The coworking industry is based on the concept of “co”: collaboration, community, connections, cooperation, coworking. And although many coworking spaces talk about their workspace communities, the impact of coworking spaces extends well beyond the workspace walls and into the larger local community and economy.
1. A point of gathering
Coworking spaces, other than being a workspace, also serve as a point where people from different fields and backgrounds can gather. It’s a place an individual can go to work, learn, and connect with others.
2. They boost the local economy
Most coworking spaces are located in areas with a lot of commercial activity: restaurants, shops, gyms, cafes, bakeries, etc. By adding constant foot traffic to their neighborhood, coworking spaces can help boost the local economy by providing local businesses with new potential clients and consumers, especially if they partner with local businesses.
3. They support small businesses
Freelancers, entrepreneurs, startups, and SMEs were among the early adopters of coworking spaces. Coworking offers a viable, affordable alternative to traditional office space and it helps small businesses keep cash flow on the positive side. In turn, this can help a company’s long-term strategy and sustainability.
Additionally, coworking spaces provide access to valuable business resources like networking events, workshops, expert insights, and even potential clients or partners for businesses.
4. They help keep the best talent in town
By boosting the local economy, by providing support to small businesses, and by providing a professional workspace to remote workers, coworking spaces help keep the best talent in town. Coworking spaces reduce or eliminate the need for people to commute to downtown or their need to move to a bigger city with more job opportunities.
5. They are home to social impact efforts
Many coworking spaces have some sort of social impact strategy in place. Many do regular food drives, some make care bags for the homeless, some provide sponsored workspace or meeting space for local nonprofit organizations, and some do their part to improve the communities overall environmental impact.
A great example of a coworking space that’s positively impacting its community is Shift Workspaces in Denver, the company is carbon neutral and it was recently certified as a B-Corporation. If you’re a coworking space and are hoping to increase your local community impact, reach out to Workspace Strategies.