Sharing office space by two or more companies becoming popular, research shows

Latest research by flexible workspace provider Regus reveals that co-working is now considered a long-term option for businesses instead of a temporary solution. Sharing an office space used to be seen as little more than a short-term answer for start-ups on a budget or entrepreneurs seeking company. In a media release this week, Regus stated that of the almost 40,000 survey respondents, nearly two-thirds are seeing more firms integrate co-working into their long-term strategy.

Incorporating co-working into their long-term plan is not only seen as a cost effective alternative but helps businesses remain agile and responsive to sudden market changes that are rife in the volatile global economy, Regus said. Business people report that firms are renewing existing co-working arrangements or making new contracts because they offer scalability, shorter terms than fixed leases and help grow the business sustainably. Key findings Almost half of respondents report that use of co-working space at least some of the time is mainstream among larger businesses signalling an important change in mentality; SMEs continue to be keen users of co-working space (61 per cent); Global business people report that firms are renewing co-working agreements because they offer the opportunity to scale operations up or down rapidly without incurring extra costs (73 per cent) and are shorter term than fixed leasing arrangements (68 per cent) allowing them to review conditions more frequently; Firms are also renewing co-working agreements to sustainably grow the business (68 per cent) and not just because they are less expensive than fixed leases (65 per cent). Country Manager Regus Sri Lanka Dr. Nirmal De Silva said using a shared workspace provides businesses with a sustainable route to growth.

"Co-working allows businesses to expand rapidly without committing to lengthy leases, and adapt to changing circumstances in a flexible way." (NG)