The Ultimate Coworking Space Guide 2024

Why is coworking space important?

Coworking spaces have become pivotal in the modern business landscape, especially as companies adopt more flexible working arrangements. So, you've decided to look for a coworking space for your business—a shared office space to expand or downsize your operations whilst enabling your employees to work in person or hybrid.

With the surge in demand for these spaces, the variety of providers has significantly increased, making it challenging at first to pinpoint the perfect fit for your needs. However, it's crucial to understand that choosing a coworking space is akin to picking a product off a shelf: what differentiates each provider is essentially the 'ingredients list' on the back. Each component of a coworking space should harmonise with the others, serving a crucial role and collectively enhancing your business operations. Anyone committing their business to a coworking arrangement should expect tangible value and approach their decision with seriousness.

While coworking is often perceived merely as a physical space, this guide aims to dispel such misconceptions and offer a thorough perspective on what you should expect from your shared office environment.

Related: Are Coworking Spaces Tax Deductible?

What is Coworking?

A coworking space is an environment which is intended to facilitate work for a diverse range of businesses in a shared office space. Coworking spaces by nature are collaborative and provide many cost saving benefits via businesses utilising shared infrastructure.

According to research, there were approximately 16,599 coworking spaces during 2018 and this number is now forecasted to reach 41,975 by 2024. The growth trajectory of coworking and the concept of a shared office space has been propelled through the demand of flexibility, hence knowing which one will serve your business best is pivotal.

If you are unsure on what coworking is then be sure to complete some research.

How to Start a Coworking Space

As mentioned earlier, there is a common misconception that coworking is simply a physical desk to work from. If this was the case, it would be no different to running a business from a café or library – why pay for a membership when all you receive is a table and a chair?

A coworking space should provide your business the resources needed to climb, expand, save money and operate as efficiently as possible. To achieve this, there are three crucial interdependent factors and they are kindred in providing a complete business solution.

This trinity of space, team and technology encompass a fully efficient business. Without space your business can’t operate, without technology your business will be unable to keep up with competition and without a team every task will fall upon you.

By understanding the importance of these three elements and how they work together, you will be better equipped to select the right provider. While we can’t speak on other providers, here is what you can expect from a Servcorp coworking space.

Space

The first element of the workspace trinity is space.

The infrastructure of a coworking space should be specifically tailored to suit the requirements of your business and provide scalable options that can adapt as required. The desk and chair may come as a standard, but ask your provider if they have the following facilities.

Location 

The geographical location of a coworking space significantly impacts its appeal to potential clients. Iconic buildings are typically centrally located in a city's financial district, symbolising establishment, credibility, and success for businesses.

Esteemed buildings like Barangaroo International Towers, One World Trade Center, China Central Place and One Mayfair Place offer top-of-the-line coworking spaces. Proximity to public transport, easy road connectivity, and ample parking space contribute to the convenience for both clients and employees.

Another factor which can’t be overlooked is personal safety. Whether you’re a public or privately listed company, your address is visible to the globe and with the advent of people working from home this is a significant risk. Furthermore, this risk can’t be mitigated by utilising a P.O box as a business can’t legally register with its address.

Select a powerful yet convenient location for your coworking space and don’t compromise on the first impression – the best part of all, one membership gives access to all 150 global locations under Servcorp’s umbrella. For corporate travellers, this is beneficial as they will always have access to a workspace which adheres to the same standard.

Find the Top 10 Coworking Spaces in Sydney.

Lease 

Leasing office space is a significant capital expenditure for businesses, often requiring a long-term commitment of three to ten years and additional costs for setup. This can hinder entrepreneurs and small to medium businesses from establishing and expanding.

At Servcorp’s coworking, the cost of this lease covers an extensive range of technology and human resources, but we will cover this later in the guide.

This flexibility and reduced risk offer businesses a competitive advantage.

Marketing & Other Advantages

When you sign up for a membership, your business has the ability to register its address as the coworking space’s address. This opens the door for a plethora of marketing opportunities, allowing you to leverage from a powerful corporate presence and advertising this address on your website, business cards and other marketing collateral.

Having a renowned address for your coworking space will also give your business a better impression when trying to acquire a corporate loan.

Hot Desks

Designed specifically to foster flexibility and catering towards nomadic workers, every coworking space should have hot desk functionality. Hot desks allow coworkers to switch desks at any time of the day and enable them to move freely without being confined to a particular space.

For the hybrid worker, hot desks are ideal as there is no commitment factor. The professionally furnished space's are the pinnacle of flexibility and workers can simply arrive, select a desk and get to work whilst having all the benefits of Servcorp’s coworking.

Dedicated Desks

As the name implies, a dedicated desk is a permanent workspace for employees. Dedicated desks allow for customisation, letting you to keep whatever belongings on your desk and creating a personalised space.

These are ideal for individuals which want to mimic a traditional office, as they can select their desk which is accompanied with a view of their choice.

Meeting rooms & Boardrooms

Whether you’re meeting clients to close off on an important deal, or holding team discussions, having an appropriate space with the correct technology will add to your business' repertoire.

Coworking space members should also have access to contemporary meeting rooms and boardrooms which impress their clients and reinforce the credibility of their business. This is another large cost saver, as the space and technology is readily available with no capital expenditure required from a business.

Having access to these facilities is paramount as using a home or a café gives the perception of a business which isn’t established, whilst also being a security threat.

