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Why big business is using co-working office space

13 Feb 2017

co-working office space

Co-working spaces as a concept have been around for the past 10 years or so. Whilst they’ve become extremely popular with professionals and small business owners, they’re also gaining in popularity amongst large multi-national companies for their remote workers. There are a number of reasons why international companies are now using co-working spaces in Hertford.

Co-working for cost savings

The Economic Times of India recently reported that multi-national companies like Boeing, Kimberley Clark and BNP Paribas are opting to have members of their teams based in co-working spaces as a cost-cutting measure, at the same time as ensuring their staff continue to be based in high quality offices in desirable areas. The CEO of Cowrks [sic], an Indian co-working space, told the ET that businesses with 50 staff members could save 30% in costs by basing their operation in a co-working space.

Co-working for staff retention

The Hong Kong arm of HSBC is relocating 300 of its digital and transformation staff to co-working offices, not only because of the flexibility the spaces offer, but also to give creative and digital staff freedom from the bureaucratic constraints of their more formal offices. HSBC recognised that being in the right atmosphere is vital to allow staff to thrive, and housing creative staff in co-working spaces will help the organisation attract and develop the talent they need.

Co-working for business opportunities

The Financial Times reported that many large corporates in the UK are basing some of their staff in co-working spaces. KPMG has a small team in a co-working space in Camden where they work with high-tech start ups, building relationships and helping out with informal networking. A lot of their advice is given freely to start up businesses and entrepreneurs, as in the future, their goodwill often leads to more formal business relationships after their own businesses have taken off. KPMG also gains in terms of their own business as by being close to the ground, they can spot new trends as they happen.

Co-working for the energy

Last November, Microsoft announced that it was offering 300 of its New York staff the opportunity to move to co-working spaces; they are also moving the entire advertising team in Atlanta to a local co-working hub for at least three years. Microsoft hope that the move will help staff “feed off the energy” generated by the people who use co-working spaces.

Co-working in Hertford … for convenience

On a more local level, UOE Hub Hertford has just welcomed Andy Walden from Mitula Group as a new resident. Mitula is a 150-strong global company based in Madrid, so rather than relocate abroad, Andy opted to hot desk in our co-working shared office space in his home town.

Co-working spaces are for companies of all shapes and sizes.

If you would like to join the growing group of Hertford business professionals who have discovered the value of co-working at the UOE Hub Hertford, please contact us to arrange a tour or a FREE one day pass.

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