Woman using her laptopCo-working spaces are growing in popularity in various cities all over the world. The advent of the digital age has enabled anyone to set up his own company and run it from a s​hared space or from the privacy of his own home.

While a home office may be practical and cost-efficient, having an office address, although shared, is still more acceptable in the business scene. In the co-working setup, members share cost for printing, utilities, as well as operational and technical support.

In NYC, for example, virtual office spaces such as Quest Workspaces offer freelancers and start-up companies lower operational costs and more flexibility to expand and grow.

Attracting Not Just the Younger Generation

While it may be true that co-working spaces attract freelancers and millennials, it isn’t limited to that target market. Tech startups, media firms, e-commerce sites, and most often than not — one-man teams are the type of workers that thrive in the co-working environment.

The needs are the same: fast and reliable internet connection, a space to work and hold meetings, and a chance to collaborate and network with like-minded people.

A Viable Option

Business and companies see co-working spaces as a step in the right direction. A recent study revealed that there would be more than 26,000 co-working centers by 2020.

Currently, the co-working industry generates $24.7 billion. The projections are looking better as more companies offer more flexible work options to their teams. Additionally, letting members to work from anywhere and on their own time allows them to increase agility and have someone on call after traditional business hours.

The majority of people who use co-working spaces say they are more productive in this office setup. This is especially true for individuals who find it hard to work at home because of various distractions.

The co-working space fills the need for an office to work at while giving the freedom of not having to work fixed hours and regular days. If you’re a freelancer or a techpreneur, the co-working office option is worth giving a try.