A coworking space is a shared workplace facility that is home to many different companies and businesses. More often than not, these collaborative and shared workspaces are used by startups and small to medium-sized businesses. However, in the past couple of years, the startup culture has boomed and therefore given rise to the setup and establishment of expansive and premium coworking spaces all over Lahore.
The rise and popularity of coworking space Lahore is attributed to many factors like the uncertain socio-economic conditions driven by COVID-19, the changing workplace culture and norms, and the profitable business of owning a coworking space. According to extensive research and market surveys, it has been indicated that 40% of coworking spaces are profitable business ventures. As the number of remote workers and solopreneurs has increased by 44% in the last 5 years, the need for communal workspaces has multiplied as well.
Getting offices for rent in Lahore has become the new norm, post-pandemic as remote employees and companies alike are looking into affordable workspace solutions. The rent at a coworking space is quite reasonable as compared to leasing a facility separately. Moreover, these rented offices are fully functional and come equipped with ergonomic furniture and amenities.
Table of Contents
The Changing Nature of Work
The dynamic changes in the work culture and norms in recent years have played a major role in popularizing coworking spaces. As the world has seen a rise in freelancing and remote work there has been a boom in the gig economy, increasing the number of independent professionals, entrepreneurs, solopreneurs, freelancers and startup founders. All of these professionals are on the lookout for convenient and flexible workplace solutions which are available at a reasonable price and can give them the right productive environment to reach their goals and aspirations for success.
Shared office spaces for rent are the perfect workspace solution that cater to the needs of all the above-mentioned professionals. The facilities provided by coworking are available to people at flexible rental packages which include multiple corporate services and amenities. Work spaces in Lahore are usually designed and operated in age-old ways that are now deemed unfit for the modern work culture. Therefore, cities around the world had a dire need for modern, state-of-the-art corporate facilities and this necessitated the rise of shared workplaces globally.
1. Community
Coworking spaces are able to create a tight-knit community of professionals from different companies to come together for a productive time. This allows people to feel a sense of belonging and reduces feelings of isolation among corporate employees. The inculcation of a community in members of a shared workplace fosters collaboration, networking and knowledge sharing between industry leaders and amateurs, this leads to the innovation of better ideas and creates professional opportunities.
2. Work-Life Balance
Moreover, the rise of coworking can also be attributed to the ever-growing demand for professionals to diligently maintain a work-life balance. Professionals all around the globe are looking for opportunities that help them maintain the perfect balance between their personal and professional lives. This demand is successfully met by coworking spaces as they allow workers to choose the timings of their work routine and balance their personal and professional duties with ease. As coworkings are known for their flexibility and convenience they provide everyone autonomy that is unlike the corporate world.
3. Infrastructure
The rise of technology has made it easier for virtual and remote employees to perform their work from any place they like. These professionals are always on the lookout for ergonomically efficient spaces to help them improve productivity. Coworking spaces have the best infrastructure to facilitate remote workers as they have all the amenities and services which can help in boosting worker mood and efficiency.
The Growth of Startup Culture
Working from home or cafe is although an easy option but significantly hinders and slows the growth of businesses. Therefore, startups and small and medium-sized businesses are highly popular tenants of coworking spaces and occupy these spaces in hopes of prospering and scaling up in a more focused and productive environment.
Startups are often the brainchild of young entrepreneurs who are ready to take any risk to set up and establish their brand. Coworking spaces provide these young and dynamic individuals with the perfectly creative and productive environment to launch their venture and utilize the business solution of a coworking space to scale up their business.
Therefore, the rise of startup culture in Lahore has significantly contributed to the rise of coworking. This has led to the birth of many new coworking spaces in johar town, Lahore.
Final Thoughts on The Rise of Coworking Spaces
Overall, the changing nature of work, including a sense of community, better work-life balance, ergonomically efficient infrastructure and growth of startup culture have all collectively played a significant role in popularizing coworking spaces in Lahore. The contribution of these factors to the rise and popularity of coworking spaces is irrefutable and has allowed professionals to experience the efficiency and productivity of a creative workspace all at an affordable membership package.
