have the resources to rent a traditional office in a central downtown location with easy access to transit and amenities. However, that does not mean you still cannot have an office in the perfect downtown location with a shared office rental in Toronto.
In fact, shared offices in Toronto are becoming one of the most popular ways to conduct business. You rent a space based upon your needs and requirements. If you only need to be in the office every other month, or every few weeks, you have the ability to rent workspace by the hour and only pay for the time you actually need. This leverages the sharing economy, enabling more businesses to enjoy a prime location in downtown Toronto for a fraction of the cost of permanent space.
Essentially shared office and coworking space rentals are the hotels of the business world. You get to decide how many hours, days, weeks or months you need an office space. As your business grows and your needs change, you have the flexibility to modify your rental agreement and move up to a dedicated desk or private office solution if you find yourself spending more and more time working in the office. A dedicated desk is a permanent workspace, accessible 24/7 and located in an open working environment with other businesses. If you need more privacy, then a private office solution may be a better option.
For new businesses, which may not need a permanent shared office space in Toronto immediately upon starting up, there are other options such as virtual offices, day offices and hourly meeting spaces. With a Toronto virtual office solution you can get a downtown Toronto mailing address and phone number. You are able to create a professional business image but without the costs of actually renting a physical location in downtown Toronto. Instead, you choose between different monthly packages featuring virtual office support ranging from mail only to full services with virtual receptionists.
Shared meeting and coworking space options are ideal when you want to meet with prospective clients in an office environment or to conduct employee training and development. These office solutions are available to everyone, regardless of whether you work out of your home and use a virtual office solution, or choose a shared office solution. To learn more about affordable and flexible office solutions with a downtown Toronto address, contact iQ Office today at 416-237-1111.
For millennial lawyers, big corner offices with spectacular views are being replaced with open, airy spaces designed more for functionality and flexibility than prestige.
Traditional law offices have become a casualty of the downturn in the legal industry during the recent global recession. While the economy has rebounded, the legal profession is still licking its wounds as firms continue to struggle to rebound from lost revenues.