“The majority of people using coworking spaces want to connect with other people. We’re pack animals, we really feed of off one another in terms of energy and ideas,” said Kay Sargent, senior principal and director of workplace at architecture-engineering firm HOK, articulating one of the common perceptions about the appeal of coworking in the current real estate market at a recent industry conference held in Seattle.
From November 5th to November 7th 2017, CoreNet Global held its Global Summit at the Washington State Convention Center in Seattle, where one of the central themes of the event was shifts in workplace design in real estate. At all levels of the industry, according to numerous speakers, coworking is one of the buzzwords and concepts at the forefront of individuals’ and organizations’ minds at the moment.
At one of the discussions titled “CoWorking: A Corporate Real Estate Perspective,” featuring Sargent and her colleague Julia Payne Cooper, vice president and senior workplace specialist at HOK, topics of conversation included how demand and supply drivers are influencing coworking as an industry in the world of commercial real estate. It looked at risks and implications of coworking for owners, clients and service providers and how coworking fits into trends around flexible workplace designs. Additionally, the conversation explored some of the challenges and opportunities associated with integrating coworking spaces into a corporate real estate portfolio.
Now a booming trend in many of the nation’s major real estate markets, the concept began roughly a decade ago, according to Sargent. “Around 2007, when this idea came about, something happened: the recession hit, space was cheap, and unemployment was high. It was the perfect storm for creation of open spaces,” she said. As many industry professionals now recognize, coworking reinforces a sense of camaraderie between colleagues. “One of the important through-ideas is a sense of connection with coworking. What often happens with teleworking is that there’s an erosion of corporate culture. You don’t feel as connected to your co-workers. We are actually more engaged when we’re in the office,” Sargent added.