A co-working office space is a working arrangement in which people from different teams, companies or freelancers come together to work in a single shared space. This is a great way to work in an office environment if the words ‘working from home’ sends shivers down your spine. Not only that, it can be a cheaper alternative to renting a permanent office space with a number of other benefits you gain from it too!

The benefits of a co-working space

The number of co-working spaces around the globe is growing daily and is expected to reach nearly 26,000 by 2025. There are many reasons why they are becoming such a popular and widespread office model.

Flexibility

Many co-working spaces will not require you to commit to a long-term contract that permanent office space would. This can keep things very affordable especially if you are a startup company or if you need some quiet space outside your home.

In addition to this, it gives you the chance to recruit the best of the best as you are not limited by location! We all want to add talent to our current workforce as this increases the knowledge within your company and you can keep in line with current trends. By offering different co-working spaces all around the country you can ensure employees are either connecting with each other at the same location or at different offices all around the country.

Possible networking opportunities

When working in an office space, it’s natural to strike up conversations with people in the same environment as you. If you work within the same industry and beyond, potential opportunities may arise from building relationships or even upskilling your skill set with other workers around you.

When you’re on a coffee break, this could be a great chance to network! Take this opportunity to make people aware of your business, products and expertise in an informal setting. Not only can this feel more authentic but you may come to mind if a co-worker needs some advice on what you do/ how it could benefit them for future projects.

Productivity and creativity

As the saying goes, two heads are better than one. If you and your co-workers are within the same space, it’s easy to bounce ideas off each other and for the chance to schedule in-mind mapping sessions for new ideas to help keep the results of your work fresh.

In addition to this, your productivity may increase as you don’t want to ‘take it easy’ if your co-workers are in the same space! This could encourage good behaviour and stop the 10am scroll on your phone!

What to look out for in an affordable co-working space

With so many options for co-working spaces out there, it can be difficult to know where to start. Here are our top tips on what to look out for when choosing a co-working space and keeping it affordable.

Budget

Work out a budget and stick to it! Believe it or not, co-working can be 60 –70% more cost-effective than the traditional office model for businesses with up to 30 employees. By working out a budget, you’ll be sure that you’re not going to end up paying the same as (or more) than what you could be if you committed to a traditional office. The benefit of shared office space is to reduce costs so it’s important to find a co-working space that does just that.

Location

Location is an important factor to consider when looking for an affordable co-working space. It’s not as simple as finding the location with the cheapest rates. If it’s in the middle of nowhere, you and your team may have to spend more money getting there and back. For instance, if it’s not near train stations or on bus routes, are people going to have to spend money on taxis?

With a little consideration, you may conclude that paying a little extra to be in a town or city is more cost-effective due to the amenities.

Amenities

It may be that you come across a co-working space at the top of your budget that feels a bit too expensive… but then you realise that it comes with plenty of amenities! The all-important added extras can really add value for money.

For example, if a co-working space has parking included then this can be a huge plus point for you and your staff. Not only does it cut down on parking costs (which can really add up!) but your team may be much more motivated to spend more time in the office.

Perhaps you’ve found a co-working space that offers the option of hiring out meeting rooms. Perhaps it has a lightning-fast internet connection and a kitchen for coffee and tea facilities. Whatever it might be, make sure you know what you’re getting for your money.

How can Magenta Self Storage help meet your coworking space needs?

Here at ​​Magenta, we offer flexible office solutions perfect for businesses of all shapes and sizes! Our dedicated co-working spaces give you access 24/7 so there’s no need to worry about having to arrive/leave at certain times. You can work around your schedule/ lifestyle.

Co-working spaces at Magenta are simple and comfortable with areas that can be tailored to your needs – no matter if you want to pop in for a couple of hours or if you plan to lease with us long-term.

Our shared office space is available for both short and long-term tenancy with all amenities included in the price.

What’s included:

• Superfast WiFi
• Free parking
• Bike-friendly
• Train station nearby
• Onsite reception
• Flexible terms
• Onsite storage
• Deliveries accepted

We don’t like hidden extras or tricky contracts – just a great workspace for you – either alone or with your company. That’s why all our office space comes with utilities and WiFi included in the price. We also offer our self storage facilities on the same site. This means that if you need storage for stock or business records, they’re still right at your fingertips.

We offer coworking space and private offices in Oxford, West London, and Banbury and coworking space in Nottingham. Give us a call on 0800 058 4102 today, or visit our office space rental page to find out more.