Meeting rooms can facilitate from two to six people and boardrooms can host between eight to 14 people. Zoom rooms are also available to accommodate for businesses which are working around the hybrid work model.

Kitchen, Storage & Showers

Coworking spaces should include a communal kitchen, offering a place to have lunch, coffee, and unwind, with unlimited refreshments like sparkling water, coffee, and tea included at no extra cost. Secure lockers for storing personal belongings are also essential. These amenities give businesses the physical assets of a large company without the capital expenditure, addressing the first aspect of the workspace trinity.

The Team

The second aspect of a complete workspace solution is human resources. A team is essential for maximising productivity in a shared office space, but hiring and maintaining staff is costly and time-consuming.

Expenses include salaries, hiring and training costs, sick leave, annual leave liabilities, and administrative duties like payroll. The hiring process can take up to 42 days, and small businesses often spend about 15-16 hours per week on administrative tasks, costing around $14,857. Coworking spaces that provide trained staff reduce these costs and risks, offering assistance across various tasks and enhancing business efficiency.

Receptionist

The first point of contact for any business is crucial, as positive interactions increase the likelihood of future engagements. About 65% of people have called a business recently, and 74% would choose another business after a negative phone experience. Following the workspace trinity, having a professional team is essential.

Servcorp coworking spaces offer members a dedicated multilingual receptionist to answer calls in the business's name, ensuring a positive phone experience. Services include answering within three rings, transferring calls, taking messages, and managing up to six incoming calls.

This service, costing $88 per month, saves businesses nearly $58,000 annually compared to hiring a full-time receptionist in Australia.

In-house I.T Support

Upon settling into a coworking space the last complication a business wants is running into technical downtime. Most coworking spaces don’t have an I.T team ready to provide instant support, however providers such as Servcorp do.

When you outsource assistance you have to wait on the phone and deal with the delay in help being provided. Choose a workspace which has I.T support onsite to keep your business operations smooth.

Secretarial Support

Research shows that small businesses lose up to $14,857 annually and 81 extra days due to administrative tasks, time that could be better spent on revenue-generating activities. This burden is even greater in industries like finance, accounting, and legal.

A Servcorp secretary can handle various tasks such as data processing, file maintenance, writing, presentations, cloud storage management, social media content, graphic design, bookkeeping, scheduling, event planning, travel arrangements, and recruitment. Utilising these services, including virtual assistants, saves time and money, allowing businesses to focus on sales and growth.

Having team members which don't require hiring or training will streamline your tasks and let you focus on making sales. Businesses also have the added benefit of receiving this support at home with a virtual assistant.

This completes the discussion on team support, moving on to the last element of the workspace trinity

Technology

No matter how much space and staff you have, without technology it will be missing the final link to allow the other two elements to flourish. Technological advancement in business has always been important, however the advent of hybrid work has accelerated the necessity of it.

This technology should empower your business within the coworking space and while you're on the move - to prosper in this digital age you need I.T solutions that work.

Internet

While all coworking spaces offer internet and Wi-Fi, the quality of security measures varies. With data compromise. However, superior coworking spaces offer advanced technology like VLAN, VPN, and DMZ, ensuring secure connections and data protection.

Companies like Servcorp, serving as their own internet service providers, offer added benefits, enabling tailored network connectivity for businesses sharing space, data security is paramount. Many spaces provide open wireless networks, posing cybersecurity concerns.

Telecommunications

Servcorp's coworking spaces offer members dedicated receptionists facilitated by advanced technology. Members receive virtual landline numbers, enhancing professionalism and safety compared to personal numbers. Servcorp's $100 million investment in technology has created over 200,000 extensions in the cloud.

Their OneFone application allows coworkers to use their desk phone number on their personal phone, ensuring business calls display the landline number regardless of location. It's essential to ensure your coworking space provider offers such mobile support for business continuity on the go.

Printing, Scanning & Photocopiers

Did you know that most coworking spaces don’t have the capability to print, scan or photocopy from your desk? This can be a significant inconvenience as coworkers are expected to bring their own hardware.

A premium coworking space should have all the technology and necessary hardware for your business to execute its daily operations. Servcorp's coworking space allows people to print from their desk, whilst being able to scan and photocopy at their shared office space.

Community

Coworking spaces are built on the concept of sharing with other businesses, hence the community which encompasses this space is important. Coworking spaces are designed to help businesses network and expand their circle.

Check if your coworking space has networking benefits such as an online platform which connects you with other businesses - these tools are a great method in fast tracking your search for a business in a particular industry.

Compliance checks

As much as shared office spaces encourage networking and doing business with each other, it’s important to be in an environment which ensures all coworkers are legitimate business owners. A secure coworking space should conduct a thorough compliance check to give everyone peace of mind – your coworking neighbour is an authentic and trustworthy business owner.

Find Your Ideal Coworking Space: QUestions to Ask Your Provider

Now that you have a thorough understanding of what to expect from a coworking space, ensure to ask if these features are available.

Stereotypical providers only have coworking spaces, but at Servcorp there is something for every business. From virtual offices for people which want enterprise level facilities whilst working from home, to serviced offices for businesses which require a physical corporate presence - there is an end-to-end solution for all.

Find out the average cost of coworking spaces in Australia and search for your ideal location.

Find the best coworking spaces in Sydney today!

Frequently Asked Questions